A South Korean court has ordered Chey Tae-won, chairman of the corporate behemoth SK Group, to pay his ex-wife Roh Soh-yeong 944 billion won (approximately £483 million) in a divorce settlement. The case, dubbed the 'divorce of the century' by local media, has captivated the nation, offering a rare glimpse into the personal fortunes of the country's powerful family-owned conglomerates, known as chaebols.
The ruling represents a significant sum, though it is a reduction from an initial 2024 order where Chey was told to pay 1.38 trillion won. That earlier verdict was overturned by the Supreme Court last year, which ruled that illegal funds received by Roh's father, former President Roh Tae-woo, could not be considered part of the couple's marital assets. The couple had been married for 35 years before their separation more than a decade ago following revelations that Chey had fathered a child with another woman.
SK Group is a dominant force in the South Korean economy, ranking as the second-largest chaebol after Samsung. Its interests span a vast array of industries, from telecommunications with SK Telecom to petrol stations and, crucially, semiconductors through its subsidiary SK Hynix. SK Hynix has gained global prominence, supplying chips to major players like Nvidia and finding itself at the epicentre of the artificial intelligence (AI) boom. The chipmaker's soaring valuation has significantly bolstered SK Group's standing, with its market capitalisation surpassing $1 trillion (£750 billion) on the South Korean stock market in May, and a record-setting $26.5 billion New York share offering, the largest ever by a foreign firm in the US.
The financial implications of such a substantial payout for Chey, while significant, are unlikely to destabilise SK Group itself, given the vast scale of its operations and the personal nature of the settlement. However, the case underscores the immense wealth concentrated within these family-controlled empires and the intricate connections between corporate success and political influence that have long characterised South Korea's economic landscape. Chey's lawyers have expressed his regret over the proceedings causing public concern and stated they would provide a specific response after reviewing the verdict.
For UK households and businesses, while directly unaffected by the specifics of this divorce, the story highlights the global nature of the tech industry and the interconnectedness of major players. SK Hynix's role in the AI sector means its stability and continued innovation indirectly support the global supply chain for technology that powers everything from smartphones to advanced computing, impacting businesses reliant on these components.