SK Chairman Chey Tae-won appeals 944 billion won property division ruling

SK Group Chairman Chey Tae-won is challenging a court decision that mandates he pay approximately 944 billion won (around $680 million) in property division to his estranged wife, Roh Soh-yeong. Chey's legal team submitted a final appeal, stating the decision was made after careful consideration of various factors and aims to minimize negative impacts on shareholders and the group's management.

The Seoul High Court's family division had ordered Chey to pay Roh the 944 billion won in cash, along with daily default interest of about 129.3 million won from the day after the ruling is finalized until the full amount is paid. This ruling came after a previous appellate court decision in May had significantly increased the property division amount to 1.38 trillion won from the 66.5 billion won ordered in the first trial, while also raising the alimony to 2 billion won from 100 million won.

The Supreme Court had previously sent the case back to the high court for a retrial, ruling that 30 billion won in alleged slush funds from Roh's father, former President Roh Tae-woo, should not be considered divisible property. While excluding this specific amount, the retrial court still considered Chey's SK shares as divisible assets, calculating Roh's share at one-third, leading to the 944 billion won figure.

The legal battle began in late 2015 when Chey publicly acknowledged an extramarital child and expressed his intent to divorce. He filed for divorce mediation in July 2017, but the proceedings failed, initiating a protracted legal dispute. Chey filed for divorce in February 2018, and Roh countersued in December 2019.

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Chairman Chey Tae-won, considering various circumstances, has submitted the appeal after careful deliberation. With the stance of minimizing negative impacts on shareholders and group management, we will proceed with the future procedures.