{"id":113173,"date":"2024-05-31T17:35:55","date_gmt":"2024-05-31T21:35:55","guid":{"rendered":"https:\/\/africatodaynewsnewyork.com\/?p=113173"},"modified":"2024-05-31T17:38:42","modified_gmt":"2024-05-31T21:38:42","slug":"billionaire-ordered-to-pay-ex-wife-1bn-in-divorce-settlement","status":"publish","type":"post","link":"https:\/\/africatodaynewsnewyork.com\/2024\/05\/31\/billionaire-ordered-to-pay-ex-wife-1bn-in-divorce-settlement\/","title":{"rendered":"Billionaire Ordered To Pay Ex-Wife $1bn In Divorce Settlement"},"content":{"rendered":"

South Korea’s<\/a> wealthiest elite has been shaken by a historic divorce settlement, as Chey Tae-won, the influential chairman of SK Group, has been ordered to pay a colossal 1.38 trillion won ($1 billion) to his former wife, marking the nation’s most substantial marital split to date.<\/strong><\/p>\n

Nearly a decade after his marriage imploded in a sensational scandal, Chey Tae-won is facing the financial reckoning, as Africa Today News, New York, has uncovered. The SK Group chairman’s divorce settlement comes on the heels of a very public extramarital affair and the arrival of a child with his mistress, which initially led to the demise of his marriage.<\/p>\n

After 35 years of marriage, Roh So-young has emerged victorious in her high-stakes divorce battle, with the Seoul High Court ruling in her favor on Thursday. The court’s decision grants her a substantial share of Chey Tae-won’s company assets, marking a significant turning point in the case.<\/p>\n

Roh So-young’s family ties are steeped in political significance, being the daughter of Roh Tae-woo, a former President of South Korea who left an indelible mark on the nation’s history.<\/p>\n

Chey Tae-won’s legal representatives have declared their intention to appeal the court’s ruling, asserting that the decision was founded solely on his ex-wife’s testimony and failed to take into account other crucial factors.<\/p>\n

The Seoul High Court\u2019s award of 1.38 trillion won to Roh So-young marks a substantial increase from the 66.5 billion won settlement initially ruled by a lower court in 2022.<\/p>\n

A lower family court had previously denied Roh So-young\u2019s request to receive a portion of Chey Tae-won\u2019s SK shares, but the Seoul High Court overturned this decision on Thursday, ruling that the shares should be considered joint assets and awarding her a portion of them.<\/p>\n

The ruling said, \u201cIt was reasonable to rule that, as his wife, Roh played a role in increasing the value of SK Group and Chey\u2019s business activity.\u201d<\/p>\n

The court estimated Chey Tae-won\u2019s wealth to be approximately 4 trillion won, and accordingly, Roh So-young, with whom he has three children, is entitled to around 35% of that amount.<\/p>\n

Read also: South Korean Opposition Wins Parliamentary Polls In Landslide<\/a><\/strong><\/p><\/blockquote>\n

Acknowledging Roh So-young\u2019s contributions, the court said she had facilitated the growth of Chey Tae-won\u2019s business by helping to resolve regulatory issues, and additionally, her father, former President Roh Tae-woo, had provided influential support, serving as a \u201cprotective shield\u201d for Chey Jong-hyon, the former chairman of SK Group, thereby contributing to the company\u2019s success.<\/p>\n

The judgment highlighted that Chey had not shown any remorse \u201cfor his foul behaviour in the course of the trial\u2026 nor respect for monogamy.\u201d<\/p>\n

The court’s ruling factored in the devastating emotional consequences of Chey Tae-won’s infidelity on Roh So-young, leading to the substantial increase in the settlement amount, in a move that acknowledged the lasting impact of his betrayal.<\/p>\n

Chey Tae-won’s legal team presented a counterintuitive argument, asserting that his ex-wife’s political ties had actually impeded his business progress, contrary to popular belief, and that these connections had proven more hindrance than help.<\/p>\n

The court’s decision triggered a 9% spike in SK Inc.’s stock, as the global leader, with a diverse portfolio encompassing semiconductors, telecoms, chemicals, and energy, saw its market value swell, reflecting a renewed sense of confidence among investors.<\/p>\n

Africa Today News, New York\u00a0<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

South Korea’s wealthiest elite has been shaken by a historic divorce settlement, as Chey Tae-won, the influential chairman of SK Group, has been ordered to pay a colossal 1.38 trillion won ($1 billion) to his former wife, marking the nation’s most substantial marital split to date. Nearly a decade after his marriage imploded in a […]<\/p>\n","protected":false},"author":9,"featured_media":113175,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[6928],"tags":[25438,15804],"class_list":["post-113173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feature","tag-chey-tae-won","tag-south-korea","pmpro-has-access"],"yoast_head":"\nBillionaire Ordered To Pay Ex-Wife $1bn In Divorce Settlement<\/title>\n<meta name=\"description\" content=\"South Korea's wealthiest elite has been shaken by a historic divorce settlement, as Chey Tae-won, the influential chairman of SK Group, ha\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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