A South Korean court is set to deliver a ruling on July 20 [5] in the long-running divorce case between SK Group Chairman Chey Tae-won and Noh So-young.
The decision is critical because it could result in one of the largest asset transfers in the country's history, potentially shifting the ownership structure of SK Group.
The legal battle, often described as the divorce of the century, began in 2017 [1] after the couple's marriage broke down in 2015 [2]. The current proceedings are part of a remand trial following previous appeals.
At the center of the dispute is the division of assets. Noh, the director of Art Center Nabi, is seeking half of the SK shares [4]. Her argument rests on the claim that the growth of the SK conglomerate was aided by slush funds provided by her father, former President Roh Tae-woo.
According to reports, those slush funds amounted to 30 billion won [3]. Noh said that this capital served as a foundation for the company's expansion, justifying her claim to a significant portion of the corporate equity.
Chey has contested the scale of the requested division. The court must now determine the exact contribution of the funds to the company's success and how that translates into current share value.
This ruling will conclude a legal process that has spanned nine years. The outcome will establish a precedent for how courts treat corporate assets, and ancestral contributions, in high-net-worth marital dissolutions.
“The decision could result in one of the largest asset transfers in the country's history.”
This case transcends a private marital dispute, as the potential transfer of a massive block of SK shares to Noh So-young could introduce instability into the conglomerate's management control. By linking the company's growth to a former president's slush funds, the court is being asked to quantify the long-term impact of political capital on corporate equity, which may influence future asset-division lawsuits involving South Korea's family-run chaebols.
