Investor That Can See The Future

Chapter 137

As it is a deposit of a large amount of company assets, it is a natural procedure to check the soundness of the bank before that.

I kept telling him not to suspect him.

“We are thinking of up to 500 billion won. If it is difficult to manage, we will not ask for additional interest rates.”

Min Ki-jin’s eyes widened at my words.

Even if you deposit 1 billion won, you are a VIP. But he offered 500 times that amount. If he deposits large sums, he asks for an additional interest rate, he said.

I leaned forward and said.

“You can probably guess why I chose Hosung Savings Bank. I hope we can build a good relationship with each other through this opportunity.”

Min Ki-jin nodded at my words.

“i See. I knew what you were saying. We will organize the necessary materials and send them to you right away.”

“Thank you. We will contact you after review.”

I got up.

Min Ki-jin got up from her seat and said.

“I will tell my father-in-law well.”

I don’t know what I’m talking about, but… … .

I rejoiced as if someone had heard what I wanted to hear.

“If you do, thank you. Please take good care of me.”

“Haha, of course. Now you are the best customer of our savings bank, and I have to take care of it.”

Min Ki-jin went out to see off to the entrance.

“Can I promote it to the media?”

I nodded willingly.

“of course.”

As proud of me as I am, I have made many successful investments so far. The mere fact that I do business with Hosung Savings Bank will be a great publicity.

I got into the waiting car.

“Take a look, sir.”

Taek-gyu, who was sitting in the driver’s seat, started the car.

When Min Ki-jin was nowhere to be seen, Taek-gyu asked.

“Is the conversation going well?”

“then. I threw 200 billion won in rice cakes, but how can I not bite?”

Taek-gyu laughed as if it was funny.

“Is this the prelude to a counterattack?”

* * *

After finishing work, Park Si-hyung received a phone call from his son-in-law at the official residence. He was bewildered by the unexpected, but he calmly answered and hung up the phone.

Park Si-hyung thought as he buried himself on the sofa.

In the meantime, Kang Jin-hoo’s existence was nothing more than a thorn in his eyes. It wasn’t the first time her plans went awry because of one guy, and she even had to apologize to the public.

When I think of that time, I still get angry.

‘But he said he wanted to go to Hoseong Savings Bank on his own feet and deposit money.’

I thought he’d fight to the end, but it’s coming out like this.

If you think about it, this is normal. Businesses and the government have to fight to only bleed each other. If you win, it’s the main battle, and if you lose, you take a lot of damage.

‘Have you come to your senses now?’

It felt as if a sick tooth had come out.

He never forgave traitors by nature. But if your partner has money, it’s a different story. Because there are always exceptions.

In that respect, Jinhoo Kang deserves to be forgiven.

Besides, he is in the automotive industry. Depending on the situation, he could be a good partner in the future.

He’s not yet fully forgiving, but he needs to show reasonable generosity on this side as well, as long as he bows his head over there first.

‘For now, the FSS investigation should be stopped.’

* * *

As if he was hot to receive the deposit, the requested data came in less than a day.

Team leader Seo Sang-won immediately went into analysis in line with the published data.

“Can you tell just by looking at the numbers?”

At my question, he confidently nodded his head.

“People lie, but numbers never lie.”

It’s really believable.

I am very happy that such a talented person has come to me.

It took a full day to analyze the data. Team leader Seo Sang-won explained to us with a straight face.

“It is as expected. The most problematic part is the special purpose corporation. The total loan amount here is 5 trillion won. However, among the corporate presidents, there are many especially Mr. Min.”

What does this mean?

Taegyu said.

“Does that mean that the Min family is doing it all?”

“answer.”

Most of the special purpose corporations are not professional managers, but large shareholders and relatives of executives. There is no way that a proper loan review has been conducted in a place like this.

“What did you do with the money you borrowed?”

“It seems that we have invested in various development projects overseas. When I checked, there were not one or two investments that were canceled or failed in the middle.”

“How many loans?”

If the loan is not repaid on time, it should be reflected in the book as a loss.

“Continued to extend the due date.”

“Then there would be a problem with the BIS ratio.”

“It seems that the number was adjusted by manipulating the ledger. They must have been accounting fraud for quite some time.”

It was not an accounting fraud using some great financial engineering. According to team leader Seo Sang-won, if he had looked closely and checked, he would have noticed enough.

But did no one ever know?

What is absurd is that the FSS conducted on-site due diligence and detailed audits against banks and savings banks last year to check financial soundness.

Taek-gyu looked at me and asked.

“Are they all civil servants? What have you been doing with your paycheck?”

“… … .”

That’s it.

Team leader Seo Seong-won smiled bitterly.

“The size of the insolvency is a little different from what we expected.”

I nodded.

“Did I say group 2 before? For some reason, I thought it was too big for a savings bank’s insolvency.”

Team leader Seo Sang-won shook his head.

“The opposite is true. There is a possibility that there will be more than 3 trillion.

We were surprised by that.

“The third?”

Is it possible for one savings bank to blow away 3 trillion?

“I’m not sure because I just looked at the data and figured it out.”

If I hadn’t seen the foreknowledge, I would have thought that there might not be a possibility… … .

I nodded.

“no. This is enough for sure.”

* * *

It was under review, but the deposit of OTK Company was already confirmed. However, there is only the question of whether the amount is 200 billion won or more.

Hoseong Savings Bank has been openly talking about it to the media. The pro-government media sent out publicity articles as if they were dictating them.

[OTK Company is considering depositing 500 billion won in Hoseong Savings Bank][The largest deposit amount in the history of a savings bank][The secret of local savings banks overtaking Golden Gate?][Business partnership between OTK Company and Hosung Savings Bank][Hosung Savings Bank, will it leap to the top in the industry?]

When the article was published, the Internet bulletin board shook up.

– Isn’t OTK Company at a level to play with savings banks?

-What is Hosung Savings Bank doing?

-This is a bank run by your in-laws. It’s famous in our town.

– 2nd place in the savings banking industry. There are quite a few branches in Seoul.

-Are you making a deal because of your Excellency?

– What is the atmosphere of this reconciliation?

-I was expecting the 2nd round of Sir VS Otaku, but I was disappointed.

-By the way, shouldn’t we also listen to the story of Jinhoo Kang?

The media requested OTK Company to cover the facts to confirm the facts.

But surprisingly, Kang Jin-hoo told a completely different story.

“After careful review of various data, we suspect accounting fraud and large-scale loan insolvency. It is not clear how big the insolvency will be, but it is predicted that it will be quite large. As a result, OTK Company suspends transactions with Hosung Savings Bank indefinitely. Ah! If you have deposited more than 50 million won in Hoseong Savings Bank, we recommend that you withdraw the excess amount as soon as possible. According to the Depositor Protection Act, up to 50 million won per person is protected, but no more.”

* * *

In Korea, opinions on Gang Jin-hoo were mixed.

Some looked at them as outstanding financiers or investors of the century, while others saw them as financial speculators or scammers.

The important thing is that, either way, no one doubts Jin-hoo Kang’s eyes when it comes to financial investment.

Because of this, no one overheard that Hosung Savings Bank was suspected of insolvency. Everyone thought that there must be a good reason for Kang Jin-hoo saying that.

I don’t know what the reason was, but there was only one answer.

As soon as Jin-hoo Kang’s remarks became known, customers all started withdrawing money from Hosung Savings Bank.

The site was paralyzed as deposit cancellations and withdrawals flowed through Internet banking. Even after some time has passed, the connection has not been released.

People who had been rolling their feet rushed to each spot before the sun came up.(Read more @ wuxiax.com)

9 am.

As soon as the door opened, people rushed to the window as if racing.

“There is no problem with our savings bank. Please calm down, take a numbered ticket and wait. We will deal with it in order.”

The staff and even the branch manager tried to reassure customers, but to no avail.

“I will cancel the deposit!”

“I came first!”

“Don’t push me!”

“Please withdraw cash now!”

“Please take care of me first!”

The influx of customers shattered the glass, knocked over the chair, and there was no riot.

As deposit cancellations and withdrawals continued in line, the money flowed out like an ebb.

In the end, less than an hour after opening, all branches were closed, and Hoseong Savings Bank declared a business suspension.

* * *

Until yesterday, Hoseong Savings Bank was a solid savings bank. However, a bank run broke and it fell into a state of suspension overnight.

Although it varies from country to country, Korea’s reserve requirement ratio is 7 percent. Even a bank with excess reserves does not exceed 10%.

This meant that if a customer deposited 100 million won, there was no 10 million won in the bank safe. Therefore, when a bank run occurs, no bank has the ingenuity to withstand it.

However, Jin-hoo Kang caused a bank run in Hoseong Savings Bank with a single word!

The shutdown of the second largest savings bank in the industry was a big shock.

People who came to withdraw money gave up on going to work and returning home, and sat on mats in front of the main store and each branch and waited recklessly. We do not know when the business will resume, but the first thing to do is to withdraw money as soon as the door opens.

The sparks flew into the political arena.

President Park Si-hyeong immediately convened an extraordinary cabinet meeting. And he poured out intense remarks as if he was determined.

“A sound savings bank has been shut down due to unfounded lies. This is a serious crime that cannot be overlooked, and the damage is entirely the responsibility of the common people. While conducting an audit of the savings bank, the government will mobilize public authorities to deal with any act that harms financial safety and disturbs the financial market by spreading rumors, and will thoroughly demand legal responsibility.”

He didn’t mention his name, but it was clear who the target was.

Even his anger could be felt in his face and voice. The atmosphere of the meeting froze at the president’s sullen look.

Deputy Prime Minister Lee Joon-il said in a calm tone.

“The government regularly monitored and audited financial institutions. As a result, no problems were found. Business will resume as soon as the investigation by the financial authorities is complete, so please rest assured that you can continue your business until then.”

after the State Council meeting.

In keeping with the Blue House, in the National Assembly, party leader Choi Myung-hwan criticized Kang Jin-hoo in a harsh tone.

“Without providing any evidence after the earthquake, she intentionally caused a bank run by arousing public anxiety. This is typical of speculators trying to make a profit by disrupting the financial markets. We must immediately arrest Kang Jin-hoo, investigate what options the OTK Company bought and where they invested, confiscate and punish unfair profits.

The opposition party maintained the position of watching the situation first, and said that since most depositors are ordinary people, it is necessary to find out the situation as soon as possible and resume the operation of Hoseong Savings Bank.

Chairman Min Jung-joo expressed his injustice along with an apology to customers through the media.

“To be clear, Hosung Savings Bank has no problem. We ask for your patience as our employees are doing their best to resume business. We are very sorry for causing concern to our customers.”

Subsequently, he sued for obstruction of business by spreading false facts, and the prosecution office immediately distributed the case and summoned Jin-hoo Kang as a suspect.