Chapter 151: That Time I Invested Overseas (2)

TL: Skye

A few days later.

Isabella entered the presidential office carrying a thick report.

“Your Excellency, this is the investigation report you requested.”

When Yu-jin opened it, he found page after page listing the projects China had left behind.

The first items were two highways.

The route connecting Caracas and Maracaibo had been abandoned at forty percent completion, while the route from Caracas to Barcelona was thirty percent complete.

The designs and foundation work for both routes had been completed, but full-scale construction had yet to begin.

“Highways are one of Tortilla Construction’s specialties.”

“Yes. They have experience laying highways across San Marcos, so there should be no technical difficulties.”

When he turned the page, he saw photographs of a port.

“This is the Ciudad Bolívar Port Modernization Project. Four large container cranes have been erected, but none of them are operational. Only half the pier has been paved with concrete as well. Tortilla Construction can handle this project too.”

Yu-jin nodded and waited for her to continue.

“The problems begin here.”

Isabella’s expression stiffened slightly.

“There are two power plants. Only the foundation work has been completed on the hydroelectric plant, and construction on the thermal power plant near Maracaibo has likewise progressed no further than the foundation.”

“Those would be difficult for us to build.”

“That’s right. We can build a dam, but a power plant is impossible without the necessary technology.”

But Yu-jin always found an answer. As he always had.

“Then we can subcontract them to Hyunhwa.”

“Sub... contract them?”

“If we can’t do it ourselves, we can bring in a company with the technology. Lacking the technology doesn’t mean it can’t be done.”

Isabella was genuinely impressed.

“Then the telecommunications network as well...”

“Excluding China, Korea offers the best value for money in telecommunications equipment. Its technology is also the best in the world. We can import Korean equipment, install it ourselves, and have the work inspected.”

“Yes, understood.”

Yu-jin studied the report for a long while before asking,

“How much will the total investment cost?”

“Completing everything from scratch would cost approximately eighty billion dollars, but since China has already completed forty to fifty percent of the work, we estimate the actual investment will be around fifty billion dollars.”

“Fifty billion...”

Yu-jin furrowed his brow.

It wasn’t an impossible sum to raise if they poured every penny the country had into it.

But with so many expenses now, including the cost of running the country and repaying loans, it was admittedly a little too much to commit entirely to the investment.

“It’s a bit of a burden, but we’ll have to find some way to raise it.”

Isabella hesitated before speaking.

“Your Excellency, even if we resolve the financing issue, one problem remains.”

“What is it?”

“I’m concerned about friction with China. Even if we raise the money, the Chinese side will most likely assert its rights. They may demand compensation before allowing us to take over, claiming the assets were built with their investment.”

Yu-jin cupped his chin with his hand and sank into thought.

“Hmm... We’ll have to discuss that with Acting President Telsy. Please inform the Venezuelan side that we’re interested in investing.”

“Yes, understood.”

*

The next day.

Telsy called him on the hotline as soon as the morning sun rose.

The hour alone showed just how desperate the other side was.

Yu-jin let her wait a moment, then answered after the phone had rung three times.

“Hello.”

“I heard you’re willing to complete the infrastructure China left behind.”

“Yes.”

Telsy fell silent for a moment.

“...There must be conditions.”

“Of course.”

Yu-jin spoke calmly.

“San Marcos will receive one hundred percent of the operating revenue until the principal has been recovered. After that, the revenue will be divided fifty-fifty.”

He heard Telsy draw a sharp breath over the phone.

One hundred percent until the principal was recovered. If San Marcos invested fifty billion dollars, Venezuela’s share would be zero until every last dollar had been recouped.

“That...”

“In return, we’ll provide the services as cheaply as possible, so that not a single Venezuelan citizen is inconvenienced. Highway tolls, electricity rates, and port usage fees will all remain within ten percent of what the existing state-owned companies charge.”

Telsy lapsed into a long silence.

The terms were harsh, to be honest.

But she had no alternative.

China had left, and Venezuela had neither the money nor the technology to finish the projects on its own.

They could hardly leave half-built highways and idle power plants to rot.

“...All right.”

Telsy answered heavily.

“But I’m concerned about China’s reaction. They’re certain to assert their rights on the grounds that the assets were built with their investment.”

Yu-jin replied as if he had been waiting for her to say that.

“Why not argue that by abandoning the projects and withdrawing, they voided every contract and forfeited all their rights?”

“But whether they’ll accept that...”

“Hasn’t Venezuela done this once before?”

“Pardon?”

“The Law of Expropriation for Public and Social Utility.”

During the Chavez era, the Venezuelan government had set a precedent by expropriating oil fields and factories owned by global corporations such as ExxonMobil, ConocoPhillips, and Total.

The legal basis it had used was the Law of Expropriation for Public and Social Utility, the sort of law one might expect to find in the foulest grimoire of black magic.

In other words, Yu-jin’s point was this.

[You’ve already done it once, haven’t you? Why not do it again?]

“That...”

When Telsy responded uneasily, Yu-jin drove the point home.

“Your relations with China were already ruined the moment you indefinitely postponed repayment of its sixty-billion-dollar loan. This is no time to worry about appearances. It’s time to pursue practical gains. If you back down now, you’ll accomplish nothing.”

His words were cold, but true.

Venezuela’s relationship with China was already in ruins.

Taking one more step would change nothing.

On the contrary, if Venezuela confiscated the assets and turned them over to San Marcos, the infrastructure would be completed and its people’s lives would improve.

It would even bring enormous political benefits.

Once the infrastructure was completed, the people’s quality of life would immediately improve, and that would translate directly into approval ratings.

With her administration already unstable, there was no reason for her to refuse.

“But if relations deteriorate any further...”

“Honestly, what can China do? It can’t send a fleet into the Caribbean or fire an intercontinental ballistic missile at you.”

“......”

He was right.

Even China could not take military action as far away as Venezuela while the United States, the world’s foremost power, still existed.

Nor could it do what the United States had done with Maduro.

In the end, Telsy succumbed to the devil’s temptation.

“...You’re right, Mr. President. I’ll find a way to confiscate the Chinese assets under that law.”

She had made an extreme decision.

A few days later.

The Venezuelan government issued an official announcement.

[We will respond forcefully to the Chinese companies’ breach of contract. Under the Law of Expropriation for Public and Social Utility, all assets invested in by Chinese companies will be confiscated, and all construction completed to date will become the property of the Venezuelan government.]

A decision that would leave China aghast, China trembling, and China screaming.

And the very next day.

[Venezuelan Government Begins Negotiations with San Marcos’s Tortilla Construction to Complete Suspended Infrastructure Projects!]

An article appeared that would leave China reeling from the double-cross.

***

Two days later.

Beneath the Presidential Palace. UJF headquarters.

The five-member UJF (UJIN FOREVER), consisting of Isabella, Lucio, Pedro, Anna, and Resa, had recently gained a new member.

Sophia, the senior secretary for foreign affairs.

With Yu-jin’s declaration that he would conquer the world making the Ministry of Foreign Affairs increasingly important, Isabella had secretly recruited her.

And today was the day of a special UJF meeting.

Those in attendance were Isabella, Lucio, and Sophia.

Anna was attending to Yu-jin in Isabella’s place, Resa was busy with Black Oil, and Pedro was away carrying out projects approved by the UJF.

Attending for the first time, Sophia looked almost overwhelmed as she declared her aspirations.

“First, I’m honored by your invitation. As a member of the UJF, I swear to become His Excellency’s loyal servant, working for His Excellency and devoted to His Excellency.”

Clap, clap, clap, clap, clap.

Sophia dipped her head in thanks, then began her presentation.

“Then I’ll report the outcome of our negotiations with the Venezuelan government, today’s agenda item.”

“......”

“First, the investment negotiations can be considered a success. As in His Excellency’s initial proposal, we will receive one hundred percent of the operating revenue until the principal is recovered, after which the revenue will be split fifty-fifty. The only changes to the terms are that Venezuelan workers will receive priority in the infrastructure projects and that food aid will be expanded.”

Isabella leaned back in her chair, the corners of her mouth curling upward.

“If she accepted the original proposal as it was, Telsy must really be feeling the heat.”

“Her administration is unstable, so I believe she had no choice but to make the decision with her approval ratings in mind.”

“Hehehe. More than that, it was His Excellency’s diplomatic prowess shining through.”

“I agree.”

“Director Lucio, have you prepared the overall roadmap?”

Lucio, who had been sitting in the corner, gave a small nod.

“Yes.”

He began writing something on the whiteboard.

“The subjugation of Venezuela will proceed in five stages.”

[Stage 1: Energy Dependence.]

“This effectively began when we secured the refining monopoly for Black Oil’s crude. Venezuela lacks the capacity to refine its own crude even after extracting it. To purchase refined petroleum, it must go through San Marcos. The moment San Marcos stops refining, Venezuela’s gas stations will run dry.”

Sophia nodded.

[Stage 2: Manpower and Intelligence.]

“One million Venezuelan migrants are working in San Marcos. They remit a significant portion of the distributions they receive from Tortilla Farm, and that money now accounts for a large share of Venezuela’s private economy.”

Lucio paused briefly.

“The intelligence we obtain from them will also be of considerable help in gaining long-term control over Venezuela.”

[Stage 3: Control of Infrastructure.]

“This stage is currently underway. Highways, ports, power plants, and telecommunications networks. If we secure the operating rights to all of them, San Marcos will control Venezuela’s logistics, electricity, and communications.”

Lucio raised a finger.

“If we operate the highways, Venezuela’s logistics will fall into our hands. If we operate the ports, we’ll control the gateways for imports and exports. And if we operate the telecommunications network, we’ll be able to control the flow of information.”

Sophia asked cautiously,

“The word ‘control’ is a little...”

“We’ll call it ‘management’.”

Lucio corrected himself with a snicker.

[Stage 4: Control of Food and Finance.]

“Once the infrastructure is secured, the private economy comes next. We’ll expand Tortilla Foods into Venezuela and take control of food distribution. Venezuela already relies on imports for a significant portion of its food, so all we need to do is establish the distribution network.”

Lucio wrote the next line.

“At the same time, we’ll expand Tortilla Bank into the country. The Venezuelan bolívar is effectively worthless paper. If we offer dollar-based financial services, the Venezuelan people will flock to us of their own accord. Once loans, remittances, and payments all pass through Tortilla Bank, Venezuela’s financial system will effectively be in our hands.”

Lucio paused to catch his breath, then wrote the final stage.

[Control of the Power Sector]

“We acquire and merge all of Venezuela’s power plants.”

The conference room fell silent.

“Venezuela’s power infrastructure is currently in a deplorable state. Blackouts occur constantly. The problem is that the national electric power company has neither the money nor the technology to invest in it.”

Lucio tapped the whiteboard.

“Once the power plants we build in Stage 3 begin supplying electricity reliably, the people will make comparisons. If the San Marcos-operated plants never suffer blackouts while the state-owned plants lose power every other day, what do you think public opinion will be?”

Isabella answered quietly.

“People will demand that San Marcos take over the state-owned power plants as well.”

“Precisely. That’s when we make our offer. We tell them to sell the national electric power company to us. Or we could simply conduct a hostile takeover. The power plants are bleeding money anyway, so there’s a good chance the Venezuelan government will agree.”

Lucio set down the marker.

“Once this stage is complete, Venezuela will be unable to survive even a single day without San Marcos. Extracting and refining oil, driving on the roads, unloading goods at the ports, withdrawing money from the bank, and turning on the electricity will all have to pass through San Marcos’s hands. In other words, we will control everything in Venezuela.”

After a moment of silence, Sophia spoke cautiously.

“But isn’t this... effectively colonial rule?”

“Of course not. Colonial rule means sending in an army and seizing things by force. We’re investing money, building infrastructure, and providing services. The lives of the Venezuelan people will be far better than they are now.”

Lucio snickered.

“If anything, the people will be grateful to us.”

Apparently persuaded, Sophia nodded.

“Then the Venezuelan people will be receiving His Excellency’s grace.”

“Exactly.”

Having finished his presentation, Lucio looked at the other two and said,

“The only problem is money. Even if we manage to raise the initial fifty billion dollars for the infrastructure investments, the plan will inevitably require more and more money as it progresses. The key question is how to secure those funds.”

“His Excellency must have something in mind. He always finds an answer, after all.”

“True. With him here, I suppose there’s no point in worrying.”

“We all have work to do, so let’s stop here for today.”

The three rose after concluding the meeting, looked at one another, and cried out,

“For the Sun of San Marcos.”

“For the Sun of San Marcos.”

“For the Sun of San Marcos.”

As always, Yu-jin’s statue watched over them.

*****

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