Episodes 3 and 4 tell the story of Jang Geonyoung (Jang Geon-young): how he survived two years in prison and the seven years after his release, and what kind of man he has become. The key linking both episodes is Cheon Seokjung’s (Cheon Seok-jung) ₩70 billion slush fund and the ledger documenting it. Full spoilers follow.
Episode 3 — The Enemy of My Enemy
Jang Geonyoung’s Seven Years, Spent Searching Through Trash
Two months earlier, Jang Geonyoung wanders through an alley looking destitute. He meets Colonel Ahn Jaeho (Ahn Jae-ho), his junior from high school and now a senior officer in the Defense Security Command, for a drink.
Jang spent two years in prison and supported himself with construction work after his release. For the next seven years, he searched through discarded documents and trash for evidence. What he hands Colonel Ahn is material concerning Cheon Seokjung’s ₩70 billion slush fund. He asks for one thing in return: a pardon and reinstatement of his civil rights if he helps bring down Cheon Seokjung and Baek Kitae (Baek Ki-tae).
The Tunnel Reunion and ₩70 Billion
Now serving as a special adviser to the Defense Security Command, Jang Geonyoung takes a handgun from his office and heads out. On a rain-soaked night, soldiers open fire on the convoy carrying Baek Kitae, Ikeda Yuji, and the money brought in from Japan, forcing the vehicles to stop inside a tunnel.
A window lowers, and Jang Geonyoung and Baek Kitae face each other for the first time in seven years. Baek tries to overrule the soldiers with his rank, but they say they are acting on orders from Hwang Daesik (Hwang Dae-sik) of the Joint Investigation Headquarters. A yakuza member has smuggled ₩70 billion into Korea, they explain, and the acting director of the Korean Central Intelligence Agency is traveling with her.
The money is seized, and Ikeda Yuji is arrested. Jang turns away from the furious Baek, then abruptly draws his pistol and fires into Baek’s car.
Cheon Seokjung flies into a rage when Pyo Haksoo (Pyo Hak-soo) reports that all the money has been taken. It was not merely a hidden reserve. It was the political fund meant to make Cheon president.
Why Hwang Daesik Wants Money, Not Drugs
Hwang Daesik is delighted by the seized ₩70 billion, but he stops Jang Geonyoung from immediately raiding Baekho Trading. The factory is where Baek Kitae’s sister, Baek Soyoung (Baek So-young), has been producing drugs on a large scale.
Hwang’s reasoning is revealing. Arresting Baek for drugs would disgrace the former president and damage the legitimacy of the state. If they want a clean case, he says, they must leave the drugs out and prosecute the money instead.
What the Joint Investigation Headquarters needs, therefore, is not proof of drug production but a ledger linking Cheon Seokjung’s political funds to Baek Kitae. The goal is not to uncover the truth. It is to select the version of the truth the state can afford to acknowledge. This scene anticipates how the new military regime will manage power.
“Have You Changed, Sir?”
Ikeda Yuji is taken to an interrogation room at the Joint Investigation Headquarters. When prosecutor Oh Yejin (Oh Ye-jin) arrives, Jang Geonyoung abruptly assigns the questioning to her.
Ikeda dismisses Oh, assuming her Japanese citizenship will protect her. Jang watches, leaves the door open, and enters the room himself. He demands Cheon Seokjung’s slush-fund ledger. When Ikeda asks him to contact her embassy, he replies that a Korea under emergency martial law is a profoundly unreasonable place. Then he tells her to listen to the screams outside.
The soldiers begin torturing Ikeda, and Oh Yejin walks out. When Oh later tries to request a warrant for Baek Soyoung, Jang stops her again. He wants the ledger first so they can arrest Cheon Seokjung, then move against Baek Kitae.
Oh asks whether torture is really necessary to catch Baek. Jang snaps back: why treat people like human beings when they do not behave like human beings?
“Prosecutor Oh, you have not changed even after becoming a prosecutor. The world is changing.”
Oh answers with a question.
“Have you changed, sir?”
The Hotel Gunfight Over the Slush-Fund Ledger
Ikeda eventually breaks under torture and reveals where the ledger is hidden. It did not arrive with the cash. A yakuza member named Takahashi Kajio is carrying it separately.
Baek Kitae also knows that everything is over if the ledger reaches the Joint Investigation Headquarters. He mobilizes the Korean Central Intelligence Agency’s network and locates Takahashi at a hotel. When Takahashi enters the room, Baek demands the ledger, but Takahashi refuses to surrender it without Ikeda Yuji’s authorization.
Jang Geonyoung and soldiers from the Joint Investigation Headquarters storm the hotel. Takahashi flees with the ledger, and a gunfight erupts between Baek and the soldiers. Takahashi is shot and killed. The ledger he was carrying ends up in Jang Geonyoung’s hands.
Jang gives the ledger to Hwang Daesik. Hwang rejoices that they can now arrest everyone. The ₩70 billion seized in the tunnel and the ledger recovered at the hotel together complete the case against Cheon Seokjung.
Baek returns to the ownerless presidential office where Cheon is sitting. Cheon berates him for losing the ledger, but Baek has no answer. In the end, he says he will kill Hwang Daesik himself.
Episode 4 — The Beginning of the End
Why Baek Kihyun Can Never Escape His Brother
Episode 4 opens during Baek Kihyun’s (Baek Ki-hyun) high school years. Another student is beating him inside a remote warehouse and has even taken his older brother’s gun. During the struggle, Kihyun kills the student with the weapon.
Baek Kitae arrives and cleans up the scene without asking a single question. At the time, he is a captain in the Special Warfare Command.
Kihyun says that everything began that day. It was the moment his brother saved him, but also the moment he became unable to escape his brother for the rest of his life.
Cheon Seokjung’s ₩70 Billion Makes the Front Page
Using the ledger Jang Geonyoung recovered, the Joint Investigation Headquarters exposes Cheon Seokjung’s ₩70 billion slush fund to the public. Its plan to prosecute Cheon for illegal political funds rather than drugs is now in motion.
Colonel Ahn tells Jang that Cheon will be arrested. Oh Yejin insists that Baek Kitae and Cheon Seokjung should be investigated for drugs, but Jang and the colonel refuse to abandon the political-funds case. The three argue loudly in the office.
When the arrest warrant is issued, Baek Kihyun alerts one of Baek Kitae’s men. He remains his brother’s faithful rat.
Cheon gives up trying to flee when he hears about the warrant. Instead, he orders Baek Kitae to kill Hwang Daesik.
Baek Kihyun conducts Cheon’s first interrogation, a deliberate assignment intended by Jang Geonyoung to unsettle him. The room is equipped with torture implements and facilities for water torture despite being called an interrogation room. When Cheon invokes his right to remain silent, Jang suspends the questioning for the moment.
“Come Back Alive, and Let’s Try Being in Love”
After her release from the Joint Investigation Headquarters, Ikeda Yuji stays at a hotel under surveillance. Baek Kitae overpowers the investigator blocking his way, takes the man’s gun, and goes to see her.
Ikeda asks Baek to leave for Japan with her. He can still survive if he leaves Korea now, but he refuses. She tells him to come back alive. If he does, she says, the two of them should try being in love for real. Baek agrees.
It is almost the only love scene in the entire drama. Leaving for Japan may have been their last chance, but Baek cannot bring himself to go.
The Newspaper Beneath the Ramyeon and Soju
Jang Geonyoung returns to Cheon Seokjung’s interrogation room carrying ramyeon and soju. Beneath them, used almost like a tray, is a newspaper whose front page is dominated by the story of Cheon’s ₩70 billion slush fund.
Cheon sees the headline himself. Not long ago, he sat in an ownerless presidential chair and imagined himself as the country’s next ruler. Now he is sitting in a torture room, staring at the public exposure of his own secret funds. The ledger Jang seized has become the instrument of Cheon’s political collapse.
When Cheon maintains his imperious manner and refuses to talk, Jang summons the investigators. He remarks that the younger men have learned Cheon’s own torture techniques well. They force Cheon’s face into a filthy toilet and begin torturing him with water.
Fourteen Minutes at Cheonungak
Baek Kitae’s operation begins. Hwang Daesik, his subordinates and associates, and Jang Geonyoung gather for drinks at Cheonungak, a yojeong—an upscale traditional venue where female hostesses serve and entertain powerful guests. Korean Central Intelligence Agency operatives have already planted a bomb beneath the table.
Watching from a distance, Baek presses the detonator. The bomb will explode in twenty minutes, and it can be stopped only by cutting the red wire rather than the blue one.
Then an unexpected complication appears: Baek Kihyun has joined the gathering. Fourteen minutes remain.
A group of uninvited women in hanbok suddenly enters. Baek has brought them so he can gain access to the room. He greets Hwang as if nothing is wrong, but the clock continues to run. He must cut the red wire without anyone noticing.
What Does “The Beginning of the End” Mean?
Episode 4 begins with Baek Kihyun’s narration. He says the end of everything began on the day he killed someone with his brother’s gun as a high school student. From then on, Kihyun could not escape the brother who had saved him, while Baek Kitae sank deeper into crime in the name of protecting him.
But “the beginning of the end” seems to mean more than the brothers’ fate. The era represented by Cheon Seokjung, the Blue House, and the Korean Central Intelligence Agency is fading, while an era dominated by soldiers under Hwang Daesik is beginning. The moment the ledger reaches the Joint Investigation Headquarters, that transfer of power accelerates.
If Hwang wins, the old order ends, but justice does not begin. A more violent and overt form of power takes its place.
Jang Geonyoung intends to use Hwang and the Joint Investigation Headquarters to destroy Baek Kitae. Yet as he hastens Baek’s end, he may be helping a greater evil begin. That is the real source of unease in Episodes 3 and 4. The moment Jang joins forces with his enemy’s enemy, the age of a new villain begins.
Did Korea’s Political Elite Really Get Involved in Drugs?
The drama depicts drug profits flowing into the inner circle of the Blue House and becoming political funds. The public record of South Korea’s drug trade in the 1970s, however, looks somewhat different.
Methamphetamine production and smuggling to Japan were driven mainly by private manufacturers and criminal organizations. Officials were bribed, and protection from investigators did exist, but no established public record shows a presidential chief-of-staff-level figure directly operating a drug business to finance politics.
Those in power had other ways to accumulate money. Chun Doo-hwan—whom the fictional Hwang Daesik clearly evokes—was convicted of taking enormous sums from business leaders during his rise and presidency. In 1997, South Korea’s Supreme Court finalized a forfeiture order of ₩220.5 billion against him, an almost unimaginable amount at the time.
“Let Political Soldiers Pull Your Strings, and They Will Betray You in the End”
Oh Yejin says this to Jang Geonyoung after the colonel leaves.
To anyone familiar with modern Korean history, the line sounds like a prophecy. After the December 12, 1979 military coup, the new military faction centered on Chun Doo-hwan claimed it was restoring justice and order but built another dictatorship instead. It betrayed the public it claimed to protect.
In the drama, Jang is using Hwang Daesik and the Joint Investigation Headquarters to catch Baek Kitae. It is not yet clear, however, which side is using the other.
Is Jang Geonyoung Becoming Baek Kitae?
The most unsettling figure in Episodes 3 and 4 is Jang Geonyoung.
He tortures Ikeda Yuji to learn the ledger’s location. He blocks Oh Yejin’s drug investigation and determines the direction of the case according to political calculations. Then he asks why people who are not human should be treated like human beings.
It is the same logic Baek Kitae used in Season 1.
In Season 1, Jang believed in the law, while Baek looked for the people who could move the law. Seven years later, Jang is now looking for those people himself. If he defeats Baek Kitae, who has really won?
The Real People Who Fought for Democracy
There are almost no good people in this series, apart from Oh Yejin. The real era often felt that way. The words of good people were buried and went unheard. Righteous people disappeared without anyone knowing; it was part of everyday life.
It was one of the darkest periods in modern Korean history, and many people died before the country regained democracy.
Made in Korea reconstructs the period as an exaggerated crime drama. But outside the drama, countless people truly fought for democracy. To learn about them, watch 1987: When the Day Comes, which follows the people who tried to expose the authorities’ cover-up of a university student’s death during police interrogation.
In the United States, the film is available on Rakuten Viki and can be watched free with ads on The Roku Channel. I strongly recommend it. By the time the film ends, you may understand why many Koreans consider resistance to unjust power a civic obligation.
Basic Info
- Drama: Made in Korea Season 2
- Episodes: 3-4 of 6
- Episodes 3-4 Release Date: September 16, 2026
- Director: Woo Min-ho
- Writers: Park Eun-gyo, Park Joon-suk
- Cast: Hyun Bin, Jung Woo-sung, Woo Do-hwan, Won Ji-an, Seo Eun-soo, Jung Sung-il, Heo Jung-do
- Genre: Political Crime Thriller
- Where to Watch: Hulu in the US, Disney+ internationally
- Spoilers: Full spoilers
More Made in Korea Guides
Made in Korea Season 1: Full Story and Ending Explained — Before Season 2

Made in Korea Season 2: What You Need to Know Before You Watch
Made in Korea Season 2 Episodes 1-2: What Really Happened on October 26
Made in Korea: Is It a True Story? The Real History Behind Season 1
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