How SK chief can raise cash for divorce settlement
SK Group Chairman Chey Tae-won has secured critical breathing room in his decade-long divorce saga after filing a last-minute appeal to the Supreme Court against a 944 billion-won ($668 million) divorce settlement. But the move leaves him with a fresh question: how to raise the cash. Chey's side filed the appeal Friday, shortly before the midnight deadline, extending the legal battle that began…
SK Group Chairman Chey Tae-won has secured a reprieve in his long-running divorce case after filing a last-minute appeal to the Supreme Court against a substantial 944 billion-won ($668 million) settlement. However, this legal maneuver has raised a new question: how can he finance the costs? On Friday, Chey's legal team filed the appeal just before the midnight deadline, extending the conflict that began in 2017, potentially making it last for a decade.
The appeal also protects Chey from accruing late-payment interest, which would amount to approximately 130 million won per day, adding an additional financial strain.
In July, the Seoul High Court ruled that Chey must pay 944 billion won to his ex-wife, Roh Soh-yeong, as part of their property settlement. Chey's most viable option appears to be securing a stock-backed loan. As the largest shareholder in SK Inc., the conglomerate's holding company, Chey owns a 17.9 percent stake, which currently values at around 7.6 trillion won. This considerable collateral could be utilized to arrange the necessary financing. Nonetheless, borrowing against his shares might complicate matters further.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- How SK chief can raise cash for divorce settlement koreatimes.co.kr
