South Korea's Biggest Divorce Settlement
A South Korean court ordered the head of business behemoth SK Group to pay his ex-wife 944 billion won (£483 million. $644 million) in what local media has dubbed the “divorce of the century”.
The award, which has yet to be formalized, is less than the initial 1.38 trillion won. The chairman Chey Tae-won was directed to pay Roh Soh-yeong in 2024.
It comes more than a decade after his marriage to Roh, a previous president’s daughter. Ended after it was revealed that he fathered a kid with another woman.
SK Group owns SK Hynix, a semiconductor powerhouse that provides chips to Nvidia. They just had a record-breaking debut on the US stock market.
The decision follows debate about the asset distribution between Roh and Chey, who were married for 35 years.
The court decided that the strongman gave Chey 30 billion Korean won from his slush fund in 1991 and ordered Chey to pay 1.38 trillion to his ex-wife.
SK Group Rises With AI
SK Group is one of South Korea’s chaebols, or family-owned enterprises that exercise control.
During the previous trial in 2024, Roh’s legal team successfully demonstrated that Chey had received extensive aid from his ex-wife’s father. Who was president of the nation from 1988 until 1993?
SK Sets Foreign Listing Record
During the introduction of a groundbreaking AI investment plan last month. President Lee Jae Myung praised Chey and Samsung chairman JY Lee as “heroes of the Korean people.”
The corporation also raised $26.5 billion in its New York share sale, the largest ever listing by a foreign company in the United States.
