In a landmark ruling, South Korean billionaire Chey Tae-won, chairman of the SK Group conglomerate, has been ordered to pay his ex-wife Roh So-young a staggering 1.38 trillion won (approximately $1 billion) in cash, marking the largest divorce settlement in the country’s history.
The Seoul High Court’s decision on Thursday came nearly a decade after Chey’s marriage to Roh, the daughter of former South Korean President Roh Tae-woo, ended in scandal following the revelation of his extramarital affair and the birth of a child with his mistress.
The court ruled that as Chey’s wife of 35 years, Roh played a significant role in increasing the value of the SK Group and Chey’s business activities. The judgment noted that Roh had helped resolve regulatory issues and that her father’s influential support had served as a “protective shield” for the former SK Group chairman, contributing to the company’s success.
Chey’s lawyers have announced plans to appeal the court’s decision, arguing that the ruling was based solely on his ex-wife’s version of events and that her political connections had actually hindered his business endeavors rather than benefiting them.
Nevertheless, the Seoul High Court’s award to Roh represents a substantial increase from the 66.5 billion won settlement initially ruled by a lower court in 2022. The court justified the higher payout, stating that it had factored in Roh’s emotional pain and distress resulting from Chey’s infidelity.
The ruling has sent shockwaves through the business community, with shares of SK Inc., the global semiconductor giant with diverse interests in telecoms, chemicals, and energy, surging 9% following the court’s decision.
This landmark divorce settlement underscores the growing recognition of the financial and emotional contributions made by spouses in high-profile business empires, even in cases of marital infidelity.
