SK Chairman Ordered to Pay $644 Million in Landmark Divorce

SEOUL — South Korean tycoon Chey Tae-won has been ordered to pay his ex-wife 944 billion won, or about $644 million, in a landmark divorce ruling that closes one of the country’s most public and bitter family disputes.

The Seoul High Court on Friday said Roh Soh-yeong, daughter of former president Roh Tae-woo, was entitled to a large share of the marital estate after decades of marriage to the chairman of SK Group, one of South Korea’s most powerful conglomerates. The court kept Chey’s shares in the group’s holding company within the asset pool for valuation, but required him to pay the award in cash.

The case has captivated South Korea for years after Chey admitted in 2015 that he had fallen in love with another woman and fathered a child with her, effectively ending a marriage that had once been celebrated as the nation’s “wedding of the century”. Roh initially resisted divorce, then later agreed to end the marriage, while the dispute over property and family ties escalated into a courtroom battle over who helped build the SK empire.

ADVERTISEMENT

Roh’s lawyers argued that her family’s influence and backing helped SK expand from a mid-sized energy company into a corporate giant. Chey, who remains chairman of SK Group, has insisted that his wealth and shareholding stem from his father’s assets and should not be treated as marital property in the way Roh’s side claimed.

The ruling comes after South Korea’s Supreme Court finalized the divorce and emotional-damages award last year, but sent the property division back for reconsideration. With SK’s chip-related businesses rising sharply in value, the payout will still rank among the largest in the country’s history.