South Korean tycoon Chey Tae-won has been ordered to pay his ex-wife, Roh So-young, a record $1 billion in cash, marking the largest divorce settlement in the country’s history.
The Seoul High Court’s decision on Thursday comes nearly a decade after the collapse of Chey’s 35-year marriage, following the revelation that he had fathered a child with his lover.
The court determined that Roh was entitled to a portion of Chey’s company shares, a significant increase from the 66.5 billion won settlement awarded by a lower court in 2022.
Chey Tae Won, who serves as chairman of the SK Group conglomerate, plans to appeal the decision.
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.”
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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 per cent following the ruling.
Credible News.ng
