The first thousand one hundred and eighty-six chapters once inside
Chapter 1,186 The inside story of the past
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Unlike Daewoo Group, whose liabilities have rapidly risen to a staggering US$120 billion, Daewoo Group's total assets have shrunk to 25 trillion won, equivalent to about US$28 billion.
So where did the nearly $40 billion in funds that Daewoo Group earned after selling off dozens of subsidiaries and foreign assets go?
Even if the company's stock price falls due to the economic crisis and the company's assets shrink on a large scale, it is impossible to make 40 billion by selling the company, so if you discount it in half, you should still have 20 billion, right?
Also, after the outbreak of the 1997 financial crisis, Daewoo Group's liabilities increased from more than 80 billion US dollars to more than 120 billion US dollars.
In the middle is another huge asset of 40 billion US dollars!
Excluding the factor of interest growth during the three years, at least more than 20 billion US dollars of funds were loaned out by Jin Yuzhong from banks.
Putting the two items together, Liu Dong’s most conservative estimate is that at least more than 45 billion US dollars of funds were secretly transferred by Jin Yuzhong.
Then a Daewoo Group was left riddled with holes, a mess that could not be cleaned up, and was handed over to the shaky South Korean government.
No wonder the South Korean government was so angry that it issued a global wanted order after Kim Woo-jung absconded!
At that time, Daewoo was a super trap with $120 billion in liabilities but only $28 billion in assets.
(Later, the reason why Kim Woo-jung returned to South Korea, I guess, was not because he was repenting of his crimes, but because he had too much money. Mercenary groups and killers from all over the world were looking for him, eager to get huge amounts of money from him.
Assets. Living a life of precarious escape every day is far less comfortable and safer than staying in a Korean prison! And you can also get some good reputation!)
Looking at Liu Dong's piercing eyes, Cui Dongchen, who had been mentally prepared for a long time, said with a complex expression: "The funds you want to get are 22.8 billion US dollars!"
"22.8 billion U.S. dollars. How is that possible?" Liu Dong exclaimed in shock.
This was much less than he expected.
Cui Dongchen, who has experienced the ups and downs of the business world and is well-informed, can naturally understand what Liu Dong is thinking from his tone of voice and the look on his face.
"Do you also think that I should have 50 billion, 60 billion, or even more US dollars in my hands?" Cui Dongchen said with a hint of ridicule.
"Isn't it?" Liu Dong frowned.
"Haha. How ignorant the world is!"
After shaking his head sarcastically, Cui Dongchen said to Liu Dong: "The cultures of South Korea and China are of the same origin. I think you should also understand the meaning of the phrase 'history is written by the victors'?"
"Of course I understand! But does this have anything to do with what we are talking about?"
"Of course it does matter, and it does matter a lot." After a pause, he said, "As a businessman, if I asked you to give up Huayang Group, Jiahua Group, Dongchao Group, or even Hanhua Group, would you be willing?
"
"Of course not!"
Liu Dong said without hesitation.
These enterprises are the foundation of his career. How could Liu Dong sell them?
"You are not willing to do so. Do you think I will take the initiative to bring down the Daewoo Group that I have spent my entire life building?"
Hearing this, Liu Dong's heart moved, and many details that he had actively ignored before came to his mind again.
Indeed! For the vast majority of oriental businessmen, they will not abandon their ancestral family business easily unless they have no choice. The same is naturally true for Koreans who are in line with Chinese culture.
The Daewoo Group is Kim Woo-jung's lifelong endeavor, and he will not give up unless absolutely necessary.
Moreover, when the 1997 financial crisis broke out, Daewoo Group was not certain to go bankrupt. At that time, Daewoo's market value was US$65 billion and its liabilities were US$80 billion. The gap between the two parties was not too big. Daewoo Group could be like other Korean chaebols.
Sell subsidiaries, reduce business scope, pay off debts, and then rely on the foundation laid in the early stage to slowly survive the crisis.
But what is surprising is that Daewoo Group, one of the top 20 companies in the world and the second largest company in South Korea, instead of surviving safely by selling off its subsidiaries and reducing its business scope, has instead increased its debt.
Finally, I played with myself.
This seems unbelievable to Liu Dong. Moreover, with Jin Yuzhong's ability, it is impossible for him to do such an imbecile thing.
Thinking of this, Liu Dong's eyes gradually changed. He guessed that behind the collapse of Daewoo Group, there must be another major secret that he didn't know about.
After noticing the change in Liu Dong's expression, Cui Dongchen showed a trace of hatred and regret on his face.
"South Korea is different from China. China's economy is dominated by state-owned enterprises. But in South Korea, many chaebols dominate. Samsung, SK, LG, Lotte, Doosan, Hyundai and more than a dozen chaebols occupy the mainstream of the Korean economy.
Of course, this also includes the former Daewoo... However, when the 1997 financial crisis came, these large chaebols and consortiums with huge businesses spanning almost dozens of industries also bore the brunt, and almost all suffered a decline in stock prices.
The dilemma of sharply increasing debt.”
"...Moreover, Daewoo Group did not have the largest liabilities at that time. Hyundai Group's liabilities even exceeded US$100 billion! In order to help these consortiums that affect the Korean economy survive the crisis, the Korean government spent almost all of its foreign exchange reserves. However,
, even so, it is impossible to save all the financial groups in South Korea. If you want to stabilize the shaky South Korean economy, someone must make sacrifices."
"This victim is the Daewoo Group?" Liu Dong suddenly said.
"Not only Daewoo Group, but also Hanbao Group, Kia Group, Sammy Group, Danong Group, and more than a dozen large companies!" Cui Dongchen said with a hint of ridicule.
"Oh?" Liu Dong had a look of surprise on his face.
Not to mention Daewoo Group, Hanbao Group was the 14th largest conglomerate in South Korea before the economic crisis. Kia Group was the third largest automobile group in South Korea before the economic crisis, after Hyundai Motor and Daewoo Motors.
No matter which one you choose, they are all famous and represent South Korea's "Han River Economic Miracle".
The remaining large companies such as Sammy, Danong, Jinro, Haitian, and Nucor were also well-known before the economic crisis in Korea.
"Why?" Liu Dong asked curiously.
"Because we are all victims of the failed fight for the support of the Korean government!"
After a pause, Cui Dongchen continued slowly with a mixture of memories, regrets, hatred and many other emotions on his face: "At that time, in order to compete for the government's meager foreign exchange support, South Korea's large companies were divided into two groups. One group supported South Korea at that time.
President Kim Young-sam. And Samsung and Hyundai Group formed a faction to support the then prime minister, Kim Dae-jung, who was known for his perseverance. Considering the situation in South Korea at that time, we were the most likely to succeed!"
But in fact they failed, so Liu Dong was curious about what happened next?
"...But what I never expected was that at the critical moment of the struggle between the two factions, the president of Hanbao Group, Kim Hyun-chul, the youngest son of Kim Young-sam, actually exposed a corruption case of up to 3.8 billion won! At the time of the economic crisis,
When the epidemic broke out, South Korea's economy was in turmoil and people's hearts were unstable, Samsung and Hyundai Group took advantage of this loophole to make a big fuss, which caused the prestige of President Kim Young-sam, who was based in South Korea's political arena as a '******', to plummet."
"This Jin Xianzhe is really a pig teammate!" Liu Dong couldn't help but said.
"He is indeed a pig teammate!" Cui Dongchen said with a bitter smile.
"If it hadn't been for Kim Cheol-hwan's mistake, we could have used Kim Young-sam to change the situation in one fell swoop while Kim Young-sam was still in office. We wouldn't have let Kim Dae-jung become president and raise a butcher's knife against us."
Nodding in understanding, Liu Dong couldn't help but frown, "That's not right. Even without the assistance of the South Korean government, with Daewoo Group's debt situation at the time, there should be half a chance of surviving the crisis!"
"There is a half chance, but in order to keep Samsung and Hyundai, Kim Dae-jung directly ordered the Central Bank of Korea to withhold the US$32 billion in funds we prepared to repay the loan after we sold the Daewoo subsidiary and reduced the business scope."
"That's it!" Liu Dong nodded suddenly.
Originally, Daewoo Group's liabilities were as high as 80 billion U.S. dollars, and now another 32 billion U.S. dollars has been deducted. There is no hope of getting out of the economic crisis.
"But by doing this, isn't the South Korean government afraid of damaging South Korea's economic order?" Liu Dong frowned.
"Economic order? Haha, in times of economic crisis, ensuring political stability is the most important thing! Moreover, at that time, the Daewoo Group was full of holes. They did not need to disrupt the economic order. It was just a simple 'in order to prevent the collapse of the Daewoo Group and induce workers
The money can easily be temporarily withheld under the excuse of "unemployment crisis." What's more, Daewoo Group still owes Hanshin Bank a loan of more than six billion U.S. dollars!"
"32 billion US dollars!" Liu Dong sighed in his heart.
This is more money than he used to acquire Daewoo Group this time. No wonder the once glorious Daewoo Group collapsed like this.
"Without the more than 30 billion U.S. dollars of capital, Daewoo would not be able to survive at all. However, they will not let Daewoo Group survive and ruin my life's hard work, so I can't let them be proud! So, in the end, I
The US$25 billion loaned by Daewoo Group was secretly transferred to the accounts of the 'British Financial Center' and 'Swiss Bank'!" Cui Dongchen said with a ferocious expression.
Obviously, he is still angry about the South Korean government's favoritism.
Of course, this is understandable. If it were him, he would probably make the same choice as Cui Dongchen, and even be crazier than him.
However, revenge is revenge, and hatred is hatred, but in the final analysis, Kim Woo-jung is to blame for the bankruptcy of Daewoo Group. He cannot blame others. Who told him that he was on the wrong team in the first place?
Whether in politics or the shopping mall, if you stand in the wrong team, you will not be able to escape the fate of being purged! (To be continued.)
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