The largest-ever divorce settlement in South Korea, 1.38 trillion won ($1 billion; £788 million), will be paid in cash to Chey Tae-won’s ex-wife.
It happens about ten years after Mr. Chey’s marriage broke down when it was discovered he was the father of a child with his partner.
On Thursday, the Seoul High Court decided that his 35-year marriage to Roh So-young entitled him to a part of his company.
Mr. Chey’s attorneys, who represent the influential SK Group conglomerate, declared that their client will file an appeal, arguing that the court had accepted “Roh’s one-sided claim as factual”.
The sum granted to Ms. Roh represented a substantial rise above the $66.5 billion compensation decided upon by a subordinate court in 2022.
The same family court also rejected Ms. Roh’s request to receive a portion of Mr. Chey’s SK shares.
On Thursday, the High Court reversed this, ruling that the shares need to be regarded as joint property.
The court found that “it was reasonable to rule that, as his wife, Roh played a role in increasing the value of SK Group and Chey’s business activity” in its ruling.
According to the court, Mr. Chey’s wealth was believed to be over 4 trillion won, of which Ms. Roh, with whom he had three children, would receive an estimated 35%.
Additionally, it was discovered that Ms. Roh had assisted in lowering regulatory barriers for Mr. Chey’s company and that her father, former South Korean President Roh Tae-woo, had “played the role.
