South Korean Court Orders SK Group Chairman to Pay Ex-Wife $644 Million in Divorce Settlement
The ruling in the highly publicized divorce case involving SK Group chairman Chey Tae-won and Roh Soh-yeong comes after more than a decade of legal battles.
A South Korean court has ordered Chey Tae-won, the chairman of corporate giant SK Group, to pay his ex-wife 944 billion won, equivalent to approximately $644 million, in their divorce settlement. The award, which is still subject to finalization, is less than the initial 1.38 trillion won the court had previously ordered Chey to pay Roh Soh-yeong.
The marriage between Chey and Roh, daughter of former South Korean President Roh Tae-woo, reportedly deteriorated over a decade ago following revelations of Chey fathering a child with another woman. The couple was married for 35 years.
SK Group, one of South Korea's largest family-owned conglomerates, known as chaebols, has significant holdings, including SK Hynix, a major semiconductor manufacturer that supplies chips to companies like Nvidia. SK Hynix recently achieved a significant milestone with a record-setting debut on the U.S. stock market.
Chey's legal team stated that he is "deeply sorry in that [the divorce] proceedings so far have caused concern to many people." They indicated a review of the ruling would precede a specific response.
Legal Proceedings and Asset Division
The court's decision followed deliberations regarding the division of assets accumulated during the marriage. Roh's legal team had previously argued that Chey received substantial financial assistance from her father, former President Roh Tae-woo. In an earlier trial in 2024, the court had considered 30 billion Korean won, allegedly given to Chey from a slush fund by Roh Tae-woo in 1991, as part of the assets to be divided, leading to the initial higher award.
However, the Supreme Court overturned that verdict last year, ruling that the slush funds were illegally obtained and could not be factored into the couple's marital assets. This ruling led to the revised settlement amount.
SK Group's Prominence
SK Group's origins trace back to a textile company founded in 1953. It has since expanded into a vast array of industries, becoming the second-largest chaebol in South Korea after Samsung. The conglomerate's reach includes telecommunications through SK Telecom and fuel retail via SK petrol stations.
SK Group's global profile has been significantly boosted by its subsidiary SK Hynix, which has become a key player in the artificial intelligence boom. In May, SK Hynix's market value surpassed $1 trillion on the South Korean stock exchange. This success has elevated the standing of both SK Group and its chairman.
President Lee Jae-myung recently acknowledged Chey's contributions, along with Samsung chairman JY Lee, referring to them as "Heroes of Korean People" during the unveiling of a major AI investment plan. SK Group also recently raised $26.5 billion in its New York share offering, marking the largest-ever listing by a foreign firm in the U.S.