By Akinsuroju Olubunmi
Billionaire divorce: $1bn settlement.
South Korean billionaire Chey Tae-won, chairman of the SK Group conglomerate, has been ordered to pay his ex-wife, Roh So-young, 1.38 trillion won ($1 billion) in cash, marking the largest divorce settlement in the country’s history. The ruling comes nearly a decade after their marriage ended amidst scandal, following Chey Tae-won’s extramarital affair and the birth of a child with his mistress.
The Seoul High Court’s decision on Thursday favored Roh So-young, awarding her a substantial portion of Chey Tae-won’s company assets after their 35-year marriage. Roh So-young, daughter of former South Korean President Roh Tae-woo, had initially been awarded 66.5 billion won by a lower court in 2022. However, the High Court significantly increased this amount, recognizing her contribution to the growth of SK Group.
The court ruled that Roh’s role in Chey Tae-won’s business activities, including resolving regulatory issues and leveraging her father’s political influence, was integral to the company’s success. This ruling overturned a lower family court’s decision that had denied her a share of Chey’s SK shares, now deemed joint assets. Consequently, Roh is entitled to approximately 35% of Chey’s estimated 4 trillion won fortune.
Chey’s legal team plans to appeal the decision, arguing that the ruling was unfairly based on Roh’s account and that her political connections had impeded, rather than helped, his business ventures. Despite these claims, the court highlighted Chey’s lack of remorse and respect for monogamy, as well as Roh’s emotional pain and distress from his infidelity.
The court’s decision acknowledged Roh’s significant emotional suffering and recognized her efforts in supporting and enhancing Chey’s business endeavors. The judgment has led to a 9% surge in shares of SK Inc., a global semiconductor giant with interests in telecoms, chemicals, and energy.
Billionaire, Settlement
Billionaire divorce: $1bn settlement