SEOUL: South Korea's AI chip tycoon has appealed a court ruling ordering him to pay US$666 million to his former wife in the country's largest-ever divorce settlement, his lawyers said Saturday (Aug 15).
Chey Tae-won, 65, is the chairman of the SK Group, which owns world-leading memory chipmaker SK hynix -- a pillar of South Korea's tech-led economy.
Seoul High Court in 2024 had told him to pay 1.38 trillion won to his ex-wife Roh Soh-yeong, and the sum -- equal to more than $1 billion at the exchange rate at the time of the ruling -- led local media to dub it the "divorce of the century".
Chey appealed to the Supreme Court, which told the high court to reconsider its 2024 decision and led to the tycoon's reduced divorce bill of 944 billion won ($666 million) in July this year -- still the largest divorce asset settlement ever awarded in South Korea.
Seoul High Court ruled last month that Roh was entitled to a cash payout worth one-third of the couple's marital assets, including Chey's SK shares, citing her family role and support for SK Group activities.
The tycoon has appealed that July ruling, his lawyers said Saturday, which brings the case to the country's highest court again.
"After careful consideration of various factors, Chairman Chey Tae-won has filed an appeal to the Supreme Court," his lawyers said in a statement sent to AFP.
"We will approach the upcoming procedures with a commitment to minimizing any negative impact on shareholders and the Group's management."
Roh's legal team declined to comment to AFP.
The appeal could extend a closely watched legal battle that has drawn attention to Chey's control of SK Group as the AI boom boosts the value of its chip assets.
SK Group shares have more than tripled in value since December 2015, when Chey publicly disclosed his extramarital affair.
South Korean outlet Money Today reported that Chey offered Roh a mix of stock and cash to settle the asset division to limit market impact, but she reportedly demanded full payment in cash, which would require him to sell a large amount of shares -- prompting his appeal.
Chey and Roh -- daughter of a former South Korea president -- married in 1988 and have three children together, but the couple are believed to have lived apart for more than 15 years. In 2015 Chey admitted to fathering a child with his lover.
The 2024 ruling ordering the payout to Roh cited a 30 billion won slush fund her ex-president father, Roh Tae-woo, used to propel SK Group's growth.
But in October the Supreme Court quashed that argument, saying that any such cash likely stemmed from illegal bribes and therefore should not be counted.
The Supreme Court had separately ordered Chey and his lover to pay Roh 2 billion won in alimony, which his lover, Kim Hee-young, paid in 2024. - AFP
