[비즈한국] The divorce and property division lawsuit between SK034730 Group Chairman Chey Tae-won and Art Center Nabi Director Roh Soh-yeong is approaching a Supreme Court ruling. As the so-called "divorce of the century," which has dragged on for nearly a decade, enters its final stage, the business world is focusing not just on the divorce itself, but on the potential repercussions the verdict will have on the SK Group's governance structure. If the 1 trillion won settlement amount recognized in the appellate trial is upheld, there is talk of the possibility of a shift in shares of an unprecedented scale in the business sector.
This case began in December 2015 when Chairman Chey publicly revealed the existence of a child born out of wedlock. The following year, the couple entered divorce mediation, which ended in failure, and the legal battle intensified when Chairman Chey filed for divorce in 2018. Director Roh filed a countersuit, claiming property division in the amount of 1 trillion won.
The first-instance ruling was delivered by the Seoul Family Court in December 2022. At the time, the court recognized the SK Inc. shares as "special property" inherited from the late Chairman Chey Jong-hyun, setting the property division amount at approximately 66.5 billion won. The court also granted the divorce request based on the fact that Chairman Chey had maintained a common-law relationship. However, Director Roh immediately appealed.
The second trial was sentenced at the Seoul High Court in December 2023. The appellate court overturned the first-instance judgment and recognized 1.3808 trillion won as the property division amount. The crux of the decision was that the SK shares were not merely inherited property, but assets formed through the joint contribution of the couple during their marriage. In particular, the appellate court acknowledged the possibility of the inflow of slush funds related to former President Roh Tae-woo—known as the "30 billion won Sunkyung funds"—thereby valuing the contribution to asset formation more highly. Thus, the lawsuit escalated from a simple divorce dispute into a massive case involving share structures and legal interpretations.
On September 18, the Supreme Court convened an en banc session and began reviewing the case. While family lawsuits are often concluded via dismissal without a full hearing, this case could not avoid a formal review due to the complex legal issues intertwined, such as the boundary between inherited property and joint contributions during marriage, the possibility of dividing illicit funds, and the valuation of stocks. It is widely expected that the Supreme Court will set a sentencing date between November and December following internal reviews. Legal experts analyze that, considering the average review period for en banc cases, a conclusion within the year is highly likely.
There are three core issues. First, whether the SK Inc. shares should be excluded from division as inherited assets or if they can be recognized as joint marital property. Second, the existence and evidentiary validity of the "30 billion won Sunkyung" slush fund related to former President Roh Tae-woo. The appellate court recognized the inflow of funds based on memos and promissory notes, but the Supreme Court is re-examining this. Third, the issue of calculating the stock value of Daehan Telecom, the predecessor of SK. The appellate court valued it at 100 won, but Chairman Chey's side argues it should be seen as 1,000 won, claiming the calculation of the division amount was flawed. This calculation method directly impacts the final settlement scale. Furthermore, the procedural legitimacy of the appellate court’s correction ruling is also subject to Supreme Court review.
If the appellate ruling is upheld, Chairman Chey will need to secure a massive settlement. Selling SK Inc. shares or raising funds may become inevitable, which could deal a direct blow to the stability of the group's governance. Since SK is based on a holding company system where the owner's personal stake is the core of their control, a change in shareholdings is highly likely to lead to instability in management rights. Conversely, if the Supreme Court overturns or remands the ruling, the division amount may decrease, but prolonged litigation could heighten management uncertainty. In particular, as SK is executing large-scale investments in core businesses such as semiconductors, energy, and bio, the owner's share issue has significant potential to act as a medium-to-long-term risk.
This lawsuit is regarded as a rare case where marriage and inheritance among conglomerate families, the ties between past power and capital, and corporate governance are all intertwined. The legal community also suggests that this ruling may become the legal benchmark for high-net-worth divorce lawsuits in the future. A business official stated, "If the 1 trillion won settlement is finalized, not only would it lead to a shift in SK Inc. shares, but the entire group governance structure could be shaken. It will be a typical case where the owner's personal private life translates into corporate management risk."
It is highly probable that the Supreme Court will render its decision as early as November or around the end of the year at the latest. While this will mark the end of a decade-long legal battle for Chairman Chey and Director Roh, it is expected to be a watershed moment for SK Group, potentially shaking up its management equation. The case is increasingly likely to be recorded as a symbolic event that rattled the governance structure of the South Korean business world.