By John Michael Ojo
Following a court ruling on Thursday, South Korean business tycoon and chairman of SK Group conglomerate, Chey Tae-won, will pay a total sum of $1bn in cash as divorce settlement to his ex-wife, Roh So-young, the daughter of former South Korean President Roh Tae-woo.
The ruling according to BBC, was made nearly a decade after Chey Tae-won’s 35-year-marriage crashed as a result of his infidelity and the birth of a child with his mistress.
However, Chey’s lawyers who disclosed that the judgement would be appealed, claimed the court’s ruling was biased as it was made based on Roh’s side of the story.
The Seoul High Court’s award of 1.38 trillion won ($1bn) to Roh So-young marks a substantial increase from the 66.5 billion won settlement initially ruled by a lower court in 2022.
The ruling said, “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 to be approximately 4 trillion won, and accordingly, Roh So-young, with whom he has three children, is entitled to around 35% of that amount.
While acknowledging Roh So-young’s contributions, the court said she had facilitated the growth of Chey Tae-won’s business by helping to resolve regulatory issues, and additionally, her father, former President Roh Tae-woo, had provided influential support, serving as a “protective shield” for Chey Jong-hyon, the former chairman of SK Group, thereby contributing to the company’s success.
The judgment highlighted that Chey, 63, had not shown any remorse “for his foul behaviour in the course of the trial… nor respect for monogamy.”
The court added that it factored in Roh So-young’s emotional pain and distress resulting from Chey Tae-won’s infidelity when determining the increased settlement amount.
In their argument, Chey’s legal team contended that his ex-wife’s political connections had actually hindered his business endeavours rather than benefiting them.
Despite the contentious nature of the trial, shares in SK Inc, one of the world’s largest semiconductor manufacturers with interests in telecoms, chemicals, and energy, surged by 9% following the ruling.
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