S Korea tycoon Chey Tae-won to pay $1bn in record divorce ruling

S Korea tycoon Chey Tae-won to pay $1bn in record divorce ruling

South Korean billionaire Chey Tae- fought has been ordered to pay his ex- family 1.38 trillion won ($ 1bn, £788m ) in money- the country’s largest always divorce settlement.

It comes nearly ten years after Mr. Chey’s relationship ended in the wake of the discovery that he had a fan and had a kid with.

On Thursday, the Seoul High Court determined that Roh But, a 35-year-old man who he had been married to, was entitled to a part of his company’s stock.

Chairman of the strong SK Group company, Mr. Chey’s attorneys, argued that the judge had accepted” Roh’s one-sided say as factual” and that he would file an appeal.

A lower judge ruled in 2022 that the amount awarded to Ms. Roh was a substantial increase over the 66.5 billion settlement.

Additionally, that family court had rejected Ms. Roh’s ask for a part of Mr. Chey’s Stat shares.

The High Court overturned this on Thursday, finding that the shares may be regarded as shared home.

In its ruling, the judge stated that “it was acceptable to rule that, as his family, Roh played a role in increasing the value of SK Group and Chey’s business exercise”.

The court estimated that Ms. Roh, with whom Mr. Chey had three children, would inherit approximately 35 % of Mr. Chey’s wealth, which is 4 trillion won.

Additionally, it was discovered that Ms. Roh had helped to deter Mr. Chey’s organization from legal hiccups and that her father, past South Korean president Roh Tae-woo, had “acted as a safe protect” for SK’s ex-chairman Chey Jong-hyon.

The court claimed that Mr. Chey had not displayed “any remorse for his bad behavior in the course of the trial… nor any respect for marriage,” and that the new settlement considered Ms. Roh’s suffering from her ex-husband’s adulterous affair.

Mr Chey’s attorneys argued that, more than his ex- sister’s social contacts enhancing his organization, they had been a risk.

Following the ruling, shares of SK Inc., one of the biggest producers of semiconductors in the world and with interests in telecoms, chemicals, and energy, increased by 9 %.