Billionaire businessman to fight £134 million payout in ‘divorce of the century’

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Billionaire SK Group Chairman Chey Tae-won is expected to accept 700 billion won (£386 million) of the 944 billion won (£520 million) property division ordered by a South Korean court in a case that has been dubbed the “divorce of the century”.

The decision would narrow the dispute to about 244 billion won (£134 million), which will now be decided by the Supreme Court, Yonhap News Agency reported on Wednesday.

The Seoul High Court ruled in late July that Chey should make the cash payment to his former wife Roh Soh-yeong as a division of marital assets, while retaining his shares ⁠in SK Inc, the holding company of South Korea’s second-largest conglomerate.

In August, Chey filed an appeal. Roh’s side had not yet filed a cross-appeal, Yonhap said.

The Seoul High Court’s ruling came months after the Supreme Court ordered further review by the appellate court of the divorce case between Chey and Roh So-yeong, the daughter of former South Korean President Roh Tae-woo.

The decision reduced a 1.38 trillion won award made by an appeals court in 2024 after the Supreme Court rejected the inclusion of alleged funds from Roh’s father as a legally protected contribution.

South Korean President Lee Jae Myung (C), Samsung Electronics Chairman Lee Jae-yong (L) and SK Group Chairman Chey Tae-won (R) (AFP/Getty)

Chey’s appeal could prolong a closely watched case that has focused investor attention on Chey’s control of SK Group.

“We apologise for causing concern and will decide whether to appeal after reviewing the court ruling,” Lee Jae-keun, a lawyer representing Chey, said at the time.

The case has drawn attention because the AI boom has sharply increased the value of SK Group’s semiconductor assets and, in turn, Chey’s holding company stake.

SK Hynix, a major supplier of high-bandwidth memory (HBM) chips used with AI processors, has been among the chief beneficiaries of global demand for AI infrastructure.

The chipmaker listed American depositary shares on Nasdaq in July, broadening its access to global investors after a surge in its market value linked to the AI rally.

Chey and Roh, the director of a Seoul art museum, married in 1988 and have three children. Chey filed for divorce in 2017 after revealing he was in a relationship with another woman and had a child with her.

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