Chey Tae-won, a prominent billionaire and head of the SK Group conglomerate, has successfully appealed a record-setting divorce settlement ordered by a Seoul court. In 2024, Chey faced a record divorce settlement of 1.38 trillion won to his ex-spouse, Roh So-young. She is the daughter of former South Korean president Roh Tae-woo. This settlement is the largest amount ever paid by South Korea in history. It has drawn extraordinary media coverage and nationwide public fascination, resulting in its moniker “divorce of the century.”
Then, in 2015, the high-profile marriage between Chey and Roh came to an end. This shocking twist was paralleled by Chey’s acknowledgement that he had sired a child with his mistress. The pair’s split started a 14-year legal odyssey that resulted in last week’s all-important Supreme Court decision in favor of gay marriage. The court reversed a prior lower court order, which had required the large settlement.
This case is, in many ways, wrapped up in a deep and fascinating historical context. It gets into a controversial 30 billion won slush fund linked to Roh Tae-woo. This fund was apparently used to finance SK Group’s growth. It claimed that this was due to illegal cut-rate bribes paid to the ex-president. This financial background provided the court’s lens. It particularized their contributions to the couple’s community property.
It’s a good thing that legal experts have clamored since the Supreme Court’s ruling that it has sweeping, nationwide significance.
“I think it is very significant that the Supreme Court clearly declared that it was wrong to recognise that as a contribution to the couple’s joint property.” – Lee Jae-geun
The decision challenges how courts approach divorce settlements tied to complex financial backgrounds and sets a precedent for future cases involving high-net-worth individuals in South Korea.
Chey disputed that the slush fund was part of their marital assets at all. That claim was the crux of her appeal. The court’s ruling reflects a growing recognition of the need for clarity in such high-stakes financial disputes, particularly those involving political connections and alleged corruption.
The public is still very much engaged in what is still an unfolding story. It calls attention to pressing questions around the realms of wealth, power, and legal accountability in South Korean society. Even if the decision is overturned soon, this landmark case will nevertheless leave an indelible mark. It will set the preemption standard for resolving future disputes similar to those of Chey and Roh.