Court Ordered Chey Tae-won to Pay $1 Billion to Former Spouse in Divorce Settlement

South Korean tycoon Chey Tae-won has been instructed to pay his former spouse, Roh So-young, a staggering 1.38 trillion won ($1 billion) in cash, marking the largest divorce settlement in the country’s history.

According to BBC, the divorce settlement comes nearly ten years after Chey Tae-won’s marriage ended amidst scandal, triggered by the revelation of his extramarital affair and the birth of a child with his mistress.

The Seoul High Court, on Thursday, ruled in favor of Roh So-young, granting her a share of Chey Tae-won’s corporate assets following their 35-year union. Roh So-young is the offspring of the former South Korean President Roh Tae-woo.

Chey’s legal team has announced intentions to contest the court’s decision, arguing that it was solely based on his ex-wife’s narrative.

The Seoul High Court’s ruling of 1.38 trillion won for Roh So-young marks a significant increase from the 66.5 billion won settlement initially decreed by a lower court in 2022.

Previously, a lower family court had dismissed Roh So-young’s request for a portion of Chey Tae-won’s SK shares. However, the Seoul High Court overturned this ruling, deeming the shares as joint assets and granting her a share.

The court stated, “It was reasonable to conclude that, as his wife, Roh played a role in enhancing the value of SK Group and Chey’s business endeavors.”

Estimating Chey Tae-won’s fortune at around 4 trillion won, the court deemed Roh So-young entitled to approximately 35% of that sum, considering their three children.

In acknowledging Roh So-young’s contributions, the court emphasized her role in aiding Chey Tae-won’s business by resolving regulatory issues. Additionally, her father, former President Roh Tae-woo, had provided influential support, acting as a “protective shield” for Chey Jong-hyon, the former chairman of SK Group.

The judgment criticized Chey Tae-won for his lack of remorse regarding his extramarital affair and disregard for monogamy. It also factored in Roh So-young’s emotional distress resulting from Chey Tae-won’s infidelity when determining the augmented settlement amount.

Chey’s legal team argued that his ex-wife’s political affiliations had hindered his business pursuits rather than benefiting them.

Following the court’s decision, shares of SK Inc., a prominent global semiconductor corporation with diverse interests, surged by 9%.