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…

koreatimes.co.kr ·1h ago

How SK chief can raise cash for divorce settlement

Chey Tae-won, the chairman of the SK Group, has managed to buy himself some time in his lengthy divorce proceedings. In a last-minute appeal filed with the Supreme Court this past Friday, he managed to push back a divorce settlement demand of 944 billion won — roughly $668 million. The deadline for this appeal was midnight, and filing it allowed him to extend the legal battle that started back in 2017. This extension could potentially turn the dispute into a decade-long ordeal.

The legal maneuver also safeguards Chey from late-payment interest. Had the divorce order gone through as initially set forth, SK Inc. would have owed his ex-wife, Roh Soh-yeong, about 130 million won each day. This interest alone would have added another considerable financial strain.

In July, the Seoul High Court ruled that Chey must pay his ex-wife 944 billion won as part of their jointly owned property division. As the largest shareholder in SK Inc., Chey holds a 17.9 percent stake in the company, making him its biggest shareholder. The recent share price of 585,000 won per share puts the value of his stake at approximately 7.6 trillion won. This substantial asset could potentially be used as collateral for a stock-backed loan. However, borrowing against these shares could 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.