Episode 99: Explosion at Iri Station
“It’s becoming difficult to control? Explain in detail.”
“If the scale grows to a certain extent, existing companies will try to raise funds through the securities market rather than using private loans. If that happens, the private loan market will no longer exert the overwhelming power it once did. The government will also naturally take steps to legalize private financing.”
“Hmm… So you’re saying we should start preparing now?”
“Yes. If we can’t avoid the trend of the times, we need to find a way to ride the tiger. By entering the financial industry in line with the government’s economic policies, it will be beneficial for both sides. With just a short-term financing company, we can only discount commercial papers (CPs). This market alone has its growth limits.”
In fact, suffering from a foreign currency shortage due to the oil shock, the government was preparing a comprehensive financial company law in 1975 to expand sources of foreign capital and was encouraging participation from large corporations.
However, despite government guarantees, participation from latecomer companies was slow, and only a few companies, starting with Daehan Financial Group the following year, barely got started.
“Discounting CPs, which are high-risk, is profitable, but leasing businesses, where we purchase equipment with low-interest funds and then lease it to companies, are also worth considering. If Korea’s credit rating continues to improve, we will be able to borrow dollars on a quarterly basis at an interest rate below 6% per year. Using this capital, we can maximize profits by providing long-term loans at over 10% to high-quality companies or by purchasing high-yield bonds.”
“In short, you’re suggesting we become a financial intermediary. And what next?”
“After that, invest in Gangnam, specifically in the Yeongdong area. Real estate is the best way to grow money.”
“Hmm, won’t the government crack down on speculation?”
“In any case, the government can’t completely prevent speculation. In fact, they might not even want to. Creating political funds through real estate is the easiest and safest method.”
“That makes sense. Since Seoul is saturated, we can’t develop the old city center. If capital flows in, the population from the provinces will move to Seoul. Naturally, we will need to build housing, shops, and offices on the outskirts of Seoul.”
“Yes, Father. Once domestic funds accumulate to some extent due to the Middle East boom, the government will start developing the area south of the Han River. When that happens, there will likely be an apartment boom.”
“Apartment? Not regular houses, but apartments? Why?”
“Well, Korea has a high population density and limited land. To make the most of the available land, a housing policy focused on multiple housing units, like apartments, is a more efficient solution than regular houses. Besides, construction companies find it easier to handle. They can actively use the know-how learned from the Middle East.”
Listening carefully to Lee Chang-jin’s words, Jin Tae-chun suddenly felt cheerful.
Talking with this young and talented friend made him lose track of time.
Jin Seon-ah, who was quietly eating beside them, watched them with a pleased expression.
“It’s already this late. How about another drink just among us men? We can talk more about your family and maybe schedule another meeting. Would that be alright?”
Jin Seon-ah nodded slowly in agreement with Jin Tae-chun’s expression seeking consent.
“Go ahead. I’ll head home first.”
“Our princess also gives her permission. Then, let’s see your sense this time.”
“Of course. I’ll take you to a nice place.”
When he checked his wristwatch, it was already past 9 PM. As Lee Chang-jin’s group finished their meal and was about to get into the waiting Cadillac, a sudden screeching noise was heard, and a black car stopped in front of them.
“Hyung! Here you are!”
The voice’s owner was none other than his younger brother, Lee Chang-sik.
Lee Chang-jin was startled by his unexpected appearance.
“Why are you here without any notice?”
“Hyung, there’s a big problem. You need to go back home immediately.”
“Home? Is something wrong?”
In response to Lee Chang-jin’s question, he answered urgently.
“Ah, haven’t you seen the TV? There was a train explosion at Iri Station! It’s a big deal. Actually, our parents were supposed to come to Seoul by train tonight…”
“What… What did you say? Why are you telling me this now?”
“I just heard about it too. The village chief contacted our company, and Dong-geun has already gone down.”
Lee Chang-jin felt dizzy. Jin Tae-chun, who was listening to the conversation beside him, also turned serious. Lee Chang-jin, with a grave expression, asked for understanding.
“Sir, I need to head home due to an urgent matter.”
“Hurry and go. Confirming your parents’ safety is the top priority.”
“Thank you for understanding. I’ll be off now.”
As Lee Chang-jin finished his farewell and was about to get into the car driven by Chang-sik, Jin Seon-ah grabbed him.
“Let’s go in my car. It’ll be faster.”
“What? But, Seon-ah, you don’t have to…”
“There’s no time to argue. Come on, Chang-sik, get in here. Driving in your current state could lead to a big accident.”
“Ah, understood.”
Lee Chang-jin didn’t refuse. As everyone got into the car, the Cadillac sped down the highway. After driving all night, they arrived at Iri Station at dawn.
Lee Chang-jin was speechless at the horrific sight. The derailed train and broken fragments were scattered everywhere. The explosion site was covered with a huge crater as if a meteor had struck. Black smoke was rising around, indicating that the fire hadn’t been completely extinguished.
Firefighters were busy extinguishing the fire with hoses. Jin Seon-ah, who had been silent for a while, finally spoke.
“It looks like a war broke out here.”
Just as Jin Seon-ah said, the explosion site was devastating, as if it had been bombed. Most buildings within a 500-meter radius of the explosion crater were collapsed.
The area around Iri Station, which was cluttered with shantytowns and red-light districts, looked like a wasteland.
Looking around, Lee Chang-jin spoke to a firefighter overseeing the recovery.
“Excuse me, may I ask a question? What happened to the citizens waiting for the train here?”
“Ah, most of the people who were killed or injured in the explosion were taken to nearby hospitals. Try going to Gunsan Provincial Hospital. The injured should be there.”
“Thank you.”
Nodding, Lee Chang-jin hurried to the provincial hospital. When he arrived, the place was packed with patients with various injuries. The hospital was in chaos, filled with people covered in blood and groaning in pain.
Amid the mix of severely and mildly injured people, wailing could be heard from somewhere.
“Oh, Father! How could you leave us!”
Seeing the bodies covered in white sheets being taken to the morgue, Lee Chang-jin couldn’t hide his sorrow.
In fact, Lee Chang-jin had been so busy with work that he lost track of dates and couldn’t remember everything. But now, in this situation, he couldn’t help but feel responsible.
At that moment, Lee Chang-sik spotted their parents sitting in a corner of the waiting room.
“Father, Mother!”
Seeing his parents, Lee Chang-sik hugged them tightly.
“A busy man like you, why are you here?”
“Father, Mother, you’re safe!”
The parents smiled warmly at their sons who came to see them.
“Chang-jin is here too?”
“Are you hurt anywhere? Let me see.”
“Oh, don’t fuss. Except for my ears ringing from the explosion, I’m fine. Look, I’m perfectly okay.”
It was truly a stroke of luck. The train that was supposed to leave around 9:30 PM had been delayed because their father forgot the schedule.
Trying to lighten the mood, their mother joked.
“I scolded your father for being late today, but thanks to that, we saved our lives. You never know what will happen in this world. Even slowpokes can be helpful sometimes.”
“How late was I really? Can I go to Seoul looking like a country bumpkin? I have to consider our Lee’s reputation.”
Hearing that, Lee Chang-sik nodded with a relieved expression.
“Anyway, it’s a relief. Truly a relief.”
Lee Chang-jin, who had been worried, also felt a sense of relief.
Seeing Jin Seon-ah, their mother suddenly showed interest.
“By the way, who is that young lady? I don’t recognize her.”
“Ah, Father, Mother. Nice to meet you. I’m Jin Seon-ah.”
“Oh my, the young lady looks very nice. I don’t know whose daughter you are, but I like you. Are you perhaps involved with Chang-jin?”
“We’re in a serious relationship. Father, she’s the one I mentioned before.”
Hearing Lee Chang-jin’s words, his father smiled warmly.
“Oh, really? Nice to meet you. So you’re Seon-ah? You’re very pretty. What does your father do?”
“He was a civil servant. Now he’s in the finance industry.”
“Finance? Does he work in a bank?”
“Well, in a broad sense, it’s similar.”
Jin Seon-ah’s witty reply made Lee Chang-jin add a word.
“He used to be a diplomat, so he’s very well-connected. Although not widely known, he’s quite famous in political and financial circles.”
Hearing that her father was a diplomat, their mother beamed.
“Then she’s from a distinguished family? I thought she looked noble.”
“Meeting such a lovely lady in these circumstances, I feel embarrassed. I must look terrible.”
“Oh, what are you saying? Please speak comfortably. Since you’re Chang-jin’s parents, you’re like my parents too.”
“Really, can I do that?”
The parents, liking her words, smiled widely.
Seeing their happy reaction, Lee Chang-jin felt relieved inside.
“I’ll explain in detail later. Ah, Chang-sik, take our parents home after their check-up. I have something to do.”
“What are you going to do, Hyung?”
“First, I’ll gather people to help with the disaster recovery. It will take some time for government support to arrive. On your way back, gather the village youths to buy as many instant noodles, medicines, food, and blankets as possible. Tell Uncle Dong-sik for help.”
“Understood, Hyung.”
With that, Jin Seon-ah also stepped forward.
“Then I’ll help too.”
“No, Seon-ah, you don’t have to go that far… Disaster recovery isn’t something that can be done in a day or two. Won’t your father worry?”
“Do you think I’m a child? My father will understand this much. Besides, I can’t just stand by and watch when people are hurt. And more importantly, this is your hometown, Chang-jin.”
“Thank you, Seon-ah. Then I’ll leave it to you.”
“Leave it to me.”
Lee Chang-jin contacted Daese Construction to bring construction workers from Seoul and also requested help from nearby manpower offices. Jin Seon-ah also contacted Seoul to urgently transport various relief and medical supplies.
While disaster recovery equipment was arriving at the site, Chang-sik, along with the village volunteers, delivered relief supplies.
Surveying the accident site with contractors who had previously supported the village road expansion, Lee Chang-jin encountered County Governor Kim, who was overseeing the recovery.
“Mr. Lee! What brings you here? How did a busy man like you come here?”
“Governor Kim, it’s been a while. I came down as soon as I heard about the accident. My parents were supposed to come to Seoul today. Fortunately, they are safe.”
“Oh my, you must have been scared. I’m really glad. But it’s good to see you here. What are those heavy equipment for?”
“Nothing much. I thought they might help with the disaster recovery, so I brought them.”
Governor Kim, busy with the recovery, was delighted by his words.
“Thank you so much! We need every hand we can get, and your help is like an army of thousands.”
“How can I stand by when there’s an accident in my hometown? It’s only natural to help. By the way, how extensive is the damage?”
“It’s beyond imagination. So far, 16 railroad workers have been confirmed dead, and the death toll has already exceeded 30. Including the injured, the number of casualties is likely to exceed a thousand.”
Apart from the human casualties, the property damage was also enormous. From the collapsed station to the office buildings within the station premises, the damage to facilities alone was worth tens of billions.
Moreover, many houses were destroyed due to the explosion, leaving many people homeless.
Hearing this, Lee Chang-jin muttered worriedly.
“Finding temporary shelters for the displaced people will be a big task.”
“That’s right. We’re setting up tents for now, but the number of people is overwhelming. There are shelters nearby, but they can’t accommodate everyone.”
Hearing this, Lee Chang-jin proposed building temporary shelters for the disaster victims.
“Then, we’ll build temporary buildings for now. We can provide basic equipment and technicians.”
“That would be a huge burden. Are you sure it’s okay?”
“No problem. However, we can’t handle all the construction materials, so if you could contact the Saemaul Headquarters to supply construction materials and cement, it would be great. If you could also assign additional volunteers, the work would proceed much faster.”
“Understood. I’ll do that. Knowing that you’re helping is reassuring. Honestly, I was at a loss about what to do.”
With the situation so desperate, every hand was needed, and the voluntary help was indeed a blessing.
Seeing Governor Kim’s sincere gratitude, Lee Chang-jin responded humbly.
“What are you talking about? I’ve owed you a lot, Governor. We should help each other.”
As word spread, volunteers from nearby areas like Iksan County’s Osan-myeon, Hwangdeung-myeon, Samgi-myeon, and Gimje County also rushed to help.
- To be continued in Episode 100 -
