ICYMI: Billionaire Ordered To Pay $1 Billion In Divorce Settlement

ICYMI: Billionaire Ordered To Pay $1 Billion In Divorce Settlement

South Korean billionaire and chairman of the SK Group conglomerate, Chey Tae-won, has been ordered to pay his ex-wife 1.38 trillion won ($1 billion) in cash, marking the largest divorce settlement in the country’s history………..CONTINUE READING

According to the BBC, the settlement follows nearly a decade after Chey Tae-won’s marriage ended in scandal due to his extramarital affair and the birth of a child with his mistress.

On Thursday, the Seoul High Court ruled in favor of Roh So-young, granting her a share of Chey Tae-won’s company assets after their 35-year marriage. Roh So-young is the daughter of former South Korean President Roh Tae-woo.

Chey’s lawyers have announced plans to appeal the court’s decision, arguing that the ruling was based solely on his ex-wife’s account of events.

The Seoul High Court’s award of 1.38 trillion won to Roh So-young is a significant increase from the 66.5 billion won settlement initially ruled by a lower court in 2022.

Previously, a lower family court had denied Roh So-young’s request for a portion of Chey Tae-won’s SK shares. However, the Seoul High Court overturned this decision, ruling that the shares should be considered joint assets and awarding her a portion.

The ruling stated, “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 estimated Chey Tae-won’s wealth at approximately 4 trillion won, entitling Roh So-young, with whom he has three children, to around 35% of that amount.

The court acknowledged Roh So-young’s contributions, noting that she facilitated the growth of Chey Tae-won’s business by helping resolve regulatory issues. Additionally, her father, former President Roh Tae-woo, provided influential support, serving as a “protective shield” for Chey Jong-hyon, the former chairman of SK Group, thus contributing to the company’s success.

The judgment emphasized that Chey had shown no remorse for his actions during the trial nor respect for monogamy.

The court also considered Roh So-young’s emotional pain and distress resulting from Chey Tae-won’s infidelity when determining the increased settlement amount.

Chey’s legal team argued that his ex-wife’s political connections had actually hindered his business endeavors rather than benefiting them.

Following the court’s ruling, shares of SK Inc., a global semiconductor giant with interests in telecoms, chemicals, and energy, surged by 9%

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