South Korea divorce ruling lets SK Group chief keep shares in parent


SEOUL (Reuters) - A South Korean court ordered the chairman of No. 2 conglomerate SK Group to transfer cash of 66.5 billion won ($50.68 million) in a division of property, as part of a divorce ruling on Tuesday that kept any stock from changing hands.

While not yet final, the decision preserves the ownership structure of a conglomerate with assets of 292 trillion won ($226 billion) that controls the world's No. 2 maker of memory chips, SK Hynix.

In a statement, the court said the transfer by Chairman Chey Tae-won would not include stock in the group's holding company, SK Inc.

Chey holds a stake of 17.5% in the equity of SK Inc, regulatory filings show, with a value of about 2.7 trillion won at Monday's closing price.

His estranged wife, Roh Soh-yeong, would also receive alimony of 100 million won, said Kim Hyeon-jung, a judge of the Seoul Family Court.

But the court denied Roh's request for about half of Chey's SK Inc holdings, saying in the statement that her contribution to the holding was unclear. The 66.5 billion won Chey is required to pay is a cash payout, it added.

The legal representatives of both parties had no immediate comment. The law provides for an appeal against the ruling.

($1=1,312.1400 won)

(Reporting by Hyunsu Yim; Writing by Joyce Lee; Editing by Clarence Fernandez)

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In World

North Korea's Kim lauds army ahead of expected military parade
New Zealand recovers $300 million of cocaine floating at sea
Australia to expand rollout of fifth COVID vaccine shot
Bring dead pixels back to life with this free piece of software
The Turkish street that lies in ruins after the quake
Yanomami health crisis in Brazil can only be solved by expelling miners, official says
Roundup: Quake death toll in T�rkiye, Syria crosses 6,000, with calls mounting to lift U.S. sanctions on Syria
Mexican auto sector growth outlook positive, says industry leader
U.S. crude oil inventories down: API
Barcelona Wine Week 2023 features record number exhibiting wineries

Others Also Read