Late at night, in a cozy space where only the sound of crickets filled the air, I met with
Representative Choi Jae-seok.
"The public bidding for the KEPCO site has been scheduled for the 24th of next month."
"You've worked hard until now. Thanks to the National Economic Party's active involvement, we were able to move the schedule up."
"What hard work are you talking about? It was only natural to do this for balanced regional
development. But if you don't mind me saying so, there's something I need to share. Thirteen
groups are participating in the KEPCO site public bidding."
That number was expected.
Not only Samsung and Hyundai Motor Group, but also several domestic groups, some partnering with foreign capital, had jumped into the bidding.
"Even with foreign capital, there's a limit to how much money can be used. Unless a group
throws everything on the line, they can't win this bidding."
"From what I see, at least three groups have clearly gone all in."
"Samsung, Hyundai Motor, and Taewoo Group, I presume."
"That's right. Hyundai Motor, especially, is aggressively pushing forward."
They had drained Samsung and Hyundai Motor's capital power through Myeongdong.
But since these groups were so financially strong, they all jumped into the public bidding.
"I'm confident no Korean group has stronger financial power than Taewoo. The problem won't be the bidding itself, but what comes afterward."
"You mean the permits and approvals?"
"Yes. Because the site is closely linked to an Air Force base, getting permission for a super-tall building is not easy. The Ministry of National Defense is strongly opposed, and there's no sign of any flexibility."
The same issue existed before the regression.
Charlotte Group had severe clashes with the Ministry of National Defense and the Air Force over the super-tall building permit, and only after many twists and turns was Charlotte Tower built.
That was possible thanks to strong support from the new government, which even went as far as dismissing an Air Force general to push it through.
"We'll try to negotiate with the Air Force and Ministry of National Defense to resolve the issues."
"If you're planning to pressure the government or muzzle the Ministry of National Defense, I
cannot help. This is a matter directly related to national security."
"I'm a citizen of Korea as well. Strong national security raises Taewoo Group's value too. So I would never pressure the government or the Ministry recklessly. I'm thinking only about
presenting better alternatives to solve the problem."
Charlotte Group took a lot of heat for this.
If Taewoo were to take such criticism, its brand image would plummet.
"Wouldn't it be better to just build the new headquarters on the KEPCO site instead?"
"It's not like the KEPCO site is free of problems. Environmental groups oppose the super-tall
building, and the regulatory issues are quite complicated."
"Even as a politician, I have to admit that Korea has a lot of regulations."
Even Representative Choi Jae-seok empathized with that.
Still, ignoring the regulations and simply building the structure was not an option — a solution had to be found.
"First, we need to succeed in acquiring the site, don't you think?"
"If we succeed in purchasing the land, I will meet with the Minister of National Defense and the Air Force Commander in turn to find a solution."
"I will help in whatever way I can. I can arrange a meeting with the Air Force Commander for you."
"Then I'll be asking for your help later."
Representative Choi was like a sharp blade that was difficult to handle.
But if wielded correctly, it was a blade capable of cutting through anything.
That's why I had to handle him carefully so as not to hurt his feelings.
On the final day of the public bidding application, it was only then that Taewoo Group belatedly submitted their application.
Though we hadn't hoped for it, various media outlets immediately broke the news of Taewoo
Group's entry as a top headline.
A few hours after the news broke, Chairman Jang Kyung-joon called me directly.
[Are you really interested in the KEPCO site too? Isn't the Charlotte Group's site enough for
you?]
"As I mentioned before, the Charlotte Group's site has such complicated permitting issues that we needed a new site."
[So you truly intend to buy the KEPCO site by participating in the bid?]
"Taewoo Group is not one to go after what they can't have."
[Hmm, understood for now. I'll see you at the public bidding venue.]
And with that, Chairman Jang abruptly hung up.
The planning director, who had been listening from a distance, exhaled deeply.
"It seems Chairman Jang is quite upset."
"But surely Hyundai Motor Group also wants the new headquarters, right?"
"Since there's so little prime land left in Seoul, it's natural to want it."
"Don't worry too much about Hyundai Motor Group. Are the bid preparations complete?"
"We've prepared two sets of documents: one based on a 4 trillion won plan, and another for 6
trillion won."
I received two sealed envelopes from the planning director.
Which one to use would be Chairman Jang's decision.
All I had to do was bring both envelopes to the public bidding site.
The long-awaited day of the KEPCO site public bidding had arrived.
Thirteen bidders entered the bidding hall.
Out of those thirteen, ten were mere small players hoping for a lucky break.
The real contenders were Taewoo Group, Samsung, and Hyundai Motor Group.
For Taewoo Group, I attended as vice chairman representing the company; Samsung Electronics sent their head of strategic planning, and Hyundai Motor Group was represented personally by Chairman Jang Kyung-joon.
Jang Kyung-joon glanced around briefly, spotted me, and immediately walked over.
"Hmph, I was hoping not to run into you here, but it seems fate had other plans."
"This might be the first time we meet in such a formal setting. It's strangely pleasant to see you here."
"I'm not pleased at all. Do you really need to come after the KEPCO site to find peace of mind?"
"Some might call it greed, but from Taewoo Group's perspective, it's an unavoidable choice."
With a thud, Jang Kyung-joon deliberately sat down hard, slamming the chair as if venting his frustration.
It was clear how uncomfortable and displeased he was with the whole situation.
"'Unavoidable choice,' huh? Holding two dried persimmons in both hands and wondering which one tastes better?"
"Who knows? Maybe after eating one, you get full and decide to share the other with someone else."
"The Taewoo Group I know isn't like that. Even if it gives us a stomach ache, we force ourselves to eat both persimmons."
He was exactly right.
Even if we decided to build the new headquarters on one site, there was no way we'd hand over the other to anyone else.
"That might be true. I can only say we're keeping all options open for now."
"Vice Chairman Kim, people don't survive on dried persimmons alone, you know? If Taewoo Group eats persimmons and Hyundai Motor Group enjoys rice crackers, everyone could be satisfied."
"Do you think Taewoo Group will be the one handing out those rice crackers?"
"Please select Hyundai Capital as the partner capital company for Taewoo Motors and Kia
Motors. If you do that, we'll gracefully withdraw from this public bidding."
I clenched my teeth.
If I didn't, I felt like I would burst out laughing.
This was exactly why we had handed over 10 billion dollars to the Myeongdong Three—they
were meant to drain the funds of Samsung and Hyundai Motor, and to make Chairman Jang
Kyung-joon desperately crave a partnership instead of the KEPCO site.
"That's quite a tempting offer. Looking at the partnership proposals that came to Taewoo Group, most of the capital companies put forward similar terms. Since the conditions are comparable, the final choice comes down entirely to the management's decision."
"So it depends on Vice Chairman Kim's pick."
"Exactly. And once I make a promise, I'm someone who never breaks it."
"Mr. Park, hand me the bid documents."
Whoosh! Tear!
Chairman Jang Kyung-joon tore the bidding documents roughly in half.
"We'll withdraw from the bidding. That means Hyundai Capital will become the partnership
capital company for Taewoo and Kia Motors."
"I promise. We'll make the official announcement by next week at the latest."
"But even if we back out, can you really guarantee Taewoo's victory? And if you lose the bid, you still have to keep your promise."
"No matter the outcome, I will keep my promise."
"Alright then, I surrender completely. Let's just watch how you handle these two prime plots of land. Hoo."
Jang Kyung-joon sighed deeply and stood up.
To him, I handed one of the sealed envelopes on the desk.
"Take this back to your company and have a look. It contains something quite interesting."
"Since Vice Chairman Kim says it's interesting, I'm a little scared to open it. I hope it's not
Pandora's box."
"That depends on how you look at it. It could be nothing, or it could be something serious. Please be sure to check it once you're back at the office."
"I will keep my promise. I'll see it back at the company. For now, focus on your bid
preparations."
With that, Chairman Jang took the envelope and left.
At the same time, the public bidding began.
***
Chairman Jang Kyung-joon arrived at the company.
Even though it wasn't yet rush hour, the roads in Seoul were packed with cars, and it took quite a while before he could finally reach his office and catch his breath.
"Director! Bring me the envelope Vice Chairman Kim gave."
"I'll get it right away!"
The head of Hyundai Motor's planning office brought the envelope and a letter opener.
After carefully gauging Chairman Jang's mood, he cautiously opened the envelope.
Contrary to expectations that it would contain something special, there was only a single bidding document inside.
"What kind of joke is this? Why give bidding documents to someone who's already given up on the bid?"
"Chairman, you should take a look at the bid amount."
"Why? What's inside?"
The director hurriedly pulled out a sheet from his bag.
It was a copy of the bid documents that Chairman Jang had torn up at the bidding site, placed
right next to Taewoo Group's bid for easy comparison.
"The bid amounts are nearly identical!"
"What? Taewoo Group actually bid 6 trillion won?"
"That's right. And their bid was 500 million won higher than ours. If we had proceeded with the bid as it was, we would have lost the KEPCO site to Taewoo Group by a mere 500 million won."
Chairman Jang Kyung-joon let out a bitter laugh.
How many employees had worked tirelessly to prepare the bid documents?
They had sacrificed sleep, pouring every ounce of effort and intelligence into calculating the bid amount.
The final bid came to 6.17 trillion won.
He was confident that 6 trillion would be enough to outbid all other groups and win the site.
But Taewoo Group's bid was 6.1705 trillion won.
Five hundred million won might seem like a large sum, but in percentage terms, it was only a
0.01% difference.
Losing a bid by such a slim margin was a bitter humiliation — and he had nearly suffered that shame in this auction.
"I don't know whether I should be relieved or curse them for toying with us like this."
"But at least we secured something, didn't we? Thanks to your leadership, Chairman, we pushed out Samsung and the other capital companies and successfully signed the partnership agreement."
Chairman Jang's mouth felt dry and bitter.
No matter how much water he drank, the unpleasant taste wouldn't go away.
Then, the secretary's next words made that bitter feeling even worse.
"Chairman, Taewoo Group has won the KEPCO site auction!"