'Divorce of the century': Korean billionaire to pay ex-wife $644M
What's the story
Chey Tae-won, the chairman of South Korea's SK Group conglomerate, has been ordered to pay his ex-wife Roh Soh-yeong 944 billion won ($644 million) in a divorce settlement. The amount was reduced from an earlier ruling that had awarded her 1.38 trillion won ($940 million). The decision comes after South Korea's Supreme Court asked the Seoul High Court to review its 2024 ruling.
Asset dispute
'Divorce of the century'
The divorce case, dubbed the "divorce of the century" by local media, has been largely about valuing and dividing marital assets.
This especially includes Chey's valuable stake in SK Group, one of South Korea's largest conglomerates.
Chey heads SK Group, whose subsidiaries include SK hynix, a leading memory chip maker that has become a major player in the AI boom by providing high-performance chips to NVIDIA.
Settlement details
Roh entitled to cash settlement
The Seoul High Court ruled that Roh is entitled to a cash settlement equivalent to one-third of the couple's marital assets.
"The defendant's shareholdings increased substantially during the marriage through his management activities," the court said, adding that "the plaintiff contributed to that increase through homemaking, childcare and public-facing activities related to SK Group."
Apology issued
Chey, Roh married in 1988
After the ruling, one of Chey's lawyers said the SK chairman "deeply regrets the concern caused" by the prolonged legal dispute but has not yet decided whether to appeal.
Chey and Roh married in 1988 and have three children together. They have been living apart for more than 15 years, with divorce proceedings formally starting after Chey filed in 2017.
Court-mediated negotiations broke down later, resulting in a protracted legal battle that began in 2022.
Asset ruling
Supreme Court rejected part of original judgment
The latest ruling comes after the Supreme Court rejected part of the reasoning behind Seoul High Court's 2024 ruling.
The original judgment had included a 30 billion won slush fund allegedly used by former president Roh Tae-woo to help SK Group grow, as part of Roh's contribution to their shared wealth.
However, in October, the Supreme Court ruled such funds were likely linked to illegal bribes and couldn't be considered in dividing marital assets.