South Korean Billionaire Makes History Ordered To Pay Ex-Wife $1billion Divorce Settlement

South Korean Billionaire Makes History Ordered To Pay Ex-Wife $1billion Divorce Settlement
South Korean Billionaire Makes History Ordered To Pay Ex-Wife $1billion Divorce Settlement

Chey Tae-won, a billionaire and the chairman of the SK Group conglomerate from South Korea, has been ordered to pay his ex-wife 1.38 trillion won ($1 billion) in cash, which is the highest divorce settlement in the history of the nation.

The divorce settlement, according to the BBC, was reached over ten years after Chey Tae-won’s marriage collapsed due to embarrassment caused by the disclosure of his extramarital romance and the birth of a kid with his mistress. After their 35-year marriage, the Seoul High Court decided on Thursday in Roh So-young’s favour, giving her a portion of Chey Tae-won’s business holdings.

Roh So-young is the daughter of former South Korean President Roh Tae-woo.

Chey’s attorneys declared that they will challenge the court’s judgement, claiming that it was based only on his ex-wife’s account of events.

The 1.38 trillion won payment that the Seoul High Court awarded Roh So-young represents a significant increase above the 66.5 billion won settlement that a lower court had previously decided in 2022. Roh So-young had previously been denied a portion of Chey Tae-won’s SK shares by a lower family court. However, on Thursday, the Seoul High Court reversed this finding, declaring that the shares were to be regarded as joint assets and giving her a portion of them.

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.”

Chey Tae-won’s estimated net worth was determined by the court to be 4 trillion won. As a result, Roh So-young, who he had three children with, is entitled to about 35% of that total. While acknowledging Roh So-young’s contributions, the court stated that she had helped Chey Tae-won’s business grow by assisting in the resolution of regulatory issues. In addition, the success of the company was attributed to the influential support her father, former President Roh Tae-woo, provided, acting as a “protective shield” for Chey Jong-hyon, the former chairman of SK Group.

The verdict was clear that Chey had not expressed regret “For his foul behaviour in the course of the trial… nor respect for monogamy.”

The court further stated that in deciding on the higher settlement sum, it took into account the emotional suffering and anguish that Roh So-young had as a result of Chey Tae-won’s adultery.

Chey’s legal team argued that rather than helping his commercial pursuits, his ex-wife’s political ties had actually worked against him. Following the court’s decision, shares of SK Inc., a multinational semiconductor powerhouse with a variety of holdings in telecom, chemicals, and energy, increased by 9%