In a landmark ruling, South Korean tycoon Chey Tae-won has been ordered to pay his ex-wife, Roh So-young, a staggering 1.38 trillion won ($1 billion; £788 million) in cash. This marks the country’s largest-ever divorce settlement.
Background of the Case
The ruling comes nearly a decade after the collapse of Mr. Chey’s marriage, which followed the revelation that he had fathered a child with his lover. Chey Tae-won, the chairman of the influential SK Group conglomerate, was married to Roh So-young for 35 years.
Court’s Decision and Appeal
The Seoul High Court’s decision on Thursday increased the settlement from the 66.5 billion won ruled by a lower court in 2022. This previous ruling had rejected Ms. Roh’s request for a portion of Mr. Chey’s SK Group shares. However, the High Court found that these shares should be considered joint property.
Mr. Chey’s lawyers announced plans to appeal, arguing that the court had accepted “Roh’s one-sided claim as factual.”
Role of Joint Property
In its verdict, the court noted, “it was reasonable to rule that, as his wife, Roh played a role in increasing the value of SK Group and Chey’s business activity.” The court valued Mr. Chey’s wealth at around 4 trillion won, awarding Ms. Roh approximately 35%.
The court acknowledged Ms. Roh’s contributions, including helping to ease regulatory hurdles for Mr. Chey’s business. It also noted that her father, former South Korean President Roh Tae-woo, had acted as “a protective shield” for SK’s ex-chairman, Chey Jong-hyon.
Moral Considerations
The court criticized Mr. Chey for not showing “any signs of remorse for his foul behavior in the course of the trial… nor respect for monogamy,” and took Ms. Roh’s suffering over her ex-husband’s extramarital affair into account in the settlement.
Following the ruling, shares in SK Inc, one of the world’s leading semiconductor makers with interests in telecoms, chemicals, and energy, surged by 9%.
Chey’s Lawyers’ Counterclaims
Mr. Chey’s legal team argued that Ms. Roh’s political connections had been a disadvantage to his business rather than an enhancement, a point they plan to emphasize in their appeal.
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Written by Doris Chinwe Omemgbeoji