Chey Tae-won, chairman of SK Group and SK Hynix, has been ordered to pay his ex-wife Roh Soh-yeong a divorce settlement reported at around $640 million, according to a ruling by the Seoul High Court. The decision would make it South Korea's most expensive divorce ever.
The Bloomberg Billionaires Index estimates Chey Tae-won's net worth at about $5.6 billion. The latest ruling replaces an earlier award of 1.38 trillion won.
Chey Tae-won first acknowledged an extramarital affair a decade ago, which led to divorce proceedings.
Updates
The divorce settlement of 1.38 trillion won has prompted scrutiny regarding Chairman Chey Tae-won's stake in SK Group's holding company.
The divorce ruling requiring SK Group Chairman Chey Tae-won to pay 1.38 trillion won has sparked significant scrutiny regarding his ownership stake in the group's holding company.
The divorce settlement, which was previously reported at approximately $640 million, has been clarified as a 1.38 trillion won award. Despite this historic ruling, Roh Soh-yeong was unsuccessful in her attempt to secure a greater share of the assets linked to the company's recent AI boom.
The Seoul High Court has ruled that Chey Tae-won's shares in SK Group's holding company constitute marital assets, leading to a revision of the settlement. While earlier reports cited a $640 million payout, updated claims are contradictory; Bloomberg reports the settlement has been adjusted to $643 million, whereas the New York Post suggests the figure has risen to $1 billion.
The divorce settlement amount is now subject to conflicting reports, with Bloomberg citing $643 million while other sources suggest the figure may reach $1 billion. Additionally, a recent court ruling determined that specific company shares are classified as marital assets, a decision that effectively reduces the total award previously calculated.
The court has finalized the order for a cash-based settlement, moving away from stock transfers, with figures now disputed between $643 million and $645 million. The Supreme Court notably quashed previous arguments regarding a slush fund as marital assets, while legal teams for both parties have indicated they will review the judgment before deciding on potential appeals. Following the ruling, shares in SK Inc. and SK Hynix declined by 3.8% and 8.3% respectively, amid analyst concerns that the payment may necessitate asset sales or borrowing against company stakes.
