Bulletproof Contract

Today's article from the  Joongang-ilbo is about the rather light human interest story about Hussain al-Shahristani. the Assistant Prime Minister for Energy and Yu Jung-Jun, the head of Korean energy firm SK G&G. It recount the time in 2009 when Yu, along with the heads of competing firms in America and Europe visited Iraq in order to hammer out new deal in developing Iraq's abundant resources. The article goes on to note that unlike the heads of other companies who did not leave Baghdad airport, Yu strapped on a Bulletproof  vest and visited al-Shahristani on person. This evidently impressed al-Shahristani to a point that SK's position in development became much higher. The article notes this as triumph of personal leadership, saving SK whose position in Iraq has been in doubt for some years.

As for me? Without a doubt what Yu did took act of bravery. However, aside from the security concerns and the lives of his staff (whose choice in this matter would have been slight, considering the Korean business world). This article fails to take into account why Yu had to take such measures. SK was one of the companies in 2007 and 2008 took direct deals with regional powers in Kirkuk and up in Iraqi Kurdistan to develop the fields without directly dealing with Maliki government. Accordingly SK was frozen out of Iraq for several years.

True, the situation in Iraq in 2007 was chaos and corporations have obligation to create profit. But it is disingenuous of the Newspaper to argue that this personal courage somehow translated into business bonanza. If  its that easy to create international business agreement, courageous CEOs would be running into warzones and making Billions without need for staff, presentations and bribes.

Yu Jung Jun. Brave, Yes. A hero he is not