Breaking News
BREAKING NEWS: Chey Tae-won, South Korean billionaire to pay $1bn in record divorce ruling
The ruling by the Seoul High Court on Thursday was made almost ten years after Chey’s thirty-five-year marriage fell apart due to the news that he had fathered a child with his lover.
The highest divorce settlement in South Korean history has been ordered, with millionaire Chey Tae-won to pay his ex-wife Roh So-young a whopping 1.38 trillion won ($1 billion; £788 million) in cash.
The ruling by the Seoul High Court on Thursday was made almost ten years after Chey’s thirty-five-year marriage fell apart due to the news that he had fathered a child with his lover.
A lower court’s 2022 settlement of 66.5 billion won did not include the substantial increase that the court found Roh was entitled to in terms of Chey’s company shares.
The chairman of the SK Group corporation, Chey Tae Won, intends to challenge the ruling.
His lawyers argue that the court accepted “Roh’s one-sided claim as factual.” The High Court’s ruling reversed the lower court’s decision, which had previously denied Roh’s request for a portion of Chey’s SK shares.
In its verdict, the court stated that “it was reasonable to rule that, as his wife, Roh played a role in increasing the value of SK Group and Chey’s business activity.”
The court estimated Chey’s wealth at approximately 4 trillion won, granting Roh an estimated 35% share of his assets.
The ruling also recognized Roh’s contributions in easing regulatory hurdles for Chey’s business and acknowledged the support of her father, former South Korean President Roh Tae-woo, in providing a “protective shield” for SK’s former chairman Chey Jong-hyon.
The court criticised Chey’s conduct during the trial, stating that he had shown “no signs of remorse for his foul behavior” nor respect for monogamy, and considered Roh’s suffering due to his extramarital affair in its judgment.
Chey’s legal team contended that Roh’s political connections had been more of a disadvantage than an asset to his business endeavors.
Despite the contentious nature of the trial, shares in SK Inc, one of the world’s largest semiconductor manufacturers with interests in telecoms, chemicals, and energy, surged by 9% following the ruling.
