South Korean Court Orders Tech Chairman to Pay $640 Million in Divorce Case

A South Korean court has ordered Chey Tae-won, chairman of the SK Group, to pay 944 billion won (approximately $640 million) to his ex-wife, Roh So-yeong. The Seoul High Court’s ruling on Friday addresses a divorce case that has garnered significant media attention in South Korea, with national outlets referring to it as the “divorce of the century.”

The appellate court’s decision follows a Supreme Court order for further review of the case. The award to Roh, who directs a Seoul art museum, is less than the 1.38 trillion won ($940 million) settlement previously ordered by the high court last year. Chey had also been ordered to pay 2 billion won ($1.3 million) in alimony.

The court's financial calculations were influenced by the rising value of Chey’s assets, particularly shares in SK Hynix, the group's semiconductor affiliate, which have seen a surge due to the global artificial intelligence boom. In its earlier ruling, the high court had partly based its decision on findings that Roh’s father, former South Korean President Roh Tae-woo, provided SK with 30 billion won ($20.4 million) in alleged slush funds during his presidency. However, the Supreme Court later ruled that these funds could not be legally recognized as a contribution to the company’s growth.

Chey and Roh married in 1988 and have three children. Chey initiated divorce proceedings in 2017 after disclosing a relationship with another woman with whom he has a child. The case may proceed to the Supreme Court if either Chey or Roh files an appeal. Neither party was present for Friday's high court ruling.