South Korean Billionaire Ordered to Pay $1bn in Divorce Settlement
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South Korean billionaire Chey Tae-won has been ordered to pay his wife a record-breaking $1bn in their divorce settlement. The chairman of SK Group must pay 1.38tn won to his wife, daughter of former president Roh Tae-woo, after their marriage ended due to his extramarital affair.
The court ruled in favor of the wife, awarding her 1.38tn won in property and 2bn won in alimony. The settlement includes a portion of Mr. Chey’s shares in his company, deemed joint property by the court.
This high-profile case underscores the significant role played by the wife in the growth of SK Group and her entitlement to a share of the fortune. Despite the legal battle, the ruling reflects the emotional impact of the affair on the wife and the lack of remorse shown by Mr. Chey.
The division of assets sheds light on the intricate dynamics of high-profile divorces and the financial consequences that follow. SK Group, with its diverse business holdings, remains at the center of this high-stakes legal drama.