South Korean billionaire Chey Tae-won, chairman of the SK Group conglomerate, has been ordered to pay his ex-wife, Roh So-young, 1.38 trillion won ($1 billion) in cash. The Seoul High Court’s ruling on Thursday marks the largest-ever divorce settlement in South Korea.
The settlement concludes nearly a decade-long legal battle that began after Chey’s extramarital affair and the birth of a child with his mistress came to light, leading to the breakdown of his 35-year marriage with Roh So-young, the daughter of former South Korean President Roh Tae-woo.
The court awarded Roh So-young a share of Chey Tae-won’s company assets, overturning a 2022 lower court decision that had granted her a much smaller settlement of 66.5 billion won. The High Court recognized Roh’s contributions to SK Group’s growth, including her role in resolving regulatory issues and the influential support of her father.
Chey’s lawyers have announced plans to appeal the decision, arguing that the ruling was biased and based solely on Roh’s account. Despite the appeal, the court emphasized Roh’s contributions and Chey’s lack of remorse for his infidelity when determining the settlement amount.
Following the court’s ruling, shares of SK Inc., a global semiconductor giant with diverse interests, surged by 9%.
