How SK chief can raise cash for property 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 found temporary relief in his lengthy divorce proceedings after filing a final appeal to the Supreme Court against a massive 944 billion-won ($668 million) divorce settlement. However, this new development introduces another challenge: determining how to accumulate the necessary funds. Chey's legal team submitted the appeal on Friday, just before the midnight deadline, thereby prolonging the ongoing legal conflict that began in 2017 and potentially transforming it into a decade-long dispute.
Furthermore, the appeal safeguards Chey from accruing late-payment interest, which would amount to approximately 130 million won each day, adding another considerable financial strain.
In July, the Seoul High Court mandated Chey to pay 944 billion won to his ex-wife, Roh Soh-yeong, as part of their property settlement. The most viable solution at present for Chey is to secure a stock-backed loan. He holds a 17.9 percent stake in SK Inc., the group's holding company, rendering him its largest shareholder. A recent share price of 585,000 won equates to roughly 7.6 trillion won, providing a substantial asset for potential financing. Nonetheless, borrowing against his shares could potentially pose complications.
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 property settlement koreatimes.co.kr
