Chapter 75: Dereliction of Duty

VIP Lounge.

As soon as the welcoming ceremony concluded, Chairman Bongard looked at Chief of Staff Lee Jihun with curiosity.

"Chief Lee, didn't representatives from Hangang Group and Korea Investment come to receive us?"

"Civilians are not permitted inside the airport, so they're waiting outside."

"Ah, I see."

Once everyone had taken their seats, Commissioner General Choi Dongyeong spoke loudly.

"In order to enter our country, you must complete immigration inspection. To save you the inconvenience, we'll handle the procedure on your behalf. Please hand your passports to us."

Chairman Bongard and the other guests promptly handed their passports to the police officers on duty. After the officers left the VIP lounge, Choi Dongyeong continued.

"As soon as the document inspection is complete, we'll proceed to the press conference hall prepared here at the airport."

Chairman Bongard and Chairman Hudson had spent 220 billion dollars buying back shares of Bongard Group. However, Wolf News, acting under President Douglas's orders, continued to throw obstacles in their path. If this continued, neither Endivia's stock nor Bongard Group's stock could be expected to rise.

That was precisely why they had deliberately chosen a regular commercial flight in order to undermine President Douglas's plans.

It seemed Cha Jiham had perfectly anticipated their intentions and arranged this press conference.

Taking it as a positive sign, Chairman Bongard asked Choi °• N 𝑜 v 𝑒 l i g h t •° Dongyeong,

"So the representatives from Hangang Group and Korea Investment are already waiting in the conference hall?"

"That's correct, Chairman Bongard."

"And what's our schedule after the press conference?"

"After dinner with representatives from Hangang Electronics and Korea Investment, everyone will return to their respective accommodations. Bongard Group has reserved rooms at the Korea Renaissance Hotel, while Endivia will be staying at the Hangang Hotel."

Chairman Hudson found that rather strange.

Only seventeen people from Endivia and Bongard Group had traveled to Korea.

A single hotel could easily accommodate that number, yet they had deliberately been separated.

He asked the Commissioner General the reason behind the arrangement.

"The Korea Renaissance Hotel belongs to Korea Investment, while the Hangang Hotel belongs to Hangang Group."

"You mean we've been divided equally between the two companies so neither side has any reason for misunderstanding?"

"As far as I'm aware, yes. In addition, our government will be providing security services for your safety. We ask for your understanding even if it causes some inconvenience."

"I've heard that Korea has one of the highest levels of public safety in the world."

"That is certainly true, but we're obligated to prepare for any unexpected situation."

There was an unmistakable implication in Choi Dongyeong's reply that President Douglas might resort to underhanded tactics.

"Chairman Bongard has already prepared countermeasures for that," Hudson remarked.

"I'm aware of those measures. Nevertheless, we still need to prepare for the worst-case scenario."

"Hearing you say that puts my mind at ease."

Bzzz.

At that moment, Lee Jihun's phone vibrated briefly on the table.

After checking the text message, he turned toward Chairman Bongard.

"We've just received information that a senior American official is on his way to our country."

Chairman Bongard immediately understood what was happening.

After receiving reports of his visit to Korea, President Douglas had dispatched Advisor Graff to discover his true purpose.

"Chief Lee, I'll handle that senior official myself. The Korean government needn't concern itself with the matter."

***

At the same time.

Inside the preparation room next to the press conference hall, Chairman Yoon Jongu, Chairman Park Yeongil, and the others were leisurely chatting while waiting for Bongard's delegation to arrive.

"Chief Kang, have many reporters gathered?"

"There are so many they're sitting on the stairs," Kang Inhan reported.

"Ha-ha-ha!"

Park Yeongil laughed with satisfaction.

After his laughter subsided, Chief Secretary Kang Inhan continued.

"A large number of foreign journalists have also been confirmed."

"Excellent. Chairman Bongard's press conference promises to be quite a spectacle."

"I completely agree."

Ignoring Kang Inhan's response, Park Yeongil turned toward Yoon Jongu.

"Do the two of us really have to attend the conference in person?"

"Why are you always so shortsighted?"

"What are you picking a fight with me for?" Park Yeongil shot back irritably, unwilling to back down.

"You already know perfectly well how influential Chairman Bongard is."

"And what does that have to do with me?"

"Sigh... Talking to you is hopeless."

Yoon Jongu shook his head helplessly before turning to me.

"Specialist Cha, explain to this old fossil why we have to attend the press conference."

"The main reason is to maintain status and parity with Chairman Bongard."

"You heard that, Chairman Park. What do you say now?"

"Do you take me for an idiot?"

"If you're not an idiot, why do you keep saying idiotic things?"

"You... You're asking for a fight!"

Knock. Knock.

While the two old men were raising their voices at each other, there was a knock, and Ohm Ungi, President of Korea Economy, entered.

Everyone immediately turned toward him.

Understanding the silent question in our eyes, he immediately reported,

"Chairman Bongard's delegation is currently passing through immigration."

"Then why did you come here?" Park Yeongil asked sourly, still annoyed by Yoon Jongu's teasing.

"The American Ambassador, Tony Goodwin, has just arrived in the conference hall."

"What?!"

"That's not all. John Garfield, Executive Director of Wolf News, has shown up as well."

"Well, damn."

Bzzz.

At the exact moment Park Yeongil let out a frustrated sigh, my phone vibrated briefly in my hand.

After quickly checking the message, I immediately announced,

"The immigration inspection has just been completed."

***

"Chairman Bongard, welcome to the Republic of Korea."

Yoon Jongu stepped forward on behalf of our group to greet the guest.

"Chairman Yoon, thank you for such a warm welcome."

"Allow me to introduce everyone who came to receive you. This is Chairman Park Yeongil of Korea Investment. His fund will own a 9.5% stake in our joint venture. And this is..."

After the rather lengthy introductions finally came to an end, Yoon Jongu moved a little closer to the guest and quietly said,

"Chairman Bongard, the American Ambassador Goodwin has just arrived in the press hall."

"President Douglas must have sent him to find out what's going on. Pay him no attention."

"Can we rely entirely on you in this matter?"

"Of course. Now let's discuss exactly how we'll conduct this press conference."

***

Click! Click!

Chairman Yoon Jongu, Chairman Park Yeongil, Chairman Bongard, Chairman Hudson, and Vice Chairman Yoon Sanghun entered the press conference hall.

The instant they appeared, dozens of reporters' cameras erupted in a deafening chorus of shutters.

Maintaining calm, confident expressions, the leaders gave photographers a few seconds before taking their seats.

Standing behind the podium, Chief Secretary Cho Seongjin switched on the microphone.

"We will now begin the press conference regarding the establishment of the joint venture."

As if they had been waiting precisely for that moment, reporters immediately leaped to their feet, competing for the opportunity to ask questions.

Cho Seongjin pointed toward one of them.

"I'm Jang Hojin from Korea Daily News. Could you explain why Chairman Bongard and Chairman Park Yeongil are present at today's conference?"

"I am not authorized to comment on Chairman Bongard's attendance. As for Chairman Park, he is here as a shareholder in the future joint venture."

"So Korea Investment is also investing in the project?"

"Yes, that's correct. Vice Chairman Yoon Sanghun will conduct the main portion of today's press conference."

As soon as Cho Seongjin finished speaking, Yoon Sanghun rose from his seat.

Walking to the center of the stage, he politely bowed toward the cameras before stepping behind the podium.

"Good afternoon. I'm Yoon Sanghun, Vice Chairman of Hangang Group. As our moderator has just explained, today's conference has been organized to answer all of your questions regarding the establishment of our new joint venture."

After taking a sip of water from the bottle beside him, Yoon Sanghun continued.

"The purpose of this joint venture is the exclusive production of high-bandwidth memory, or HBM, semiconductors."

"It's widely understood that even after the company is legally established, launching HBM production requires an enormous amount of time. How do you intend to solve that problem?" one reporter shouted.

"We plan to complete the company's registration before the end of this year, and begin production of the first HBM chips no later than the second half of next year."

"Is that really possible within such a timeframe?"

"To accelerate the process as much as possible, Hangang Electronics intends to sell one of its existing semiconductor fabrication plants to the joint venture."

"Ohhh..."

The hall immediately filled with astonished murmurs.

This announcement came as a complete surprise to the reporters.

As though reading their thoughts, Yoon Sanghun continued without pause.

"Hangang Electronics will assume full responsibility for manufacturing HBM chips, while Endivia, Bongard Group, and Korea Investment will provide the necessary operating capital for the joint venture."

"Are you saying Bongard Group is also participating directly in the project?"

"That's correct. Chairman Bongard will personally explain his group's reasons for participating. I'll now hand the podium over to him."

Chairman Bongard rose from his seat and walked to the podium.

Taking the microphone from Yoon Sanghun, he politely bowed toward the audience before speaking in somewhat awkward Korean.

"Hello. I am Clark Bongard, Chairman of Bongard Group. Since my Korean isn't very good, I'll continue in English. I ask for your understanding."

"Ha-ha, of course!"

Laughter spread throughout the room.

"To make the situation easier to understand, I'd first like to point out that our company is Endivia's largest shareholder. It has been painful watching Endivia suffer from a prolonged shortage of HBM semiconductor supplies. That's why I proposed to Chairman Hudson that HBM production be outsourced under a contract manufacturing arrangement."

After pausing briefly to catch his breath, Chairman Bongard continued.

"Chairman Hudson accepted my proposal, and the candidates selected were Hangang Electronics, Micron, TMSC, and BK. However, unlike the others, Hangang Electronics proposed something revolutionary—the establishment of a separate joint venture dedicated exclusively to manufacturing HBM semiconductors. Chairman Hudson and I accepted the proposal without hesitation."

"Many people are wondering why Bongard Group's participation in this alliance was kept secret until now."

Chairman Bongard understood that the crucial moment had arrived.

The future movement of his company's stock price depended directly on his answer.

"Since I manage an investment company, I've developed one ironclad habit—I remain silent until information has been confirmed beyond all doubt."

"Can we interpret that to mean you no longer see any legal or political obstacles to establishing the joint venture?"

"I believe that's a fair interpretation."

"And by 'interpretation,' do you mean... that President Douglas still opposes the project?"

"Exactly. President Douglas opposes the deal only because he believes the semiconductor industry should remain firmly under American control. However, let's look at the numbers. Hangang Electronics will own 30.5% of the new company. Bongard Group and Endivia will each own 30%, while Korea Investment will hold the remaining 9.5%. Furthermore, the company's headquarters will be registered in the United States. So which country's company is this?"

"An American company," someone answered from the audience.

"Precisely. Then on what grounds can President Douglas oppose an American company?"

Most of the reporters shook their heads, agreeing with his reasoning.

Smiling faintly, Chairman Bongard continued.

"Last year, our company suffered modest losses due to unsuccessful investments in oil futures. Naturally, that caused some dissatisfaction among our shareholders. In order to generously reward our investors with new profits, I made the firm decision to invest in this joint venture."

Another reporter then raised his hand.

"Chairman Bongard, even if the joint venture is established, you'll still need approval from American and European antitrust regulators before conducting full-scale business, won't you?"

"Our joint venture is an American company. If President Douglas chooses to sit idly by and obstruct it, that would constitute nothing less than a dereliction of his official duties."

With that single sentence, spoken before hundreds of television cameras, Chairman Bongard delivered a direct and unmistakable warning to President Douglas himself.