South Korean billionaire and chairman of the SK Group conglomerate, Chey Tae-won, has been ordered to pay his ex-wife, Roh So-young, 1.38 trillion won (approximately $1 billion) in cash, marking the largest divorce settlement in South Korea's history. The ruling comes nearly a decade after the end of their 35-year marriage, which was marred by scandal following the revelation of Chey’s extramarital affair and the birth of a child with his mistress.
On Thursday, the Seoul High Court ruled in favor of Roh So-young, awarding her a significant portion of Chey’s assets after determining that she had played a substantial role in the growth and success of SK Group. Roh So-young is the daughter of former South Korean President Roh Tae-woo.
Chey’s legal team announced plans to appeal the decision, arguing that the court's ruling was unfairly based on Roh's account of their marriage and contributions. Despite this, the High Court’s decision significantly increased the initial 66.5 billion won settlement ruled by a lower court in 2022.
Initially, a lower family court denied Roh’s request for a share of Chey’s SK shares. However, the Seoul High Court overturned this decision, ruling that the shares should be considered joint assets and awarding her a portion. The court noted that Roh had facilitated Chey's business activities, helped resolve regulatory issues, and provided influential support through her father, contributing significantly to the success of SK Group.
The court estimated Chey Tae-won’s wealth at approximately 4 trillion won and determined that Roh was entitled to around 35% of that amount. The judgment acknowledged the emotional pain and distress Roh endured due to Chey’s infidelity and noted that Chey had not shown remorse for his actions during the trial.
Chey’s lawyers argued that Roh’s political connections had hindered, rather than helped, his business efforts. However, the court emphasized Roh's contributions to the company’s growth and success.
Following the court's ruling, shares of SK Inc., a global semiconductor giant with interests in telecoms, chemicals, and energy, surged by 9%.
