Extramarital affairs can be very costly and no one knows this better than South Korean business tycoon Chey Tae-won. The billionaire hit the headlines on Thursday after the Seoul High Court ordered him to pay 1.38 trillion won or $1 billion (Rs 8,333 crore) to his ex-wife Roh So-Young in cash. If the couple agrees, it will count as the country’s largest divorce settlement. Businessman Chey Tae-won was married to Roh So-young 35 years ago when he was not a billionaire. The couple has three children. Things took a downturn after Roh So-Young discovered that her husband was having an extramarital affair with a woman. He reportedly has a child from his girlfriend. Roh So Young got furious and decided to file for divorce. The relationship broke down and both have lived separately for the last ten years.
The Seoul High Court said that Roh So-Young, married to Chey Tae Won, is entitled to a portion of the company’s shares. The amount awarded by the court for the divorce alimony is significantly higher than the 66.5 billion won (Rs 400 crore). Chey Tae-won is the chairman of South Korea’s SK Group owning South Korea’s leading mobile carrier. The SK Group also controls SK Hynix, the world’s second-largest memory chip maker. Roh So-Young is the daughter of former president Roh Tae-woo. The court has increased the amount after considering Roh So-Young and her father’s contributions to Chey’s business success. After assessing the net wealth of the billionaire, the court found it to be around four trillion won. Roh So-young will take 35 per cent of it in the settlement.
Earlier, the family court had rejected Roh’s request that she be given a portion of Chey’s SK shares. High Court overturned this decision after stating that the shares should be considered a joint property. In its verdict, the court said that the billionaire wife, Roh, played an important role in increasing the value of SK Group and Chey’s business activity. It was also found that Roh’s political connections helped ease regulatory hurdles for Chey’s business and her father has been a protective shield for the SK’s ex-chairman Chey Jon-hyon. The new settlement also takes Roh’s suffering into account while deciding the settlement.
Chey’s lawyers said that they will challenge this settlement in court.
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