South Korean billionaire Chey Tae-won, chairman of SK Group, has been directed to pay his ex-wife Roh So-young a historic $1 billion in cash as part of their divorce settlement, marking a significant legal decision in the country’s history.
Following a tumultuous divorce saga that unfolded over nearly a decade, the Seoul High Court ruled in favor of Roh So-young, the former spouse of Chey Tae-won, awarding her a substantial portion of his company assets.
The court’s decision, which overturned a previous settlement, reflects Roh So-young’s contributions to the growth of SK Group during their 35-year marriage, emphasizing her role in resolving regulatory issues and leveraging her father’s political influence, as he is the former South Korean President Roh Tae-woo.
Chey Tae-won’s legal team plans to contest the ruling, arguing that the decision unfairly favored Roh So-young and neglected crucial aspects of the case.
Despite the legal battle, SK Inc., the conglomerate’s flagship company, experienced a significant surge in its stock value following the court’s announcement, signaling investor confidence in the company’s stability amidst the personal turmoil of its chairman.
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