South Korean Opposition Wins Parliamentary Polls In Landslide

South Korea’s wealthiest elite has been shaken by a historic divorce settlement, as Chey Tae-won, the influential chairman of SK Group, has been ordered to pay a colossal 1.38 trillion won ($1 billion) to his former wife, marking the nation’s most substantial marital split to date.

Nearly a decade after his marriage imploded in a sensational scandal, Chey Tae-won is facing the financial reckoning, as Africa Today News, New York, has uncovered. The SK Group chairman’s divorce settlement comes on the heels of a very public extramarital affair and the arrival of a child with his mistress, which initially led to the demise of his marriage.

After 35 years of marriage, Roh So-young has emerged victorious in her high-stakes divorce battle, with the Seoul High Court ruling in her favor on Thursday. The court’s decision grants her a substantial share of Chey Tae-won’s company assets, marking a significant turning point in the case.

Roh So-young’s family ties are steeped in political significance, being the daughter of Roh Tae-woo, a former President of South Korea who left an indelible mark on the nation’s history.

Chey Tae-won’s legal representatives have declared their intention to appeal the court’s ruling, asserting that the decision was founded solely on his ex-wife’s testimony and failed to take into account other crucial factors.

The Seoul High Court’s award of 1.38 trillion won to Roh So-young marks a substantial increase from the 66.5 billion won settlement initially ruled by a lower court in 2022.

A lower family court had previously denied Roh So-young’s request to receive a portion of Chey Tae-won’s SK shares, but the Seoul High Court overturned this decision on Thursday, ruling that the shares should be considered joint assets and awarding her a portion of them.

The ruling said, “It was reasonable to rule that, as his wife, Roh played a role in increasing the value of SK Group and Chey’s business activity.”

The court estimated Chey Tae-won’s wealth to be approximately 4 trillion won, and accordingly, Roh So-young, with whom he has three children, is entitled to around 35% of that amount.

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Acknowledging Roh So-young’s contributions, the court said she had facilitated the growth of Chey Tae-won’s business by helping to resolve regulatory issues, and additionally, her father, former President Roh Tae-woo, had provided influential support, serving as a “protective shield” for Chey Jong-hyon, the former chairman of SK Group, thereby contributing to the company’s success.

The judgment highlighted that Chey had not shown any remorse “for his foul behaviour in the course of the trial… nor respect for monogamy.”

The court’s ruling factored in the devastating emotional consequences of Chey Tae-won’s infidelity on Roh So-young, leading to the substantial increase in the settlement amount, in a move that acknowledged the lasting impact of his betrayal.

Chey Tae-won’s legal team presented a counterintuitive argument, asserting that his ex-wife’s political ties had actually impeded his business progress, contrary to popular belief, and that these connections had proven more hindrance than help.

The court’s decision triggered a 9% spike in SK Inc.’s stock, as the global leader, with a diverse portfolio encompassing semiconductors, telecoms, chemicals, and energy, saw its market value swell, reflecting a renewed sense of confidence among investors.

Africa Today News, New York 

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