South Korean billionaire fights record $668M divorce payout to ex-wife
SK Group Chairman Chey Tae-won has appealed against a South Korean court ruling ordering him to pay 944 billion won (US$668.52 million) to his former wife Roh Soh-yeong in a record divorce settlement, his lawyers said.
A South Korean billionaire is embroiled in a landmark legal battle over a staggering $668 million divorce settlement to his ex-wife. The Supreme Court has ruled that the sum be paid as part of the marital assets division, while allowing him to retain his shares in SK Inc, the holding company of South Korea's second-largest conglomerate. This decision marks the largest divorce asset settlement ever awarded in the country, according to international news agencies.
The case has garnered significant attention due to the rapid growth of the AI boom, which has significantly increased the value of SK Group's semiconductor assets. Chey, the billionaire involved, holds a substantial stake in SK Group through his holding company. The court's assessment of Chey's wealth was around 4 trillion won when it issued its 2024 ruling, meaning the cash payout would consume nearly a quarter of his fortune.
Interestingly, the case has drawn particular interest from investors as an AI-driven surge in SK Group's market value has been linked to the global demand for AI infrastructure. SK Hynix, a major supplier of high-bandwidth memory chips used in AI processors, has seen its market value soar, listing American depositary shares on Nasdaq in July. This development underscores the far-reaching impact of the AI revolution on South Korea's tech sector and highlights the magnitude of Chey's wealth.
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