Court Orders Chey Tae-won to Pay 944 Billion Won in Property Division, Citing Stock Value Surge

In a landmark divorce settlement, Seoul High Court has ordered SK Group Chairman Chey Tae-won to pay 944 billion won (approximately $683 million USD) in property division to his estranged wife, Roh Soh-yeong. The court determined the division ratio to be two-thirds for Chey and one-third for Roh, significantly influenced by the substantial rise in the value of Chey's company shares.

The Seoul High Court's Family Division, led by Judge Lee Sang-ju, announced the ruling on June 24. The court cited various factors in its decision, including the assets held by both parties at the time of marriage, the acquisition process of their joint assets, their respective contributions to the formation and maintenance of these assets, and the duration of their marriage.

"Considering that a significant portion of the marital assets were acquired during the marriage," the court stated, "and taking into account the substantial increase in the value of Chey Tae-won's shares after the conclusion of the appellate trial before the Supreme Court's remand, we have factored this into the property division."

The court further elaborated that Chey's shares constitute a significant portion of the marital assets and acknowledged Chey's managerial contributions to the value increase of these shares. This approach reflects a shift from previous rulings, which had awarded a much lower amount in property division.

Chey Tae-won and Roh Soh-yeong married in September 1988. The divorce proceedings have been lengthy and complex, with Chey revealing an extramarital child in 2015 and initiating divorce proceedings in 2017. Roh filed a counterclaim in December 2019. Initial rulings varied significantly, with the first trial ordering 66.5 billion won in property division, while a subsequent appellate court decision increased it to 1.38 trillion won before the Supreme Court ordered a retrial on the property division aspect.

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Considering that a significant portion of the marital assets were acquired during the marriage, and taking into account the substantial increase in the value of Chey Tae-won's shares after the conclusion of the appellate trial before the Supreme Court's remand, we have factored this into the property division.