According to the Seoul High Court Family Division, SK Group Chairman Chey Tae-won must pay 9천440억 원 in property division to Art Center Nabi Director Roh Soh-yeong following a remanded appeal ruling delivered at 2 p.m. today. The court fixed the property division ratio at one-third for Director Roh and two-thirds for Chairman Chey, ordering a cash payment for any shortfall in the shares allocated to her.
Court Rulings on SK Share Valuation and Division Ratios
The Seoul High Court Family Division set the valuation date for the disputed SK shares as April 16, 2024, which marked the conclusion of arguments in the appellate divorce trial. The court noted that while the share price of SK rose sharply between the conclusion of the appellate arguments and the conclusion of the remanded trial, Chairman Chey’s managerial contributions influenced that growth. According to the court, the panel factored the substantial increase in share prices into the asset division ratio to ensure a fair distribution of marital property.
The court also excluded certain assets from the division. Per the Supreme Court ruling issued in October of last year, the judiciary determined that even if former President Roh Tae-woo—Director Roh’s late father—transferred a 300억 원 slush fund to the SK side, that money cannot be attributed as a contribution by Director Roh. Furthermore, the court excluded shares that Chairman Chey gifted to relatives prior to the breakdown of the marital relationship as part of his management activities and efforts to maintain management control.
Did You Know? The legal battles between Chairman Chey Tae-won and Director Roh Soh-yeong began nine years ago in July 2017, when Chairman Chey filed for divorce mediation after the couple married in September 1988 and had three children.
Evolution of the Divorce and Property Division Lawsuits
The legal proceedings surrounding the couple’s divorce have shifted significantly across three judicial levels. In the initial December 2022 ruling, the divorce court ordered Chairman Chey to pay Director Roh 1억 원 in alimony and 665억 원 in cash for property division. By May 2024, the second instance court drastically increased the alimony to 20억 원 and the property division amount to 1조 3천808억 원. That second instance decision relied on the finding that former President Roh’s 300억 원 slush fund and Director Roh’s support contributed to SK Group’s growth, making SK shares subject to division.
However, the Supreme Court overturned that decision last October, ruling that the former president’s slush fund constituted illegal money and could not be counted as a contribution from Director Roh, thereby sending the case back for a new trial. Because the second instance ruling setting alimony at 20억 원 was finalized, the remanded proceedings focused exclusively on property division.
Frequently Asked Questions
What is the total amount Chairman Chey Tae-won must pay Director Roh Soh-yeong?
According to the Seoul High Court Family Division, Chairman Chey must pay 9천440억 원 in property division.
How did the court determine the division ratio for the assets?
The court set the division ratio at one-third for Director Roh and two-thirds for Chairman Chey, taking into account the sharp increase in SK stock prices between trial phases.
Were former President Roh Tae-woo’s funds considered a contribution to Director Roh’s share?
No. Following the Supreme Court ruling from last October, the court determined that even if the 300억 원 slush fund was delivered to SK, it cannot be recognized as a contribution from Director Roh.
How will this final property division figure impact the broader stability and governance structure of SK Group moving forward?