Chapter 1186 The Inside Story of the Past

……

Unlike Daewoo Group's liabilities, which have risen rapidly to a staggering $120 billion, Daewoo Group's total assets have shrunk to 25 trillion won, equivalent to about $28 billion.

So where did the nearly $40 billion that Daewoo Group made after selling off dozens of subsidiaries and foreign assets go?

Even if the company's stock price falls because of the economic crisis, the company's assets have shrunk on a large scale, and it is impossible to make 40 billion yuan from selling the company, then there should always be 20 billion US dollars, right?

Also, after the outbreak of the '97 financial crisis, Daewoo's liabilities grew from more than $80 billion to more than $120 billion.

That's another $40 billion in assets!

Excluding the increase in interest over the past three years, at least more than $20 billion has been borrowed from banks by Kim Woo-jung.

Two plus one, Liu Dong's most conservative estimate, at least more than $45 billion in funds, was secretly transferred by Jin Yuzhong.

Then it left behind a battered Daewoo Group, a mess that could not be cleaned up at all, and handed over to the crumbling South Korean government.

It's no wonder that the South Korean government angrily issued a global wanted warrant 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, the author guesses that he was not because he repented of his crimes, but because he had too much money on him, and mercenary groups and killers from all over the world were looking for him.) Eager to get a huge asset from him. Every day lives a precarious life on the run. It's nowhere near as comfortable and safe as being in a Korean prison!and gets some good reputation!)

looked at Liu Dongjiong's blazing gaze. Cui Dongchen, who had already been prepared in his heart, said with a complicated expression: "The funds you want to get are 22.8 billion US dollars!"

"$22.8 billion, how is it possible?" Liu Dong exclaimed.

That's a lot less than he expected.

Cui Dongchen, who has experienced the ups and downs of the business sea and is well-informed, can naturally understand what he thinks from Liu Dong's tone and the look on his face.

"Do you also think that I should have 50 billion, 60 billion, or even more dollars in my hands?" Cui Dongchen said with a hint of mockery.

"Isn't it?" Liu Dong frowned.

"Hehe, how ignorant the world is!"

After shaking his head with sarcasm, Cui Dongchen said to Liu Dongchen: "The culture of South Korea and China is in the same line. I think you should also understand the meaning of the phrase 'history is written by the victors'?"

"Of course I do, but does it have anything to do with what we're talking about?"

"Of course there is, and there is a lot of relevance. After a pause, "As a fellow business person, if I ask you to give up Huayang Group, Jiahua Group, Dongchao Group, or even Hanhua Group, are you willing?"

"Of course not!"

Liu Dong said without hesitation.

These companies are the foundation of his career, how could Liu Dong sell them.

"You don't want to, do you think I will take the initiative to bring down the Daewoo Group, which I have worked so hard to create?"

Hearing this, Liu Dong's heart moved, and there were many details that he had actively ignored before. It came to his mind again.

Indeed, for the vast majority of Oriental merchants, the ancestral family business was not a last resort. They don't abandon easily. And Koreans, who are in the same vein as Chinese culture, are naturally the same.

Daewoo Group is Kim Woo-jung's life's work, and he will not give up unless he has to.

Moreover, when the '97 financial crisis broke out, Daewoo Group was not certain to go out of business. At that time, Daewoo's market capitalization was $65 billion and its debt was $80 billion, and the gap between the two sides was not too big. Daewoo Group can sell off its branches, scale back its business, pay off its debts, and then slowly get through the crisis with the foundation laid in the early stage.

But what is surprising is that Daewoo Group, as one of the world's top 20 and the second largest enterprise in South Korea, instead of surviving safely after selling its subsidiaries and reducing its business scope, has increased its debts higher and higher, and finally played itself off.

This seems a bit incredible to Liu Dong. Moreover, with Jin Yuzhong's ability, it is impossible to do such an imbecile thing.

Thinking of this, Liu Dong's eyes gradually changed. He speculated that behind the collapse of the Daewoo Group, there must be another major secret that he did not know.

After noticing the change in Liu Dong's expression, Cui Dongchen's face showed a trace of hatred and regret.

"South Korea is different from China, where the economy is dominated by state-owned enterprises. But in South Korea, it is the many chaebols that dominate. More than a dozen chaebols, including Samsung, SK, LG, Lotte, Doosan, and Hyundai, occupy the mainstream of South Korea's economy. Of course, this also includes the former Daewoo. …… However, when the 97 financial crisis came, these large chaebols and large conglomerates, which have huge businesses and span almost dozens of industries, also bore the brunt, and almost all of them suffered from the dilemma of declining stock prices and sharp increase in debt. ”

“…… Moreover, at that time, the Daewoo Group did not have the most debts. Hyundai Group's liabilities even exceed $100 billion! In order to help these conglomerates that affect the South Korean economy survive the crisis, the South Korean government has taken out almost all of its foreign exchange reserves. However, even so, it is impossible to save all the consortia in South Korea. Someone will have to make sacrifices if we want to stabilize South Korea's crumbling economy. ”

"This victim is the Daewoo Group?" Liu Dong suddenly said in a loud voice.

"Not only Daewoo Group, but also a total of more than a dozen large enterprises such as Hanbao Group, Kia Group, Sanmei Group, Danong Group, etc.," Cui Dongchen said with a hint of mockery.

"Oh?" Liu Dong had a look of surprise on his face.

Not to mention the Daewoo Group, Hanbo Group was the 14th largest conglomerate in South Korea before the economic crisis. And Kia Group was the third largest car group after Hyundai Motor and Daewoo Motor before the economic crisis in South Korea.

Although they are all famous, they are representatives of South Korea's 'Han River Economic Miracle'.

The remaining Sammei, Daunong, Jinro, Haitian, Nucor and other large enterprises were also well-known before the economic crisis in South Korea.

"Why?" Liu Dong said curiously.

"Because we are all victims of the failed struggle for the support of the South Korean government!"

After a pause, Choi Dongchen slowly continued with a mixture of emotions such as memory, regret, and hatred on his face: "At that time, in order to compete for the government's small foreign exchange support, South Korea's large enterprises were divided into two factions. One faction supported then-South Korean President Kim Yong-sam. Samsung and Hyundai Group formed a faction to support Kim Dae-jung, who was known for his tenacity and perseverance, the prime minister at the time. In the form of Korea at the time, we were the most likely to succeed!"

But in fact, they failed, so Liu Dong was curious about what happened next?

“…… However, what we never expected was that at the critical moment of the struggle between the two factions, Kim Hyun-chul, the president of the Han Bao Group and the youngest son of Kim Yong-san, actually broke out a corruption case of as much as 3.8 billion won! At a time when the economic crisis broke out, the South Korean economy was in turmoil, and the people's hearts were unstable, Samsung and Hyundai Group seized on this loophole to make a big fuss, causing President Kim Yong-sam, who was based on the South Korean political arena as a '******' at that time, to have his prestige plummet. ”

"This Kim Hyun-chul is really an out-and-out pig teammate!" Liu Dong couldn't help but say.

"It's indeed a pig teammate!" Cui Dongchen said with a wry smile.

"If it weren't for Kim Cheol-hwan's mistake, we would have been able to use Kim Yong-sam to settle the matter in one fell swoop while Kim Yong-sam was still in power. It will not allow Kim Dae-jung to ascend to the presidency and hold up the butcher's knife against us. ”

Nodding clearly, Liu Dong couldn't help frowning, "No, even without the assistance of the South Korean government, with the debt situation of Daewoo Group at that time, there should be half a chance of surviving the crisis!"

"It's half a chance, but in order to keep Samsung and Hyundai, Kim Dae-jung directly ordered the Central Bank of Korea to withhold the $32 billion we were ready to repay the loan after selling Daewoo's branch and reducing the scope of business. ”

"I see!" Liu Dong nodded suddenly.

Originally, Daewoo Group's debt was as high as 80 billion US dollars, but now it has been deducted 32 billion, and there is no hope of getting out of the economic crisis.

"But isn't the South Korean government afraid of destroying South Korea's economic order by doing this?" Liu Dong frowned.

Moreover, at that time, the Daewoo Group was in a state of devastation, and they did not need to destroy the economic order, but they could easily deduct the money temporarily under the simple pretext of 'preventing the Daewoo Group from going bankrupt and inducing a crisis of unemployment among workers'. What's more, Daewoo Group still owes more than $6 billion in loans from Hanshin Bank!"

"$32 billion!" Liu Dong sighed in his heart.

This is more than the money he used to buy Daewoo Group this time, no wonder the once glorious Daewoo Group has fallen like this.

"Without that more than $30 billion in funds, Daewoo would not have survived. However, they didn't let the Daewoo Group live and ruined my life's hard work, so I can't let them be complacent! So, in the end, I secretly transferred the $25 billion loan from the Daewoo Group to the accounts of the 'British Financial Center' and the 'Swiss Bank'!" Cui Dongchen said with a somewhat hideous expression.

Obviously, he is still angry at the favoritism of the South Korean government.

Of course, this is also understandable, if he were replaced, I am afraid that he would make the same choice as Cui Dongchen at the beginning, and even more crazy than him.

However, revenge is revenge, hatred is hatred, but in the final analysis, the bankruptcy of Daewoo Group is also Jin Yuzhong's own fault, and he can't blame others, who told him to be on the wrong side in the first place?

Whether it's in politics or shopping malls, if you stand on the wrong team, you can't escape the fate of being purged! )

PS: Thank you for the monthly pass support of the book friend 'Little Fish 62', 'Leila Traces' and 'Forget My Former Me', as well as the book friend's 'Bajie Don't Stay' 300 starting coin reward support, thank you very much!