SK Group chairman Chey Tae-won ordered to pay e wife Roh Soh-yeong $644M in divorce settlement
SK Group chairman Chey Tae-won ordered to pay e wife Roh Soh-yeong $644 million in divorce settlement, court upholds claim over marital assets Court says
SK Group chairman Chey Tae-won ordered to pay e wife Roh Soh-yeong $644 million in divorce settlement, court upholds claim over marital assets Court says both contributed to building SK wealth Cash payout instead of SK shares Supreme Court ruling changed calculation Legal battle may not be over A South Korean appeals court on Friday ordered SK Group Chairman Chey Tae-won to pay his former wife, Roh Soh-yeong, 944 billion won (about $644 million) in cash as part of their long-running divorce property settlement, while reaffirming that Chey's SK shares formed part of the couple's marital assets.According to the Korea JoongAng Daily, the Seoul High Court reduced the settlement from the 1.38 trillion won awarded in its earlier ruling after the Supreme Court directed it to recalculate the division ratio.
Even after the reduction, the payout remains nearly 14 times higher than the 66.5 billion won originally awarded by the trial court.In its ruling, the court said the shares held by Chey during the marriage were marital property because both spouses contributed to building and growing their value."The shares held by Chairman Chey were assets acquired in Chairman Chey's name during the marriage, and both Chairman Chey and Director Roh contributed to their formation and to maintaining and increasing their value."The court added that while Chey's business decisions significantly increased the value of the company, Roh also contributed through homemaking, raising their children and carrying out external activities related to SK Group.The court directed that Roh receive the settlement entirely in cash, allowing Chey to retain ownership of his SK shares."Chairman Chey shall continue to hold his SK shares, and the shortfall in Director Roh's share shall be paid in cash," the judgment said.The decision reflects concerns that transferring company shares could affect Chey's management control over SK Group, one of South Korea's largest conglomerates.The property division followed a Supreme Court order to reconsider how the couple's assets should be valued.
The higher court had ruled that an alleged 30 billion won slush fund linked to Roh's father, former South Korean President Roh Tae-woo, could not be counted as a contribution to SK Group's asset creation.However, the appeals court factored in the sharp rise in SK's share price since the previous hearing, noting that Roh's contributions also played a role in the company's long-term growth."We considered that Director Roh's managerial contributions played a role in the increase in value of Chairman Chey's shares," the court said.The couple's divorce itself, along with a separate 2 billion won alimony award, was finalised by South Korea's Supreme Court last year. Only the issue of property division was sent back for reconsideration.Both Chey and Roh retain the right to appeal Friday's ruling.
The BriefWire