SK Group Chairman Chey Tae-won has filed an appeal against a ruling regarding the division of assets in his divorce from Art Center Nabi Director Noh So-young. This means the legal dispute over the 944 billion won ($944 million) asset division will once again be reviewed by the Supreme Court.
According to the SK Supex Council on August 15, Chey's legal team submitted the appeal just before the deadline on August 14. They stated, "Chairman Chey submitted the appeal after careful consideration of various circumstances," adding, "We will approach the upcoming procedures with a commitment to minimize any negative impact on shareholders and group management."
Previously, the Seoul High Court ruled on July 24 that Chey must pay Noh 944 billion won in asset division. This amount is approximately 436.8 billion won less than the 1.38 trillion won recognized in the second trial in 2024. The Supreme Court had sent the case back to the Seoul High Court last October, determining that a 30 billion won support from the late former President Roh Tae-woo, which was considered in the second trial, could not be counted as a contribution to the asset division.
The appellate court recalculated the asset division amount to 944 billion won, evaluating the value of SK Inc. shares held by Chey as of April 16, 2024, the date of the conclusion of the appellate trial, and determining that one-third of this value equated to 944 billion won.
The deadline for the appeal was August 14. If neither Chey nor Noh had appealed, the ruling for the 944 billion won asset division would have been finalized at midnight on August 15. Following the finalization of the ruling, an annual interest of 5% would apply to the unpaid asset division amount, resulting in an interest burden of approximately 130 million won per day.
However, with Chey submitting the appeal, the ruling from the appellate court will not be finalized, and the case will return to the Supreme Court. This appeal prolongs the legal battle over asset division between Chey and Noh, which has been ongoing since Chey filed for divorce mediation in 2017.
Legal experts suggest that Chey’s team may challenge the calculation of the asset division ratio, which reflects a fourfold increase in SK Inc. stock prices over the two years and three months from the end of the appellate trial to the end of the remand trial. If the Supreme Court finds issues with the calculation criteria, it could significantly reduce the asset division amount.
In the business community, there are analyses suggesting that even if Chey sells his 29.39% stake in SK Siltron, he would only realize around 500 billion won. Therefore, to protect SK Group's management rights and minimize interest on the asset division amount, the appeal to the Supreme Court was deemed necessary. This strategy aims to avoid situations where stock-backed loans are taken against SK Inc. shares while ensuring stable management of SK Group.
* This article has been translated by AI.
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