South Korean tycoon Chey Tae-won has been ordered to pay his ex-wife a record-breaking 1.38 trillion won ($1bn) in cash, marking the country’s largest ever divorce settlement. The decision comes nearly a decade after their marriage fell apart due to Mr. Chey’s infidelity.
The Seoul High Court ruled that Roh So-young, Mr. Chey’s ex-wife of 35 years, was entitled to a portion of his company shares. This ruling was a significant increase from the previous settlement amount and overturned a previous court’s decision to deny Ms. Roh a share of Mr. Chey’s SK Group shares.
The court justified its decision by stating that Ms. Roh had played a role in increasing the value of SK Group and Mr. Chey’s business activities. Additionally, it noted that Ms. Roh’s father, former South Korean President Roh Tae-woo, had provided protection for Mr. Chey during his time as SK’s chairman.
Mr. Chey’s lawyers have announced plans to appeal the ruling, arguing that Ms. Roh’s political connections were not beneficial to his business. However, the market reacted positively to the news, with shares in SK Inc. jumping 9% following the court’s decision.
The court’s verdict highlighted Mr. Chey’s lack of remorse for his actions and acknowledged the suffering Ms. Roh endured as a result of his extramarital affair. The case has shed light on the complexities of high-profile divorces and the impact they can have on business empires.
