Wife demands ₹12,068 crore in cash for divorce settlement: South Korean billionaire’s appeal to go under review
South Korea's Supreme Court will review billionaire Chey Tae-won's divorce settlement with Roh Soh-yeong, who claims 42.3% of the company shares.
South Korea’s Supreme Court has agreed to review billionaire Chey Tae-won’s divorce settlement case after he appealed a previous court ruling. The lower court had ordered Chey, chairman of SK Group, to pay a settlement of 1.38 trillion won (about ₹8.328 crore) to his estranged wife, Roh Soh-yeong, as per Bloomberg.
The Supreme Court’s decision to review the case does not indicate support for either side, clarified Chey’s lawyer, Kim Sung Woo, Bloomberg added.
In 2015, Chey revealed he had a child with another woman, leading him to seek a divorce settlement in 2017. Since they could not reach an agreement, the case proceeded to court.
Chey, whose estimated net worth is around $1 billion ( ₹8,438 crore) according to Bloomberg, previously paid Roh 2 billion won ( ₹12 crore) as one-time alimony, as directed by the Seoul High Court.
Roh Soh-yeong is the daughter of former South Korean President Roh Tae-woo. She filed a lawsuit in 2019, demanding 42.3% of Chey’s SK Inc. shares, which were valued at approximately 1 trillion won ( ₹6 crore) at the time, along with an additional 300 million won ( ₹1.8 crore) in alimony.
Roh later adjusted her claim, seeking around 2 trillion won ( ₹12,068 crore) in cash and 3 billion won ( ₹18 crore) in alimony, the publication added.
Chey’s appeal
Chey’s appeal focused on what he argued were mistakes in the asset calculations, which he claimed overvalued his contributions to SK Group. He argued that a significant portion of the conglomerate’s worth came from inherited assets. Under South Korean law, those are typically excluded from divorce settlements.
However, the appeals court upheld the earlier decision, agreeing that Roh had played a role in enhancing SK Group’s value, thereby supporting her claim for SK shares as part of the settlement.
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Business NewsNewsTrendsWife demands ₹12,068 crore in cash for divorce settlement: South Korean billionaire’s appeal to go under review
First Published:9 Nov 2024, 10:37 AM IST
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