SK Group Chairman Chey Tae-won appeals $666 million divorce settlement
SK Group Chairman Chey Tae-won is appealing a 944 billion won divorce settlement, likely to buy time to secure necessary cash.Summary
SK Group Chairman Chey Tae-won has filed an appeal with the Supreme Court against a ruling ordering him to pay his estranged wife, Roh Soh-yeong, 944 billion won ($666 million) in a property settlement. While legal experts suggest the chances of overturning the decision are low, the appeal is viewed as a strategic move to delay the final ruling. This delay could provide Chey with the necessary time to raise the required cash through share sales or loans, and potentially reduce the total interest accrued on the delayed payment.
The appellate court's decision to award Roh a one-third share of the assets—including SK shares—was influenced by her domestic contributions and her role in supporting the growth of SK. Notably, the court excluded 30 billion won in secret funds linked to her father, former President Roh Tae-woo, as they were deemed to be from an illegal source. The court also factored in the significant rise in SK's share price during the proceedings to ensure an equitable division of assets.
(Source：Koreajoongangdaily Joins News)