The largest-ever divorce settlement in South Korea, 1.38 trillion won ($1bn; £788m) will be paid in cash to Chey Tae-won’s ex-wife.
It happens about ten years after Mr. Chey’s marriage broke down when it was discovered he was the father of a child with his partner.
On Thursday, the Seoul High Court decided that his 35-year marriage to Roh So-young entitled him to a part of his company.
Mr. Chey’s attorneys, who represent the influential SK Group conglomerate, declared that their client will file an appeal, arguing that the court had accepted “Roh’s one-sided claim as factual”.
The sum granted to Ms. Roh represented a substantial rise above the 66.5 billion compensation decided upon by a subordinate court in 2022.
Additionally, Ms. Roh’s plea to get a portion of Mr. Chey’s SK shares was denied by same family court.
On Thursday, the High Court reversed this, ruling that the shares need to be regarded as joint property.
The court found that “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” in its ruling.
According to the court, Mr. Chey’s wealth was believed to be over 4 trillion won, of which Ms. Roh, with whom he had three children, would receive an estimated 35%.
Additionally, it was discovered that Ms. Roh had assisted in lowering regulatory barriers for Mr. Chey’s company and that her father, former South Korean President Roh Tae-woo, had “acted as a shield” for the previous chairman of SK, Chey Jong-hyon.
The court noted that Mr. Chey had not demonstrated “any signs of remorse for his foul behaviour in the course of the trial… nor respect for monogamy,” and that Ms. Roh’s suffering as a result of her ex-husband’s extramarital affair was taken into consideration in the new settlement.
Attorneys for Mr. Chey contended that his ex-wife’s political contacts had been a liability rather than an asset to his company.
Following the decision, shares of SK Inc., one of the largest semiconductor manufacturers in the world with holdings in telecom, chemicals, and energy, increased by 9%.
