Who is Chey Tae-won ? SK Group Chairman Ordered to Pay $1 Billion in South Korea's Largest Divorce Settlement

Business tycoon will appeal against the judgement in the higher court

In a landmark ruling, South Korean billionaire Chey Tae-won has been ordered to pay 1.38 trillion won ($1 billion) to his wife, Roh So-young, marking the country's largest divorce settlement. The Seoul High Court issued the decision, which comes a decade after their marriage unraveled due to Chey's extramarital affair.

Chey Tae-Won and wife

Chey, the chairman of SK Group, married Roh in 1988. Their 35-year marriage ended when it was revealed that Chey had fathered a child with another woman.

The court awarded Roh 1.38 trillion won in property division and an additional 2 billion won in alimony. This is 66.5 billion won more than what a lower court granted her in 2022. Initially, her appeal to receive a portion of Chey's shares in SK Group was rejected, but the high court overturned this decision. The court ruled that Roh was entitled to a portion of the shares, considering them joint property.

Chey's lawyers announced plans to appeal, arguing that the court had accepted Roh's claims without sufficient evidence. The court emphasized that Roh had contributed to the growth of SK Group, particularly during her father's presidency from 1988 to 1993, which helped ease regulatory challenges for the company.

Additionally, the court noted the emotional distress caused to Roh by Chey's affair and criticized Chey for showing no remorse. Roh is set to receive approximately 35% of Chey's estimated 4 trillion won fortune.