A South Korean court ordered SK Group Chairman Chey Tae-won to pay his ex-wife Roh So-yeong 944 billion won ($640 million) in their high-profile divorce case, according to fortune.com. The Seoul High Court ruling on Friday followed months of legal proceedings and came after the Supreme Court requested further appellate review. The payment is lower than a previous 1.38 trillion won ($940 million) award from last year.
Chey and Roh, who married in 1988 and have three children, have been embroiled in divorce proceedings since Chey filed in 2017 after revealing a relationship with another woman. The high court’s earlier ruling partly cited alleged slush funds of 30 billion won ($20.4 million) provided by Roh’s father, former South Korean President Roh Tae-woo, to SK during his presidency. However, the Supreme Court later ruled those funds could not be legally recognized as contributions to the company’s growth. Chey was also ordered to pay 2 billion won ($1.3 million) in alimony.
The case has attracted significant attention due to the size of the settlement and the prominence of the parties involved. Chey’s assets have increased recently, boosted by a surge in SK Hynix shares amid the global artificial intelligence boom. The ruling reflects the complex intersections of family, business, and politics in South Korea’s corporate elite. The case may return to the Supreme Court if either party appeals the high court’s decision.
Chey and Roh did not attend the high court ruling. The court’s decision marks a major development in one of South Korea’s most expensive and closely watched divorce cases, with the payment amounting to $640 million as of the latest ruling, according to fortune.com.