Korean court orders tech titan to pay ex-wife $640 million in divorce settlement

According to the Saudi Gazette, a South Korean court has ordered SK Group Chairman Chey Tae-won to pay 944 billion won, approximately $640 million, to his former spouse, Roh Soh-yeong. The ruling marks a significant development in a long-standing divorce case that has drawn intense public and media scrutiny in South Korea, particularly due to the involvement of the daughter of a former president and the billionaire's substantial stake in the nation's second-largest conglomerate.

The settlement follows the dissolution of the couple's marriage, which occurred after it was revealed that Chey had fathered a child with another woman. While the $640 million award is considered a record-breaking figure for a divorce settlement in South Korea, it is notably lower than the 1.38 trillion won figure previously ordered by an appeals court earlier in 2024. The case has been closely watched by financial analysts due to its potential impact on the ownership structure of SK Group.

Despite the magnitude of the payment, market experts suggest that the ruling is unlikely to disrupt the management control of the conglomerate. Park Ju-gun, head of the corporate analysis firm Leaders Index, noted that while Chey may need to liquidate or leverage shares in various SK Group units to raise the necessary funds, the conglomerate's overall governance and strategic direction are expected to remain stable. SK Group, which maintains a significant international profile, has not yet issued a formal statement regarding the finality of the court's latest order.