SK Group Chairman Ordered to Pay 944 Billion Won in Divorce Asset Division
A Seoul court has ordered SK Group Chairman Choi Tae-won to pay his ex-wife Ro Soo-young nearly 1 trillion won (approximately $6.8 billion USD) in assets as part of their divorce settlement. The ruling was made on July 24.
The Seoul High Court has ruled that SK Group Chairman Choi Tae-won must divide nearly 1 trillion won (approximately $6.8 billion USD) of his wealth with his ex-wife, Ro Soo-young. The court mandated the payment in cash on July 24.
The court determined that Ro Soo-young is entitled to one-third of the couple's assets, while Choi Tae-won will retain two-thirds. This decision considered the significant increase in SK stock value during their marriage, attributing it partly to Choi Tae-won's business activities and partly to Ro Soo-young's contributions, including managing the household, raising children, and participating in external affairs.
The valuation date for the assets was set as April 16, 2024, the day before the final hearing of the appellate court. The court stated that the division aimed for fairness, taking into account the appreciation of SK stock, the couple's assets at the time of marriage, the process of acquiring joint property, and each party's contributions. However, a controversial 30 billion won in 'political funds' from Ro Soo-young's father, the late former president Roh Tae-woo, was deemed illegal and thus excluded from Ro Soo-young's contributions.
Choi Tae-won and Ro Soo-young married in September 1988 and have three children. Choi Tae-won initiated divorce proceedings in 2017. An initial ruling in December 2022 ordered Choi Tae-won to pay 100 million won in emotional distress damages and 66.5 billion won in property division. A subsequent appellate ruling in May 2024 awarded Ro Soo-young 2 billion won in emotional damages and 1.38 trillion won in assets, a decision that was later sent back to the appellate court for retrial by the Supreme Court.