SK chairman agrees to pay $524.3 mil. in property division in divorce case

SK Chairman Chey Tae-won has reached an agreement to pay $524.3 million in property division as part of a divorce case, according to sources. The chairman, who had previously appealed a court ruling ordering him to pay 944 billion won ($706.6 million), has chosen to contest only the remaining 244 billion won in the appeal. Chey's legal representatives filed an application with the Seoul High Court on August 31 to amend the scope of his appeal, reducing it to 244 billion won.

The company's side stated that they decided to accept 700 billion won "for the greater cause of bringing the prolonged legal battle to a prompt resolution." The renewed appeal is expected to focus on whether Chey's SK Group shares should be considered marital property and whether there were legal errors in calculating the division ratio and amount. The Supreme Court will examine these factors within the scope of the 244 billion won.