Tycoon is ordered to pay $1 BILLION settlement after cheating on his wife: Husband could lose control of his business empire after divorcing South Korean ex-president’s daughter
- Chey Tae-won owes his ex-wife Roh So-young $1 billion after she left him
- They divorced after he revealed he had a child with another woman
- He owes her $1 billion after an appeals court doubled the amount she owes
A South Korean tycoon may lose control of one of the country’s largest companies after a court ordered him to pay $1 billion to his estranged wife after cheating on her, the largest divorce settlement the country has ever seen .
Appeals judges in Seoul have more than doubled the amount owed by Chey Tae-won, chairman of the SK Group conglomerate, to Roh So-young, the daughter of a former president.
The couple, both 63, met as students at the University of Chicago and married in 1988, having a son and two daughters together.
They began divorce proceedings in 2017, two years after Chey revealed he had a child out of wedlock with another woman.
The court ruled that the company executive’s marriage to the family of late President Roh Tae-woo, who led South Korea from 1988 to 1993, benefited him and his company, the largest in South Korea after Samsung.
Appeals judges in Seoul have more than doubled the amount owed by Chey Tae-won, chairman of the SK Group conglomerate, (pictured) to his estranged wife
Chey’s divorce from Roh So-young (pictured), the daughter of a former president, has resulted in the largest settlement in South Korean history
As a result, Chey had to pay more than initially determined by a lower court.
The ruling read: “It was reasonable to find that Roh, as his wife, played a role in increasing the value of SK Group and Chey’s business activities.
‘[He] shows no sign of remorse for his sordid behavior during the trial… nor respect for monogamy.”
Chey must pay Roh 1.38 trillion won, as part of property division, and a total of 2 billion won in alimony, totaling $1 billion.
The news has South Korea in its grip. One newspaper claims that interest payments alone are likely to exceed £109,000 a day.
To pay the initial settlement, he will have to cash in shares worth at least £1.09 billion, diluting his stake in SK Group from 18% to 3%.
Chey said after the ruling: “I remain unchanged in my belief that the judgment of the judiciary must be respected, but I cannot help but express my regret at this ruling, which denies the history of SK’s growth.”
His lawyers said they are taking the case to the country’s Supreme Court, which could take up to three years, which would see interest accrue to the amount he owes her if his latest bid fails.
SK Group is the second-largest industrial conglomerate, or chaebol, in South Korea.
It has its tentacles in many industries, including oil, semiconductor, chemical, IT and telephone networks.
