SK Chairman Chey Tae-won Ordered to Pay Ex-Wife 944 Billion Won, Korea's Most Expensive Divorce Settlement Finalized

Original Author: Zhang Yaqi

Original Source: Wall Street CN

A political and commercial marriage once hailed as the "wedding of the century" is now ending in what is being called the most expensive divorce in South Korean history.

On July 24, the Seoul High Court ruled that SK Group Chairman Chey Tae-won must pay his ex-wife, Roh Soh-yeong, 944 billion Korean won in asset division, equivalent to approximately $643 million. This marks the most expensive divorce judgment in South Korean judicial history.

The legal battle has dragged on for nearly a decade. From a first-instance ruling of $50 million in 2022, to an appellate court judgment of nearly $1 billion in 2024, and then a remand by the Supreme Court, the final figure has now been set.

The issue is not just "how much" must be paid, but also whether Chey Tae-won will settle the amount through cash, stocks, loans, or asset sales, and whether this could affect his control over SK Group. Analysts point out that to raise the funds, Chey may face options like taking out loans or selling assets, but his core control over SK Group is unlikely to be shaken in the short term.

The Wall Street Journal called it the "divorce of the century," while Bloomberg inquired on the day of the ruling whether the payment would be in cash or stocks. Foreign media headlines were more direct — "A Real-life K-drama: Money, Romance, Corruption, and Betrayal Intertwined."

But back in 1988, no one would have predicted any of this.

The Blue House Wedding Defined the Marriage's Beginning

In 1988, shortly after the Seoul Olympics concluded and South Korea had just transitioned to democracy, President Roh Tae-woo's daughter, Roh Soh-yeong, got married. The venue was the presidential Blue House. The groom was Chey Tae-won, the nephew of SK Group's founder. Prime Minister Lee Hyun-jae presided over the ceremony, and Korean media dubbed it the "wedding of the century."

The two met while studying at the University of Chicago. This marriage tied political power to a business empire — in South Korea at that time, such a union was itself a signal.

They had three children. All three worked for SK subsidiaries as adults.

But in 2015, things began to unravel.

The 2015 Public Letter Was More Than Just an Affair Confession

In December 2015, Chey Tae-won published a three-page open letter in a Korean newspaper, admitting to having an extramarital relationship with another woman and fathering a child with her.

He quoted the opening line of Tolstoy's Anna Karenina:

"Happy families are all alike; every unhappy family is unhappy in its own way."

He stated that his 27-year marriage to Roh Soh-yeong was irreparable and expressed his desire to "end it cleanly."

But just four months before this letter — in August 2015 — he had been released from prison on a presidential pardon. This was his second pardon.

Roh Soh-yeong's initial reaction was widely reported by Korean media. She confided in those around her, wondering if she had been too selfish and not considerate enough of her husband. Subsequently, she told the media:

"I will not get a divorce."

She eventually agreed to the divorce in 2019.

Twice Imprisoned, Twice Pardoned: The Other Side of Chey Tae-won

Before the divorce case became the focal point, Chey Tae-won had an earlier criminal record in two instances.

In 2003, he was sentenced to three years in prison for illegal stock trading and accounting fraud. He was released on bail months later, the sentence was commuted to probation, and he subsequently received a presidential pardon that expunged his record. In 2013, he was sentenced to four years for embezzling approximately $42 million in company funds (used to cover personal investment losses). The judge criticized his "lack of genuine awareness of his responsibilities."

Chey Tae-won denied the allegations in court, claiming the transactions were legitimate corporate investments. "I don't know what else I need to prove, but I can honestly say I did not commit this crime."

During his incarceration, he accomplished two things: he consolidated control over SK Holdings through the merger of two SK subsidiaries, and he published a 229-page book, New Exploration: Social Enterprise, discussing how the government could incentivize businesses to solve social problems.

He received a second presidential pardon in August 2015. Four months later, he published the letter announcing his divorce.

In 2018, Chey Tae-won co-founded the T&C Foundation with his current partner, Kim Hee-young (English name Chloe, 50), focusing on youth scholarships and educational projects. In 2019, the two made their first public appearance together. At the event, Chey remarked, "I have reflected on the past and realized I was living wrongly."

SK Hynix's AI Boom Reshaped the Divorce Settlement Size

If SK Hynix hadn't ridden the AI wave, the amount in this case might have been on a different scale.

SK Hynix is the world's primary supplier of HBM, a critical hardware for training large AI models. Since the beginning of 2025, SK Hynix's stock price has surged nearly tenfold. By the end of May, the company's market cap exceeded $1 trillion. On July 10, Chey Tae-won rang the Nasdaq bell as SK Hynix completed its U.S. listing, raising approximately $26 billion.

According to the Bloomberg Billionaires Index, Chey Tae-won's personal net worth is around $5.6 billion, having more than doubled within a year. Last month, he had whiskey with NVIDIA CEO Jensen Huang at a fried chicken restaurant in Seoul, during which Chey proactively offered to pay for everyone. He has also previously met Trump on a golf course, and Biden publicly called him an "old friend" during his 2022 visit to South Korea.

This rapid increase in value directly altered the trajectory of the divorce case. Roh Soh-yeong's side argued: The foundation for SK Hynix's surge was laid during the marriage period, and dividing assets based on the market value at the time of divorce would be unfair to her; updated valuations should be used.

The initial 2022 ruling awarded approximately $50 million. Roh Soh-yeong appealed, stating this "denied the contribution of women to the family." In 2024, the appellate court revised the ruling to 35% of assets, then valued at nearly $1 billion. Chey Tae-won's side argued that Roh Soh-yeong did not contribute to SK's recent successes and that valuations pre-dating the AI boom should be used.

After the Supreme Court remanded the case, the Seoul High Court delivered the 944 billion won verdict on July 24, 2026.

How Will This Money Be Paid?

Bloomberg's core question on the day of the ruling was: Will the payment be in cash or stocks — directly impacting Chey Tae-won's control over SK Group.

Chey Tae-won directly holds 17.9% of SK Inc., the holding company of SK Group. Citing analysts, Bloomberg suggested that if the judgment amount is paid in cash, Chey may need large-scale borrowing or sell some assets; but the control structure of SK Group is unlikely to be shaken in the short term.

The Overlooked Side: Roh Soh-yeong is Not Just an "Ex-Wife"

Roh Soh-yeong's identity extends far beyond being a party in a divorce case.

She runs Art Center Nabi, South Korea's first media art museum. The center was initially housed within the SK headquarters building. In 2023, an SK subsidiary, citing the expiration of the lease, accused the art center of "illegal occupation." This June, she relocated the art center near Seoul's old royal palace, with an inaugural exhibition titled "A Pregnant Pause."

She has given lectures at the University of Cambridge. When she moved out of her home of 37 years last year, she shared old belongings on social media, including her wedding dress, handbags, and a wedding poster for her parents made by their three young children. The children had cut out their parents' photos, pasted them onto paper wedding dress and tuxedo shapes, and drawn hearts and stars around them, writing "Love Actually."

In October 2024, Chey Tae-won and Roh Soh-yeong attended their youngest daughter's wedding together. The daughter walked down the aisle alone. Of their three children, only one now still works for an SK subsidiary.

This Case Touches Three Sensitive Nerves in South Korean Society

The legal reasoning behind this divorce judgment reflects several deep-seated issues in South Korean society.

The relationship between the chaebol (conglomerates) and the judiciary is the first sensitive point. Chey Tae-won was imprisoned twice and pardoned twice by the president. Whether it was the 2003 illegal stock trading case or the 2013 embezzlement case, both ultimately had his record expunged through pardons. This cycle was repeatedly referenced during the ongoing divorce proceedings.

How to value contributions during a marriage is the second point of contention. Evidence submitted by Roh Soh-yeong's legal team included questions about whether the Roh Tae-woo administration provided special favors when SK obtained South Korea's second mobile communication license in 1992. Then-opposition leader Kim Dae-jung publicly criticized this as a "shameless act of presidential cronyism," and there was internal opposition even within the ruling party. SK subsequently returned the license.

Roh Soh-yeong's side also submitted a handwritten note suggesting the Roh Tae-woo government funneled 30 billion won (about $23 million) to SK. SK denied receiving these funds. However, the appellate court accepted related evidence, determining that Roh Soh-yeong made "substantial contributions" to SK Group's development — a finding that directly influenced the division ratio in successive rulings.

The situation of women in elite marriages is the third perspective. After her husband publicly confessed to infidelity in 2015, Roh Soh-yeong's first reaction was self-reflection rather than retaliation — "Was I too selfish?" — a statement that sparked a national discussion in South Korea about women's roles in marriage.

How Many Uncertainties Remain After the Ruling?

The verdict of 944 billion won is still subject to appeal. But the larger variables lie outside the courtroom.

SK Hynix's AI boom shows no signs of ending. The company recently announced an additional investment of over $250 billion in South Korea to expand production, with President Lee Jae-myung referring to Chey Tae-won and Samsung's chairman as "national and people's heroes."

If SK Hynix's stock price continues to rise, will Roh Soh-yeong's side demand a recalculation of the division amount based on updated market valuations? If Chey Tae-won is forced to reduce his stake to raise cash, what changes might occur in SK Group's ownership structure?

The Wall Street Journal's report concluded by quoting Roh Soh-yeong's social media update from last November. As she moved out of her old home, she wrote: "Now that I'm past 60, everything has become precious."