SK Group Chairman Chey Tae-won (Image courtesy of Yonhap)
SEOUL, Oct. 16 (Korea Bizwire) — After years entangled in one of South Korea’s most high-profile divorce battles, SK Group Chairman Chey Tae-won appears ready to turn his attention back to business.
The Supreme Court on Thursday ordered a review of the massive divorce settlement previously imposed on him, easing concerns over a potential shakeup at the nation’s second-largest conglomerate.
The ruling came nearly 17 months after the Seoul High Court had ordered Chey to pay 1.38 trillion won ($971 million) in asset division and an additional 2 billion won in alimony to his estranged wife, Roh Soh-yeong — the only daughter of former President Roh Tae-woo.
The unprecedented sum had raised fears that Chey might be forced to sell shares in key SK affiliates, a move that could have weakened his grip on the sprawling business empire spanning semiconductors, energy, telecommunications, and biopharmaceuticals.
The Supreme Court, however, found errors in the lower court’s judgment and sent the case back for recalculation, specifically questioning whether a 30 billion-won contribution from the late president Roh to Chey’s father could rightly be treated as part of Roh Soh-yeong’s financial contribution to the couple’s assets. That distinction could significantly lower the payout Chey ultimately faces.
“We respect the Supreme Court’s decision,” Chey’s attorney said in a statement. “It is fortunate that the legal misunderstandings and factual errors in the appellate ruling have been corrected.”
Noh So-young, director of Art Center Nabi, and SK Group Chairman Chey Tae-won arrive at the Seoul High Court on April 16, 2024, to attend an appellate hearing in their divorce case. (Yonhap)
SK Group has refrained from issuing an official comment, but company insiders described the mood as “cautiously relieved,” viewing the decision as a turning point that allows the chairman to move beyond personal distractions and stabilize the group’s governance structure.
Chey directly owns 17.9 percent of SK Inc., the group’s holding company, but his control remains delicate, with total friendly stakes estimated at around 30 percent.
The Supreme Court’s decision effectively shields Chey from the worst-case scenario — the forced liquidation of shares that could have triggered uncertainty across SK’s business network and rattled investor confidence.
With the legal threat now diminished, Chey is wasting little time returning to the global stage. Later Thursday, he was scheduled to fly to the United States to attend a gathering of international business leaders at Mar-a-Lago in Florida, hosted by SoftBank Chairman Masayoshi Son.
There, he will join peers including Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Euisun Chung, LG Group Chairman Koo Kwang-mo, and Hanwha Group Vice Chairman Kim Dong-kwan to discuss collaboration on Stargate, a large-scale artificial intelligence infrastructure initiative.
Chey is also expected to play a central role at the APEC CEO Summit later this month in Gyeongju, where global executives will convene to discuss trade, innovation, and sustainability.
For Chey, who has guided SK through sweeping transformations — from the rise of SK Hynix to its recent push into green energy and digital platforms — the court’s decision offers more than personal vindication.
It gives him breathing room to reassert his leadership at a time when South Korea’s conglomerates are redefining their identities in a fast-evolving global economy.
As one SK executive put it, “The chairman can finally return his full focus to what he does best — shaping the future of SK.”
M. H. Lee (mhlee@koreabizwire.com)
