Choi Tae-won and Noh So-young Divorce Trial Verdict on the 6th... Focus on Property Division

Noh So-young, Director of Art Center Nabi, Choi Tae-won, Chairman of SK Group
Photo by Asia Economy DB

[Asia Economy Reporter Kim Hyung-min] The divorce lawsuit between SK Group Chairman Chey Tae-won and Noh So-young, director of the Art Center Nabi, will be concluded on the 6th.

According to the legal community on the 4th, the Family Agreement Division 2 of the Seoul Family Court (Chief Judge Kim Hyun-jung) will deliver the first trial verdict for the divorce lawsuit between Chairman Chey and Director Noh on the afternoon of the 6th. It has been five years since both parties entered the divorce process.

Chairman Chey publicly acknowledged the existence of an extramarital child in 2015 and announced through the media that he would divorce Director Noh due to personality differences. In July 2017, they entered divorce mediation procedures but failed to reach an agreement, leading to a lawsuit.

Attention is focused on the scale of property division to be decided based on the court's judgment. Director Noh, who opposed the divorce, filed a counterclaim in December 2019 agreeing to the divorce and demanding 300 million won in alimony and 42.29% (6.5 million shares) of SK stock held by Chairman Chey. As of the closing price on the 2nd, the stock is valued at 1.37 trillion won. Director Noh also applied for a provisional injunction to prevent the disposal of the shares until the divorce and property division lawsuit is finalized. The Seoul Family Court partially accepted Director Noh’s application and blocked the disposal of 3.5 million shares in April.

Chairman Chey is reportedly arguing that the shares originated from SK affiliate shares gifted and inherited from former Chairman Chey Jong-hyun, and therefore should be considered separate property. In principle, separate property is excluded from property division. In response, Director Noh’s side insists that for couples with a long marriage period, gifted and inherited property should also be regarded as joint property.