South Korean billionaire, Chey Tae-won, head of the SK Group, has been ordered to pay his ex-wife, Roh So-young, $1 billion (1.38 trillion won) in a divorce settlement.
This is the largest divorce settlement in South Korea’s history. The settlement comes nearly ten years after their marriage ended due to Chey Tae-won’s affair, which resulted in a child with another woman.
On Thursday, the Seoul High Court ruled in favour of Roh So-young, granting her a share of Chey’s company assets after their 35-year marriage.
Roh So-young is the daughter of former South Korean President Roh Tae-woo. Chey’s lawyers plan to appeal the decision, arguing that the ruling was biased.
Previously, a lower court had ordered Chey to pay 66.5 billion won, but the higher court significantly increased the amount.
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The court decided that Roh So-young deserved a share of Chey’s SK Group shares, considering them joint assets.
The ruling acknowledged Roh’s role in helping grow Chey’s business, including resolving regulatory issues and providing influential support through her father.
The court estimated Chey Tae-won’s wealth at about 4 trillion won, awarding Roh around 35% of that. It noted Chey had shown no remorse for his actions or respect for their marriage during the trial, adding that Roh’s emotional suffering from Chey’s infidelity was considered in the settlement.
“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 stated.
Chey’s legal team argued that Roh’s political ties had hindered rather than helped his business.
Following the court’s decision, shares of SK Inc., which operates in semiconductors, telecoms, chemicals, and energy, rose by 9%.
