Chapter 10. DA Card Executive (1)

DA Card.

A card company under the DA Financial Group, it mainly issues cards in conjunction with DA Bank, DA Savings Bank, DA Securities, and others.

The main source of income for the card company is the payment processing fees received from merchants. As the annual card payment amount increased, the company's revenue and profits also showed an upward trend.

With high profit margins and almost no risk of loss, it was generally referred to as a business that "walks on solid ground."

However, card companies were not without their own concerns.

The intense competition within the industry was a major issue. Most major conglomerates had their own card companies, and each tried hard to attract customers by offering various benefits.

To respond to this, DA Card streamlined its existing card lineup and hurried to launch a new card to maximize its market share.

It secured merchants and revamped point benefits in collaboration with large corporations, completing all preparations. However, the card name had yet to be decided.

After several meetings, with no suitable name emerging, DA Card held an internal naming contest with a prize of 10 million won and a reward vacation.

The prize was significant, but it was also seen as an opportunity to showcase one's capabilities, leading many employees to submit creative names.

Executive Yang Jae-eun, who was leading the new card project, personally checked the emails.

'Platinum Card, Zero Card, Jet Card, Alpha Card, Trophy Card, Tock Tock Card, Epic Card, Legend Card, Jazz Card, EDM Card.'

She had already reviewed dozens of emails, but none particularly caught her eye.

'Should I just hand it over to a consulting firm?'

With that thought, she opened the last email.

At that moment, she was surprised and exclaimed,

"This is it!"

Executive Yang Jae-eun immediately called a meeting. As the employees hurriedly gathered, she wrote the new card name on the whiteboard.

[DA DREAM Card]

* * *

The headquarters of DA Card is located in Namdaemun.

Following the employee's guidance, I took the elevator up. In a large office overlooking the city, a middle-aged woman was seated.

"Hello, I'm Han Miru, a researcher at DA Securities."

She stood up and greeted me warmly.

"Nice to meet you, Miru. What drink would you like?"

"I'll have coffee."

The employee left, and we sat down.

I had seen her on TV before, but this was the first time meeting her in person. Despite being 50, she looked like she was in her early 40s due to her straight posture and well-maintained skin.

Her name is Yang Jae-eun.

She is the executive of DA Card and the eldest daughter of Chairman Yang Hyun-sung. She is seven years older than Executive Yang Jeong-wook, who is her younger brother.

Given her position and the company, it's not easy for me to meet her. If I had just shown up, it would have been difficult to get a meeting.

While thinking of ways to make contact, I remembered that DA Card was holding an internal naming contest with a prize.

Around this time, a new card had been launched. DA Securities had also issued a credit card linked to CMA accounts, and I had obtained one.

The benefits were good, and the marketing was effective, making it a significant hit.

I quickly sent an email, and as a result, I was able to meet her.

"I didn't expect a securities company employee to participate in the contest. You said you're a new employee who joined this year, right?"

"Yes."

Executive Yang Jae-eun looked at me, recalling the past.

"It's a great time. I remember when I first started as a new employee."

"You joined DA Bank, and I know you married someone you met there."

Unlike other conglomerates that arrange strategic marriages, she married a regular employee she met as a new employee.

Executive Yang Jae-eun smiled.

"Yes, I fell in love at first sight when I saw him at the training institute. I was worried that another woman might snatch him away, so I confessed and asked him to date me right away."

They got married a year after meeting. It's said that Chairman Yang Hyun-sung opposed it, but he couldn't change his daughter's mind.

"I'm sorry for the digression. I'm glad we found a good name. Some thought it was too obvious, but I liked it even more for that reason. Being obvious means it's concise and familiar."

The name I submitted was 'DA DREAM Card.'

It combines the meaning of a 'Dream Card issued by DA Card' and a 'Card that gives all the benefits to customers.'

"It's a name anyone could think of."

But it wasn't a name I came up with.

Executive Yang Jae-eun smiled.

"Daelyung Group paid a consulting firm in France millions of dollars to name their department store. Do you know what name they came up with?"

I doubt there are many people in South Korea who don't know the name of the department store operated by Daelyung Group.

"Daelyung Department Store?"

She smiled at my answer.

"Yes. It's a name anyone could think of. Coming up with such a name is not easy."

"Did anyone else submit a similar name besides me?"

"Actually, another employee submitted the same name a day later, complete with a logo."

"Can I see it?"

She showed me the email on her tablet. It was exactly as I remembered. I'm glad I sent the email quickly; otherwise, it would have been difficult to sit here.

"It's unfortunate for the employee who put in the effort, but it's right to choose the person who submitted it first as the winner."

Executive Yang Jae-eun looked a bit disappointed, probably because she liked the font and logo.

I shook my head.

"No, this employee should be the winner."

She looked surprised.

"Why?"

"I'm not a DA Card employee, so I wasn't eligible for the internal contest. Moreover, a name is not just the name itself; it's the combination of the name, font, and logo. Therefore, this employee should be the winner."

"Is it okay even with the prize money at stake?"

"Yes."

Ten million won is a significant amount for a working professional.

But this name wasn't something I came up with. I don't need to take credit for the hard work of another employee.

Executive Yang Jae-eun looked at me and asked,

"By the way, you mentioned in your email that you needed to meet me. What is it about?"

Now, the main topic.

I handed her the prepared documents.

"Can you take a look at this?"

She skimmed through the documents I handed her. Her expression changed as she read.

"What is this?"

"A report on the Premus Fund."

"Who wrote it?"

"It's me."

She looked at me with a slightly bewildered expression. It must have been surprising for a new securities company employee to suddenly present such a document.

I quickly began my explanation.

"First, let me explain about Premus Asset Management..."

Executive Yang Jae-eun nodded.

"I have a general idea. It's managed by Park Tae-il and is currently being sold exclusively by DA Securities."

"That's correct."

Given that it's one of the top asset management firms, it's unlikely that anyone in the financial industry wouldn't know about it.

"Are you saying there's a problem with the fund?"

"Yes."

I summarized the information I knew. She listened quietly and then asked, puzzled.

"Are you saying that instead of investing in public agency receivables, they might have invested in private bonds of troubled companies? That they invested some assets elsewhere to boost returns?"

It might have started that way. Given the high-risk investments, they likely made significant profits at first. But it led to the current situation.

"Not just some assets, but the entire fund is problematic. I also suspect there has been systematic embezzlement and breach of trust."

"Even if there are problems, it's the responsibility of the asset management firm, not the sales firm, right?"

"That's true if the losses were due to normal investments. However, if it's fraud, someone needs to compensate the investors. Of course, the primary responsibility lies with the asset management firm. But since customers trusted the sales firm, the securities company will likely pay first and then seek reimbursement from the asset management firm. The question is how much money Premus has left."

"What is the extent of the risk exposure for DA Securities?"

"DA Securities has sold about 500 billion won so far, and sales are ongoing. Of that, over 400 billion won is estimated to be problematic."

She looked speechless at my words.

Compared to the amount that will eventually be revealed, this is just a drop in the bucket, but even this amount exceeds the market capitalization of DA Securities.

I'm only saying this because I know the outcome; otherwise, I wouldn't have been able to imagine it. It's that far beyond the norm.

The scale of Premus's assets under management is among the top. Is it even believable that such a firm is openly defrauding customers with their money?

"Is this just speculation?"

"If you investigate a little, you'll see that what I'm saying is true."

Given her position, she should be able to find out through various channels.

Executive Yang Jae-eun put the documents down on the table.

"If this is such a big issue, why didn't you report it to the company?"

"I actually reported it to my manager, but I was immediately rejected. As you know, since Executive Yang Jeong-wook is involved, everyone is cautious."

She looked at me sharply.

"Are you asking me to blow the whistle on this?"

If she touches this issue, it will be seen as an attack on Executive Yang Jeong-wook. If things go wrong, her position could be at risk.

I shook my head.

"No, I plan to blow the whistle myself."

There was a moment of silence.

At that moment, there was a knock on the door, and it opened slightly. Her secretary said,

"The meeting starts in 10 minutes."

Executive Yang Jae-eun spoke.

"Cancel it. And don't let anyone in until I'm done talking."

"Understood."

The secretary closed the door, and Executive Yang Jae-eun looked at me. Meeting for the card naming contest, but bringing up this issue, she must think I'm up to something.

"You plan to blow the whistle on this?"

"Yes."

What I intend to do is, no matter how positively framed, an act of whistleblowing. Even if it's ultimately for the good of the company, who would appreciate it? I'd be lucky to avoid getting in trouble.