- Chey Tae-won ordered to pay ex-wife $1 billion in South Korea's largest divorce settlement.
- Court rules in favor of Roh So-young, recognizing her contributions to Chey's business success.
- Chey's wealth estimated at 4 trillion won, with Roh receiving 35% in settlement.
- Landmark ruling sets new precedent for divorce settlements in South Korea.
The Seoul High Court has made a landmark ruling in South Korea’s largest ever divorce settlement, ordering tycoon Chey Tae-won to pay his ex-wife Roh So-young 1.38 trillion won ($1 billion; £788 million) in cash. This historic decision was made on Thursday, May 30, nearly a decade after Chey’s marriage ended due to his extramarital affair and subsequent fathering of a child with his lover.
The court’s ruling comes after a lengthy legal battle, with Chey’s lawyers announcing their intention to appeal the decision. They claim that the court accepted Roh’s one-sided claim as factual, and dispute the amount awarded.
Roh So-young, Chey’s ex-wife of 35 years, was granted a significant increase from the earlier settlement of 66.5 billion won awarded in 2022 by a lower court. The High Court overturned the previous ruling, declaring that Roh was entitled to a portion of Chey’s company shares, which the lower court had rejected.
The court’s verdict stated that it was reasonable to rule that Roh played a role in increasing the value of SK Group and Chey’s business activity during their marriage. This decision takes into account Roh’s contributions to the company’s growth and her support of Chey’s business endeavors.
The court estimated Chey’s wealth at around 4 trillion won, with Roh set to receive approximately 35% of this amount. This significant settlement reflects the court’s recognition of Roh’s role in Chey’s success and her suffering due to his extramarital affair.
The court also acknowledged that Roh had helped ease regulatory hurdles for Chey’s business and that her father, former South Korean President Roh Tae-woo, had played a protective role for SK’s ex-chairman Chey Jong-hyon. This highlights the significant influence and support Roh brought to Chey’s business endeavors.
In contrast, Chey’s lawyers argued that Roh’s political connections were a disadvantage to his business, rather than an advantage. However, the court disagreed, recognizing the significant benefits Roh brought to Chey’s success.
The court’s ruling also took into account Chey’s behavior during the trial, stating that he showed no remorse for his actions and no respect for monogamy. This lack of accountability was considered in the settlement amount, reflecting the court’s disapproval of Chey’s actions.
Shares in SK Inc, one of the world’s biggest makers of semiconductors, jumped 9% following the ruling, indicating the significant impact of the decision on the company’s fortunes.
This landmark ruling sets a new precedent for divorce settlements in South Korea, recognizing the significant contributions of a spouse to a partner’s business success and holding accountable those who engage in extramarital affairs.
