thebusnovel Chapter 132 Lee Tae-geon
Chapter 132 Lee Tae-geon
The TV was on in the hotel room.
On a Thai financial channel, a female news anchor spoke in a serious tone: "The central bank intervened in the foreign exchange market again today, using foreign exchange reserves to stabilize the Thai baht exchange rate. The Minister of Finance stated that the fundamentals of the Thai economy are sound..."
Lingyun turned off the TV.
Zhao Hu put down his newspaper: "The Thai baht has fallen a little more today."
"This is just the beginning," Ling Yun said.
The phone rang; it was Li Ziyu calling from Hong Kong.
"Soros has started making moves. This morning, the Quantum Fund sold 50 billion baht through several agent banks."
What about the Bank of Thailand?
"They took over, spending about two billion US dollars of foreign exchange reserves."
"They reacted very quickly."
"But it's no use," Li Ziyu said. "This is just the first wave, just a test."
Li Ziyu paused for a moment, then said, "There's something else. A Thai-Chinese man named Li Taijian wants to meet you. He's in real estate. A friend introduced him to me; he says he has a big business deal."
"What big deal?"
"He wants to exchange for US dollars. A large sum."
How big?
"Fifty billion baht."
Ling Yun remained silent for two seconds.
"When will we meet?"
He said anytime. He's in Bangkok.
"Schedule for this afternoon."
"it is good."
After hanging up the phone, Ling Yun walked to the window.
Five billion Thai baht. At the current exchange rate, that's about two hundred million US dollars.
This amount could not have been made by an ordinary businessman.
Zhao Hu asked, "President Ling, is there a problem?"
"No." Ling Yun turned around. "I'm meeting someone this afternoon, so get ready."
3 PM, coffee shop at the Mandarin Oriental, Bangkok.
Li Taijian was in his fifties, slightly overweight, wearing a silk shirt and gold-rimmed glasses. He was accompanied by two bodyguards.
"Mr. Ling, I've heard so much about you." He shook hands, his palms sweaty.
"Mr. Li, you're too kind. Please have a seat."
The two sat down. Zhao Hu stood three meters behind Ling Yun, his gaze sweeping over Li Taijian's two bodyguards.
"Young Master Li introduced me to you," Li Taijian said directly. "I have some money that I want to exchange for US dollars; it's a relatively large amount."
"How many?"
"Fifty billion baht."
Lingyun Coffee: "Why exchange for US dollars?"
Lee Tae-geon smiled, but the smile seemed somewhat forced.
"It's necessary for doing business. Some equipment needs to be imported from the United States, and we have to pay in US dollars."
"You can use normal banking channels."
"The amount is too large, the bank needs to review it, which is too slow," Li Taijian said in a low voice. "And... there are some reasons that are inconvenient to disclose."
Ling Yun understood.
Rumors of a potential plunge in the Thai baht have already spread among high-ranking officials. Those close to the core of power have begun transferring assets.
"How is the exchange rate calculated?" Lingyun asked.
"At market price, 25.5, I can negotiate."
It's 0.4 baht lower than the market price. Five billion baht, that's a difference of twenty million US dollars.
"Where is the money?"
"The funds are distributed across five Thai banks, allowing for transfers at any time."
"What about the US dollar?"
"It can be held in an overseas account, such as in Switzerland or Singapore."
Ling Yun thought for a moment.
"I will charge a handling fee of 0.5%."
Lee Tae-geon frowned: "Too high."
"Then you can find someone else."
The soft piano music in the coffee shop prevented the silence between the two from becoming too awkward.
"Okay." Li Taijian gritted his teeth. "Five per thousand, but it has to be done today."
"Today is too rushed. Tomorrow morning."
"By noon at the latest."
"Can."
Li Taijian took out a piece of paper with five bank accounts and amounts written on it.
"This is the account information. Tomorrow at 10:00 AM, I will have the finance department begin the transfer. After you receive the Thai baht, convert it to US dollars at an exchange rate of 25.5, deduct the transaction fee, and transfer it to my designated account."
Ling Yun took the paper and looked at it.
Where are the dollars going?
DBS Bank, Singapore. Account name: GT Investment Ltd.
"it is good."
"Mr. Ling," Li Taijian leaned forward, "this matter is confidential."
"certainly."
Lee Tae-geon hurriedly left with his bodyguards.
Zhao Hu walked over.
"Mr. Ling, this person is in a hurry."
"When you're running for your life, everyone's in a rush." Ling Yun put the note away. "Back to the hotel."
In the car, Lingyun called Richardson of Goldman Sachs.
"Mr. Richardson, I am Ling Yun."
"Ling! Long time no see. I heard you're working on a big project in Bangkok?"
"There's a business opportunity. Five billion Thai baht, they want to exchange it for US dollars. Are you interested?"
There was a pause on the other end of the phone.
"Fifty billion baht? Around two hundred million US dollars."
"The exchange rate can be discounted to 25.5."
Goldman Sachs can make a profit by reselling a stock 0.4% below market price.
"Who is the other party?"
"Local Thai businessmen, their money is clean and has proof of origin."
"How much commission do you want?"
"Three per thousand".
"Sure," Richardson said. "What's the funding process?"
"Tomorrow, transfer the Thai baht to my designated Thai account. After I confirm, I will notify you, and you will transfer the US dollars to my Singapore company account. I will then transfer them to the end customer."
"Was it handled by someone else? Why?"
"The client requested confidentiality."
Richardson smiled. "I understand. Okay, I'll arrange it."
After hanging up the phone, Zhao Hu asked, "Aren't we going to change it ourselves?"
"The risk is too great," Ling Yun said. "Converting 5 billion Thai baht into US dollars requires filing a record. Goldman Sachs has the means to split it into multiple transactions to circumvent regulations."
"Then what do we earn?"
"A 0.3% commission, six million US dollars. Adding the 0.5% that Lee Tae-geon gives, that's a total of 0.8%, sixteen million US dollars. It's just a passing through."
Zhao Hu did the math: "Quite a few."
"The key issue isn't the commission," Ling Yun said, "it's where these Thai baht went."
Where did they go?
"Goldman Sachs will get these 5 billion baht and then sell them to Quantum Fund. Quantum Fund needs baht to dump its holdings and drive down the market."
Zhao Hu was stunned.
"So...we're helping Soros raise ammunition?"
"right."
"Are these Thais like Lee Tae-geon helping the enemy fight their own country?"
Ling Yun smiled.
"Do you think they are traitors to Thailand?"
"Isn't that right?"
Ling Yun looked out the window. "They're just smart rich people. They know the ship is sinking, so they find lifeboats and run away first. Country? Nation? Those are things to talk about when it's safe."
Zhao Hu remained silent.
The car arrived at the hotel. Upon entering the room, Lingyun began making arrangements.
Send an email to the Singapore company to prepare to receive US dollars.
I sent a fax to five Thai banks to confirm the transfer process for tomorrow.
Contact Li Ziyu and ask him to coordinate the allocation of US dollars in Hong Kong.
I was busy until 8 p.m.
Zhao Hu made a dinner reservation. During the meal, he asked, "President Ling, are these kinds of things... common?"
"What is it?"
"Our own people are helping outsiders attack our own country."
"History has never lacked this." Ling Yun put down his chopsticks. "During World War II, the Vichy government in France helped Germany fight against France. During China's War of Resistance against Japan, there were also puppet troops and puppet governments. When faced with interests, national loyalty is often very fragile."
"But this is a financial war."
"Financial warfare is even more brutal. There's no gunfire, but far more people die. Businesses collapse, workers lose their jobs, and families break apart," Ling Yun said. "And these powerful and wealthy individuals had already transferred their assets before the storm even hit. It's always the ordinary people who suffer."
Zhao Hu clenched his fist.
"That's not fair."
"The world is inherently unfair." Ling Yun stood up. "What we can do is not complain, but make ourselves strong. Strong enough not to be overturned by the storm, and even to use the storm."
He went out onto the balcony.
The stars in the Bangkok night sky were dim.
Tomorrow, five billion baht will flow out of Thailand.
It turned into a stone that hurtled towards the Thai baht.
And the stones were provided by the most powerful group of people in the country.
Ironic, but that's reality.
Zhao Hu stood behind him.
"Mr. Ling, would you do that kind of thing?"
"What kind of thing?"
"To harm one's own country for personal gain."
Ling Yun turned around and looked at Zhao Hu.
"I can't," he said.
Zhao Hu nodded.
The pressure on the Thai baht will increase after tomorrow.
We're one step closer to collapse.
And he is becoming one of the driving forces behind this storm.
This feeling wasn't good, but he had no choice.
I was given a second chance at life, not to become a saint.
It's for winning.
He took a deep breath and went back to his room to sleep.
There's still a lot to do tomorrow.