SK Group Divorce Case Returns to Court, Billion-Dollar Settlement in Question
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A high-stakes divorce battle between SK Group Chairman Chey Tae-won and Noh So-young, director of the Nabi Art Center, is back in the spotlight as the Seoul High Court prepares to re-examine the contentious property division. Dubbed the “divorce of the century,” the case has captivated South Korea and now enters a critical phase following a Supreme Court ruling.
The 1st Division of Family Affairs of the Seoul High Court, led by Chief Judge Lee Sang-ju and Lee Hye-ran, will hold its first hearing on April 16th, 2024, at 5:20 p.m. to revisit the financial implications of the couple’s separation.
A Marriage Marked by Prestige and Scandal
Chey and Noh’s marriage began in 1988 at the Blue House guesthouse, coinciding with the inauguration of former President Roh Tae-woo. However, the union fractured in 2015 following revelations of an extramarital affair involving Chairman Chey and Kim Hee-young, chairwoman of the T&C Foundation. This scandal triggered a protracted legal battle.
Initial attempts at mediation in July 2017 failed due to Director Noh’s opposition, leading Chairman Chey to file for divorce in February 2018. Director Noh subsequently filed a countersuit in December 2018, seeking a substantial share of the couple’s assets.
Shifting Rulings and a Trillion-Won Dispute
The initial trial awarded Director Noh 100 million won in alimony and 66.5 billion won in assets, failing to recognize her contribution to the growth of SK Group’s stock value. However, a subsequent ruling dramatically shifted the balance, recognizing Director Noh’s direct contribution to the value of SK stock and ordering Chairman Chey to pay 1.380817 trillion won – approximately 35% of their joint assets, valued at 4 trillion won – along with an increased alimony of 2 billion won.
This outcome was overturned last October by the Supreme Court, which deemed a 30 billion won “slush fund” provided by former President Roh, and used by Director Noh as justification for her claim, as an inadmissible bribe lacking legal protection. Despite this setback, the 2 billion won alimony award was upheld.
Supreme Court Ruling Signals Reduced Settlement
Legal experts anticipate a significantly reduced property division award for Director Noh in the remand trial, aligning with the Supreme Court’s decision regarding the illicit funds. “According to the purpose of the Supreme Court’s ruling, it seems inevitable that the amount of property division that Director Roh will receive in the remand trial will be drastically reduced,” a legal source stated.
However, the remand trial differs from previous proceedings. Unlike appellate trials focused solely on legal issues, this phase allows for the introduction of new evidence and arguments, potentially influencing the final outcome. Observers suggest that Director Noh could still secure a substantial settlement if she can adequately demonstrate her contributions to the accumulation of “couple’s joint property.”
The coming weeks will be crucial as both sides present their cases, and the Seoul High Court determines the final financial resolution in this landmark divorce.
