{"id":11357,"date":"2024-05-31T17:29:00","date_gmt":"2024-05-31T17:29:00","guid":{"rendered":"https:\/\/sotnews.agency\/?p=11357"},"modified":"2024-05-31T19:22:08","modified_gmt":"2024-05-31T19:22:08","slug":"south-korean-high-court-orders-tycoon-to-pay-1bn-in-record-divorce-ruling","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=11357","title":{"rendered":"South Korean High Court orders Tycoon to pay $1bn in record divorce ruling"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>2 Minute, 9 Second <\/div>\n\n <\/div>

The Seoul High Court has ordered South Korean tycoon Chey Tae-won to pay his ex-wife 1.38 trillion won ($1bn; \u00a3788m) in cash as divorce settlement.<\/strong><\/p>\n

This is the country\u2019s largest ever divorce settlement after a court ruling on Thursday, May 30.<\/p>\n

The BBC reports that the court ruling comes nearly a decade after Mr Chey\u2019s marriage collapsed after he had engaged in an extramarital affair and fathered a child with his lover.<\/p>\n

According to the court ruling on Thursday, Roh So-young, the ex-wife of Mr. Chey whom he was married to for 35 years \u2013 was entitled to a portion of his company shares.<\/p>\n

Lawyers for Mr Chey \u2013 chairman of the powerful SK Group conglomerate \u2013 said he would appeal, claiming the court had taken \u201cRoh\u2019s one-sided claim as factual\u201d.<\/p>\n

It appears that the amount awarded to Ms Roh is a significant increase from an earlier settlement of 66.5bn awarded to Ms Roh in 2022 by a lower court.<\/p>\n

However, the lower family court rejected Ms Roh\u2019s request to be given a portion of Mr Chey\u2019s SK shares.<\/p>\n

But in court on Thursday, the High Court overturned the previous ruling and ruled that the shares should be considered joint property.<\/p>\n

In its verdict, the court stated that \u201cit was reasonable to rule that, as his wife, Roh played a role in increasing the value of SK Group and Chey\u2019s business activity\u201d.<\/p>\n

The court put Mr Chey\u2019s wealth at around 4tn won, meaning Ms Roh \u2013 with whom Mr Chey had three children \u2013 would take an estimated 35%.<\/p>\n

It also found that Ms Roh had helped ease regulatory hurdles for Mr Chey\u2019s business and that her father \u2013 former South Korean President Roh Tae-woo \u2013 had \u201cplayed the role of a protective shield\u201d for SK\u2019s ex-chairman Chey Jong-hyon.<\/p>\n

The court said Mr Chey had not shown \u201cany signs of remorse for his foul behaviour in the course of the trial\u2026 nor respect for monogamy\u201d and said the new settlement took into account Ms Roh\u2019s suffering over her ex-husband\u2019s extramarital affair.<\/p>\n

Mr Chey\u2019s lawyers argued that, rather than his ex-wife\u2019s political connections enhancing his business, they had been a disadvantage.<\/p>\n

Shares in SK Inc \u2013 which is one of the world\u2019s biggest makers of semiconductors and also has interests in telecoms, chemicals and energy \u2013 jumped 9% following the ruling.<\/p>\n

\u00a0<\/p>\n

Source:bbc.com<\/strong><\/p>\n

The post South Korean High Court orders Tycoon to pay $1bn in record divorce ruling<\/a> first appeared on 3News<\/a>.<\/p>

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The Seoul High Court has ordered South Korean tycoon Chey Tae-won to pay his ex-wife 1.38 trillion won ($1bn; \u00a3788m) in cash as divorce settlement. This is the country\u2019s largest… <\/p>\n","protected":false},"author":1,"featured_media":11516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"yes","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11357","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/11357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11357"}],"version-history":[{"count":1,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/11357\/revisions"}],"predecessor-version":[{"id":11518,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/11357\/revisions\/11518"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/11516"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}