Record Divorce Settlement: SK Group Power Struggle

SK Group Chairman Chey Tae-won appeals against a South Korean court ruling to pay 944 billion won to his ex-wife Roh Soh-yeong in a divorce settlement. The ruling, tied to a division of assets amid Chey's control of SK Group, excludes funds from Roh's father.

SK Group Chairman Chey Tae-won has officially appealed a major court ruling in South Korea, which mandates that he pay 944 billion won, equivalent to $668.52 million, to his former wife, Roh Soh-yeong, setting a record in South Korea's divorce settlement history, according to Yonhap news agency.

The Seoul High Court, in a decision handed down late July, determined that Chey should pay the cash as part of a division of marital assets, though he retains his shares in SK Inc, the holding company that anchors South Korea's second-largest conglomerate. This ruling marks a reduction from a previous 1.38 trillion won award after a higher court dismissed the incorporation of funds allegedly linked to Roh's father, ex-President Roh Tae-woo.

Chey's appeal is poised to extend this heavily scrutinized case, drawing investor interest due to the substantial AI-related boon to SK Group's semiconductor profits. SK Hynix, a pivotal player in AI chip supply, has also expanded its investor base by listing on Nasdaq, reflecting its escalated market value amidst the AI sector's growth.