SK GROUP CHAIRMAN ORDERED TO PAY £480M TO EX-WIFE

A South Korean court ordered SK Group Chairman Chey Tae-won to pay his ex-wife 944 billion won (£480 million) in a divorce settlement on Friday. The Seoul High Court's ruling came after the Supreme Court ordered a further review of the case between Chey and Roh Soh-yeong, daughter of former South Korean President Roh Tae-woo. The award was lower than the 1.38 trillion won (£940 million) settlement ordered by the high court in 2024. Chey's legal representatives stated they would review the ruling before deciding whether to appeal.

Chey and Roh married in 1988 and have three children. Chey filed for divorce in 2017 after disclosing he had fathered a child with another woman. During the earlier 2024 trial, Roh's legal team successfully argued that her father had provided Chey with 30 billion won from slush funds in 1991, contributing to the SK Group's growth. The Supreme Court subsequently ruled those funds were illegally obtained and could not be recognised as a legal contribution to the couple's assets. Roh works as director of a Seoul art museum.

The case has focused investor attention on Chey's 17.9 per cent stake in SK Inc, the group's holding company. The court found that Chey's SK Inc shares and other holdings acquired during the marriage remained subject to division, as both parties contributed to their creation and increase in value. The ruling noted Roh's contributions included child-rearing, household responsibilities and external activities related to SK Group. SK Hynix, the group's semiconductor subsidiary, has experienced significant share price growth linked to the global artificial intelligence boom.