Roh So-young, a daughter of former South Korean President Roh Tae-woo, is set to receive 1.38 trillion won ($1bn) as divorce settlement from her ex-husband Chey Tae-won, following a case that has lasted nearly a decade.
So-young and Tae-won were married for 35 years.
The judgment highlighted that Tae-won had not shown any remorse “for his foul behaviour in the course of the trial… nor respect for monogamy.”
So-young’s ex-husband and South Korean billionaire and chairman of SK Group conglomerate, Tae-won, was ordered to pay So-young 1.38 trillion won ($1bn) following a ruling that is regarded as South Korea’s largest-ever divorce settlement.
BBC reports that the divorce settlement came almost a decade after So-young and Tae-won’s marriage ended in scandal, following the revelation of Tae-won’s extramarital affair and the birth of a child with his mistress.
On Thursday, the Seoul High Court ruled in favour of So-young, awarding her a share of Tae-won’s company assets after their 35-year marriage.
So-young is the daughter of former South Korean President Roh Tae-woo.
Chey Tae-won’s lawyers announced plans to appeal the court’s decision, arguing that the ruling was based solely on his ex-wife’s version of events.
The Seoul High Court’s award of 1.38 trillion won to So-young marks a substantial increase from the 66.5 billion won ($48.1m) settlement initially awarded by a lower court in 2022.
A lower family court had previously denied Roh So-young’s request to receive a portion of Chey Tae-won’s SK shares, but the Seoul High Court overturned this decision on Thursday, ruling that the shares should be considered joint assets and awarded her a portion of them.
The ruling said, “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.”
The court estimated Chey Tae-won’s wealth to be approximately 4 trillion won ($2.8bn), and accordingly, Roh So-young, with whom he has three children, is entitled to around 35% of that amount.
Acknowledging Roh So-young’s contributions, the court said she had facilitated the growth of Chey Tae-won’s business by helping to resolve regulatory issues, and additionally, her father, former President Roh Tae-woo, had provided influential support, serving as a “protective shield” for Chey Jong-hyon, the former chairman of SK Group, thereby contributing to the company’s success.
The court added that it factored in Roh So-young’s emotional pain and distress resulting from Chey Tae-won’s infidelity when determining the increased settlement amount.
In their argument, Chey’s legal team contended that his ex-wife’s political connections had actually hindered his business endeavours rather than benefiting them.
Shares of SK Inc., a global semiconductor giant with diverse interests in telecoms, chemicals, and energy, surged 9% following the court’s ruling.
