'Divorce of the Century' in South Korea: SK Group chief ordered to pay $644 million

In a landmark ruling dubbed the 'divorce of the century' by local media, a South Korean court has ordered Chey Tae-won, the chairman of corporate giant SK Group, to pay his former wife, Roh Soh-yeong, $644 million. This significant financial settlement follows a protracted legal battle that began more than a decade after their marriage dissolved.

The couple's separation became a public affair over 10 years ago when it emerged that Chey Tae-won had fathered a child with another woman. The court's decision on asset division comes after extensive deliberation regarding the wealth accumulated during their 35-year marriage. Chey Tae-won's legal representatives stated he is "very sorry that the divorce proceedings have caused concern to many people" and that they will "give a concrete answer to the ruling after carefully reviewing it."

SK Group, which began as a textile company in 1953, has evolved into one of South Korea's largest conglomerates, second only to Samsung Group in terms of family-run businesses. The group has gained global prominence, particularly through its subsidiary SK Hynix, which has become a key player in the artificial intelligence boom. In May, the chipmaker's market value exceeded $1 trillion on the South Korean stock exchange.

SK Hynix recently raised $26.5 billion in its U.S. stock offering, marking the largest-ever revenue for a foreign firm in the U.S. market. The company's success is closely tied to the surging demand for high-performance semiconductors essential for AI development, with Nvidia being a major client.