South Korean billionaire Chey Tae-won has been ordered to pay a record-breaking $1 billion in cash to his ex-wife, marking the country’s largest divorce settlement to date.
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The ruling comes nearly a decade after Chey’s marriage dissolved following revelations of his extramarital affair and fathering a child with his lover.
On Thursday, May 30, 2024, the Seoul High Court decreed that Roh So-young, Chey’s former spouse of 35 years, was entitled to a portion of his company shares.
This landmark decision overturned a lower court’s settlement in 2022, which had awarded Roh significantly less.
Chey, chairman of the influential SK Group conglomerate, plans to appeal the ruling, contesting that the court had favored Roh’s claims without considering his side of the story.
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The High Court’s verdict acknowledged Roh’s contributions to the growth of SK Group and Chey’s business endeavors, citing her role in enhancing the company’s value.
It also highlighted Roh’s assistance in navigating regulatory obstacles and her father’s protective influence, who is a former South Korean President.
The court’s assessment estimated Chey’s wealth at approximately 4 trillion won, with Roh set to receive an estimated 35%. The ruling took into account Roh’s distress caused by Chey’s infidelity and lack of remorse during the trial.
Chey’s legal team argued against Roh’s political connections being beneficial to his business, claiming they were a disadvantage. However, SK Inc’s shares surged by 9% following the court’s decision.
The ruling marks a significant milestone in South Korea’s legal landscape, underscoring the importance of equitable settlements in high-profile divorce cases.
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