Third-Generation Chaebol

Putin knew everything.

He already knew that I was the heir to Taewoo Group and the CEO of SAVE Investment Company, and he subtly implied that he knew even more than that.

"This time, I've come to Russia representing Taewoo Group."

"I've seen you many times in pictures, but meeting you in person is moving. I'm grateful. Thanks to you, I was able to rise to this position."

Putin extended his hand for a handshake.

He sincerely appreciated the support I had given since he was an independent politician.

"If I was able to help, I should be the one thanking you."

"Of course, you helped. Thanks to you, I was able to make a living."

I smiled and extended my hand.

At that moment, Putin suddenly squeezed my hand so tightly it felt like he might break my fingers.

Was he trying to assert his authority?

He had been the one receiving help before, but now he was showing through the handshake that things had changed.

"I've cleared my schedule today. We should drink all night with friends who've come from far away, shouldn't we?"

"Thank you for making time for me."

Without changing his expression, Putin raised his glass.

David, quick on the uptake, immediately opened a whiskey bottle and poured the drinks.

We filled each other's glasses and went through more than three bottles of whiskey.

***

"Ah! My head!"

Whiskey was a strong drink.

I was confident in my drinking abilities, but after more than three bottles, I lost consciousness.

I woke up to the sound of birds chirping, my head pounding intensely.

***

"Are you awake? Drinking warm tea should make you feel better."

"Yes, thank you."

Putin personally brewed the tea for me.

The fragrant smell of black tea eased my headache.

Black tea?

Goosebumps suddenly ran all over me.

I recalled unpleasant rumors related to Putin and black tea.

Rumors that poison-laced black tea was used to eliminate political opponents.

"Why aren't you drinking? Surely you don't think I poisoned it?"

"Of course not. I will drink it gratefully."

I didn't clearly remember what was said during the drinking party all night.

But seeing Putin's tone become more relaxed, I guessed it was a good conversation.

"Isn't it beautiful?"

"It's truly beautiful nature. I'm at a place that looks like it's straight out of a movie."

"Russia possesses so much. But a small group of people held everything in their hands."

"You mean the oligarchs?"

"Those are the parasites eating away at Russia. I intend to take everything they hold away."

Honestly, I let out a bitter laugh.

It was true that the oligarchs held Russia's economy tightly in their grip.

But what difference would it make if Putin took it all away?

It might be better than today's Russia, but the fact that most wealth is concentrated in the hands of a few would remain unchanged.

"I sincerely hope Russia becomes the country that the president wishes for."

"Economic bureaucrats say the oligarchs are a necessary evil. If they disappear, there would be no one to run the economy well, and Russia would fall into even deeper trouble. How much must they have taken from the oligarchs to say that in front of me?"

"Economic bureaucrats tend to fear change."

"That's why you'll have to help me a bit."

Finally, Putin started to get to the point.

The drinking party all night was just preparation for this moment.

The reason I gave him massive donations when he was independent was for this moment.

"Taewoo Group is preparing to enter the Russian market."

"That's very welcome news. Russia is, for all intents and purposes, isolated right now."

"We have plans to build Taewoo Motors and Taewoo Electronics factories in Russia."

"I can take care of all the conveniences. As long as you can fill the jobs we lack, there's nothing I can't do."

Russia's economy was still in dire straits.

It had been less than two years since the moratorium declaration, so foreign companies were hesitant to enter Russia.

In this situation, offering to build large-scale factories was welcome news indeed.

"Taewoo Motors' sales in Europe are increasing significantly, so a new production base is needed. If we establish a stable environment for car production, construction can start immediately."

"Hmm, so ultimately, we need to quickly take care of the oligarchs to move to the next stage."

Putin sipped his black tea.

I followed and drank mine, waiting for him to continue.

"Dealing with the oligarchs isn't that difficult. The problem is there's no one to manage the businesses they used to run."

"State-owned companies run somehow. Of course, excellent management would improve them, but they won't necessarily collapse without it."

"For Russia's reconstruction, we need people to run state-owned enterprises well, replacing the oligarchs."

I pretended not to be interested.

If I stepped in recklessly here, I might be branded as a social climber.

"What can I do to help?"

"What do you think is Russia's greatest strength?"

"Vast territory and strong spirit, right?"

"The biggest strength is the natural resources that come from the vast territory."

Russia's natural resources needed no explanation.

Oil, natural gas, and so on. It wasn't wrong to say that Russia's resources kept Europe warm.

"Are you asking for help in developing natural resources? But Gazprom is already developing many resources, as far as I know."

"Russia's natural resources are currently used solely to fatten the oligarchs' pockets. I want to dismantle the current structure."

Why is Putin pausing like this before telling me what he wants?

Surely, he isn't going to give me Gazprom.

"How do you intend to change the structure?"

"I plan to combine Gazprom with foreign capital to create a massive energy company. I want you to take charge of one part."

"You're asking me to participate in the development of Russia's natural resources?"

"The Russian government will hold 51% of the shares, but the rest could all be yours, depending on your investment. If you invest funds to crush the oligarchs, that is."

Simply put, he wanted me to become the major shareholder of Gazprom.

He also wanted me to fill the space left by pushing out the oligarchs.

"That will require a huge amount of funds."

"You won't suffer any losses. How can you help?"

"Even if I suffer losses, I must join. If SAVE Investment Company invests, we can definitely replace the oligarchs. But…"

This time, I hesitated.

Honestly, investing money wasn't difficult.

Although the oligarchs had a lot of money, they were ultimately frogs in a well in Russia.

This matter wasn't about money, but politics and diplomacy, and Putin knew that well.

"Are you worried about opposition from the U.S.?"

"Exactly. If massive Wall Street funds flow into Russia, the U.S. government might impose sanctions."

"My regime will maintain good relations with the U.S. I've come to see how vicious they really are through the IMF. So we have to pretend to have good relations, at least on the surface."

Russia went bankrupt because it didn't receive IMF assistance.

Before the IMF's decision, many economic officials from the White House visited Russia.

But Russia did not comply with their demands and was ultimately ignored by the IMF.

Of course, this was just passing the blame.

If the country had been run properly, the economic crisis wouldn't have happened.

If the wealth piled up in the oligarchs' coffers had simply been distributed, the disgrace of national bankruptcy wouldn't have occurred.

That experience seemed to have shaped Putin's policies—

The purge of the oligarchs and resetting relations with the United States.

"If the problem is the U.S., I will try to make efforts on my side too. But I want to ask one more thing: Will the investment funds be used for natural resource development or as preliminary work funds?"

"It can be seen as both. You need to remove the oligarchs first before proper business can be done. That requires a huge amount of money."

Basically, he wanted me to use my money to crush the oligarchs.

If I could step on the massive financial power held by the oligarchs, purging them wouldn't be difficult.

But what if I failed?

Even if I invested a huge amount of money, I wouldn't get a single penny back.

"Would an initial investment of about 10 billion dollars suffice?"

"Can you invest that much? Are you thinking of forming a consortium with Wall Street? Even if so, it doesn't matter."

"No. SAVE Investment Company plans to act alone."

"You're a bolder person than I thought."

Putin's proposal was close to a gamble.

A gamble where if you win, you get everything, and if you lose, you lose everything.

But since I already knew the outcome, there was no reason for me not to bet.

"When investing, you have to be sure to avoid regrets. That's also why I survived on Wall Street."

"I needed someone like you! If this goes well, I'll make sure you get a solid share in the natural resources company."

The shares of the natural resources company were owned by neither Putin nor the Russian government.

They were tightly held by the oligarchs.

So he meant to take the shares held by the oligarchs and give them to me, and the funds I would provide were essentially war funds.

"May I ask one thing?"

"Ask anything."

"For exports of Russian natural resources, the company will follow its policies, but I want you to give me full authority over the quantities exported to Korea."

"Of course, that must be granted. If you want, I can also give you full authority over the natural gas sold to Europe."

It was a very tempting offer.

But it was also food with poison.

If relations with Europe deteriorated, the blame could fall on us.

And I knew that day would come.

I was not afraid of shaking hands with the devil.

But I didn't want to bear all the responsibility instead of the devil.

"Korea will be enough. If one person has too much power, in the end, relationships break down."

"You certainly think differently from those fat pigs like the oligarchs."

"Taewoo Group has planned many investments in Russia. The scale is such that if something goes wrong, Taewoo Group could collapse. So for us to recover the investment, Russia must achieve economic growth."

"So Russia and Taewoo Group are in the same boat."

Putin picked up the teapot and refilled our cups.

Raising his cold black tea, he proposed a toast to me.

"To the fat pigs!"

He meant that we would slaughter the oligarchs and share the spoils.

Whether the meat would reach the Russian people's tables was uncertain, but it was clear it would fatten Taewoo Group.

TL/n -

Gazprom is Russia's state-controlled energy giant, the world's biggest natural gas producer, and a key player in both the global energy market and Russian geopolitics.

World's Largest Natural Gas Producer:

Gazprom controls the biggest natural gas reserves on Earth (around 16% of the world's total).

It supplies gas to Russia and many European countries via pipelines.

Exports & Pipelines:

Major pipelines include Nord Stream (to Germany), TurkStream (to Turkey and Europe), and Power of Siberia (to China).

Europe has historically depended on Gazprom for up to 40% of its gas imports (though this changed after the Ukraine war in 2022).

Energy "Weapon":

Because of Russia's dominance in gas supplies, Gazprom is often described as a tool of Russian foreign policy.

For example, Russia has cut or reduced gas supplies to countries during political disputes.

Diversified Business:

Besides gas, Gazprom is also involved in oil (Gazprom Neft), electricity generation, and petrochemicals.

Global Influence:

At its peak, Gazprom was one of the most valuable companies in the world.

Sanctions (after Crimea 2014 and especially after the Ukraine war 2022) have reduced its international reach, but it still dominates Russia's energy sector.