Record-Breaking $644 Million Divorce Settlement for SK Group Chairman
South Korean court orders SK Group Chairman Chey Tae-won to pay ex-wife $644 million, setting a new record in the country's divorce history.
POLICY WIRE — Seoul, South Korea — The Seoul High Court has ordered SK Group Chairman Chey Tae-won to pay his former wife, Roh Soh-yeong, 944 billion won ($644 million) in a property division case related to their divorce. This ruling, if finalized, would mark the most expensive divorce in South Korean history. The amount is notably lower than a previous award of 1.38 trillion won, which had raised concerns about Chey’s stake in the group’s holding company.
Chey, who’s valued at approximately $5.6 billion according to the Bloomberg Billionaires Index, faces significant financial repercussions from this decision. The court’s ruling aims to equitably divide the marital assets, though the exact details of the asset distribution remain undisclosed. This case has drawn considerable attention due to the high-profile nature of the parties involved and the substantial financial implications.
The divorce proceedings have been closely watched, particularly given Chey’s prominent position within South Korea’s business elite. SK Group, one of the country’s largest conglomerates, encompasses a wide range of industries including energy, chemicals, telecommunications, and semiconductors. The outcome of this case could have broader implications for corporate governance and asset division in high-stakes divorces within South Korea.
Roh Soh-yeong, who has largely remained out of the public eye, is now set to receive a substantial portion of the marital assets. The court’s decision underscores the complexities involved in dissolving high-net-worth marriages and the legal mechanisms in place to address such divisions.
Reporting by Policy-Wire (PW)
