Golden Spoon Investor

Chapter 562 562: CH563

Washington, D.C., United States.

Right next to the East Wing of the White House, at 1500 Pennsylvania Avenue, stood the U.S. Treasury Building—an imposing stone structure marked by massive granite colonnades and Greek-style pillars.

Li Jachun, head of the U.S. branch of New Materials Technology, a Chinese rare-earth production company, sat stiffly on a sofa in the waiting area outside the Committee on Foreign Investment in the United States (CFIUS) office on the second floor. Beside him sat Deputy Director Liu Guoliang, wearing an equally grim expression.

A portrait of Alexander Hamilton, the first U.S. Secretary of the Treasury, hung on the wall, staring down at them from above. The waiting room was furnished simply, without unnecessary decorations—functional, efficient, and cold.

Li Jachun, a thin man wearing gold-rimmed glasses, rolled up his sleeve to check his watch. He spoke to Liu Guoliang in Chinese.

"Our meeting was scheduled for two. They're very late."

They had already been waiting for over thirty minutes, so Liu Guoliang responded cautiously.

"I'll ask when we can go in."

Li glanced at the tightly closed office door and clicked his tongue.

"No. Stirring them up will only make things worse. Just wait."

"Yes, sir."

Liu bowed his head, looking ashamed.

CFIUS—the Committee on Foreign Investment in the United States—was a presidential-level body that reviewed whether foreign acquisitions or investments in U.S. companies posed any threat to national security.

If CFIUS determined that an action could harm American national security or interests, the president had the authority to halt it immediately.

Because of these sweeping powers, foreign firms operating in the U.S. were always wary of CFIUS—constantly watching, constantly calculating.

And today, they were here to plead their case, which only made them more tense. Their mouths felt dry.

No matter how soft the sofa was, neither man felt even the slightest comfort. They could only suppress their anxiety as best they could.

Nearly an hour had passed when a blonde female staffer approached them and said, in a professional tone:

"You may go in now."

Li Jachun and Liu Guoliang immediately grabbed their briefcases and headed toward the inner office.

When they stepped through the door the staffer opened for them, they saw a white man in his early forties, wearing a blue tie. He rose from behind his desk as they entered.

"I apologize for keeping you waiting. The previous meeting ran a bit long."

Henry Norton, the Treasury Department's minerals officer, shook their hands without enthusiasm. He looked tired, sat back down, and spoke as if the entire situation annoyed him.

"I've already explained in detail why the relocation of the Indiana refining facility is not permitted."

His tone made it painfully clear he wondered why they had bothered coming to his office at all. Li Jachun's expression hardened.

"We honored every condition we agreed to when we acquired Magnequench. As promised, we continued operating the Indiana plant for five years."

"Then you can simply keep operating it, just as you've been doing."

The dismissive response made Li Jachun feel instinctively that something had gone very wrong.

"We explained thoroughly that maintaining the plant has become unrealistic due to environmental concerns and various regulatory burdens. We even secured pre-approval and purchased the site in Tianjin for relocation. Why the sudden change?"

His polite but precise rebuttal caused Norton's face to turn stone-cold.

"The neodymium permanent magnets produced at the Indiana plant are strategic materials used in Tomahawk missiles and advanced fighter jets. For national security reasons, the relocation has been formally denied. That is all."

His clipped tone made Liu Guoliang speak up quickly, switching to fluent English.

"Relocating the plant to China would resolve the environmental problems, and more importantly, the United States government and its companies would receive neodymium magnets at a far cheaper price. It benefits both sides."

Li added desperately:

"And you know environmental groups protest at our factory gates constantly. We've already invested a significant amount into the relocation. If everything stops now, the losses will be enormous."

But despite their earnest efforts, Norton didn't budge an inch.

"That's not my concern. The relocation is prohibited. That's final."

His cold dismissal drew a bitter expression from Liu.

"Please reconsider. If there are conditions we must improve, we will comply as much as possible."

"This isn't something I have control over. Just follow the instructions."

He snapped back, visibly irritated. Liu's face twisted in frustration.

"What are we supposed to do now, after all this?"

At that moment, something in Norton's earlier words caught Li's attention. His eyes sharpened.

"Did another agency—other than CFIUS—raise an issue about our relocation plan?"

Norton froze for a moment, then replied in an icy voice:

"Once again, the decision was made for national security reasons. There will be no reversal. Stop wasting your energy and leave."

"What do you mean? You have to consider our position as—"

"Understood."

Just as Deputy Director Liu Guoliang was about to try persuading him one more time, Li Jachun cut him off.

"He seems busy. Let's stop here for today and come back another time."

Norton turned his head away without replying.

His silence made it clear that it wouldn't matter how many times they returned—nothing would change.

When Li pulled the dejected Liu to his feet and prepared to leave, Norton suddenly straightened slightly and spoke, almost as an afterthought:

"Oh, and we'll also be conducting a thorough review of the Magnequench acquisition process to ensure there were no irregularities at the time. We'll also reexamine whether all operational conditions previously agreed upon have been properly followed. You should keep that in mind."

"...!"

This wasn't just about blocking the factory relocation anymore—it was a declaration that the entire company would be scrutinized.

Li Jachun's face hardened.

Soon after, the two men left the Treasury Building, their expressions shadowed by heavy gloom.

"Just a few days ago, everything was fine. Why are they suddenly acting like this?"

Liu murmured, unable to comprehend the situation.

At the bottom of the stairs, Li stopped walking. He turned and stared stiffly at the towering Treasury Building before speaking in a low, sunken voice.

"This isn't simple caprice. Someone—whoever they are—is pulling strings behind the scenes, manipulating CFIUS for their own purpose."

Liu's eyes widened as something clicked in his mind.

"Is this because of what Norton said earlier? About this being something he couldn't control himself?"

"Yes."

Li nodded heavily.

"Digging up an issue from five years ago makes no sense. If they uncover a problem now, it puts CFIUS itself in a difficult position for approving the acquisition in the first place. Why would they willingly create a mess for themselves? It doesn't add up."

"Now that you say it… that's true. Could the White House have ordered it?"

Li considered this for a moment and then shook his head.

"President Clinton is packing his bags. He'll be leaving the White House soon. There's no benefit for him in doing this."

"Right. And since the Clinton administration approved the Magnequench acquisition, if a problem comes up now, it reflects badly on them as well."

A sense of foreboding refused to leave Li. He bit down tightly on his lower lip.

"We have to report this to Beijing immediately. We can't leave things like this."

For the first time, the rare-earth domination project—steady and smooth until now—felt like it had veered off course.

Urgency pressed down hard on his chest.

***

A late morning in New York—Manhattan Plaza Hotel.

Seok-won woke on the wide, soft penthouse bed. Lifting his upper body, he reached for the wristwatch he had placed on the bedside table and checked the time.

Just past nine.

He set the watch back down and turned his head.

Beside him lay a beautiful blonde woman with flawless, porcelain skin. Her bare back rose and fell gently as she breathed in her sleep.

It was Kinsley—the top model who frequently appeared on the cover of Vogue.

They had reunited yesterday after a long time apart, spent the day together, and eventually come up to the penthouse.

Seok-won brushed a light kiss across her back. Still half-asleep, Kinsley murmured without opening her eyes.

"What time is it…"

"9:10."

"Mmm… I don't have anything scheduled today, so I'll sleep a bit more."

"Do that."

He pulled the sheet up over her shoulder and quietly got out of bed.

Draping a deep navy silk robe over his well-defined upper body, he stepped across the soft Middle Eastern carpet and left the bedroom.

Through the large balcony windows in the living room, he saw Central Park transformed into a white landscape under the snowfall from the night before.

Bare branches bloomed with snow like white flowers, framed by towering buildings—a breathtaking view.

After taking it in for a moment, Seok-won picked up his phone and called Seoul.

[Chairman.]

Standing by the balcony window, he spoke to Jung Kyucheol, CEO of Bluehole Construction.

"I saw your missed call."

[Ah, yes. I called to report that we've finished the negotiations to purchase the Gangnam Municipal Hospital site and the Appraisal Institute property.]

"What price did we settle on?"

[We reached an agreement at three hundred sixty billion won for both sites combined.]

Jung Kyucheol's voice carried a hint of regret.

[They wanted to attach a condition allowing the hospital to continue using the site rent-free for five years. If not for that, we could have lowered the price to the low three-hundred-billion range. But since you instructed us to sign at the market rate, we finalized the deal at this amount.]

"You did well. Trying to save a little money only to trigger accusations of favoritism would be far more troublesome. Better to pay a bit extra and avoid unnecessary noise."

[That's true, but I'm still worried that we'll be taking a loss if we buy the land and can't use it for five years. Honestly, even if we lend it to the government for free, it's not like they'll give us a tax break.]

Hearing Jung Kyucheol's concern, Seok-won smiled faintly.

"Don't worry. We won't lose anything on this."

[Understood.]

Jung smacked his lips in resignation before continuing.

[Ah, and there's one more thing. Because the sale happened suddenly, the Appraisal Institute says it's difficult to find a new place right away. They're asking to rent the building they're currently using for one more year. What should we do?]

"We're planning to develop the two sites together anyway, so I wasn't planning on touching the building until after the Gangnam hospital vacates. Just let them use it."

[Yes, then I'll proceed with the contract as is.]

"Alright."

Ending the brief call, Seok-won lowered his phone and smiled broadly.

"Buying fifteen thousand pyeong of prime Gangnam land at that price… That's a massive bargain."

Next year, once Korea fully escaped the IMF crisis and the real estate market heated up, the value of that land would easily double within two or three years.

"When that happens, people will start yelling about how we sold the land too cheaply and complain about favoritism. So… I should just tell the Appraisal Institute not to pay rent either. Lend it to them free for a year."

Considering how much the land price would skyrocket, forfeiting a year's rent was nothing.

TL/n -

Magnequench was a U.S. company founded by General Motors in 1986. It specialized in neodymium-iron-boron (NdFeB) permanent magnets, which are essential for:

precision-guided munitions smart bombs aircraft actuators missiles advanced motors and sensors

These magnets are a core component of torque enhancement systems and fin-actuator guidance, meaning they're integral to modern U.S. weapons.

+++

NdFeB magnets are compact, powerful, heat-resistant, and irreplaceable for many defense systems.

At the time, the U.S. produced them domestically—and Magnequench supplied most of the Pentagon's needs.