[Asia Economy Reporter Kim Hyung-min] No So-young, director of Art Center Nabi, expressed her deep sorrow over the first-instance divorce ruling that excluded SK Group Chairman Chey Tae-won’s SK shares from the property division.
According to the legal community on the 2nd, No recently said in an interview with Legal Times, "The result was unexpected," adding, "I feel ashamed and humiliated that the ruling came out this way." She also said, "Every time I hear from those around me that this ruling will become a representative precedent where many people who have struggled to keep their families are divorced by the at-fault spouse and fail to receive proper property division and alimony, I feel devastated."
No received a first-instance ruling last December to divorce Chairman Chey after a long legal battle. The court rejected Chairman Chey’s divorce claim but accepted No’s claim and ordered the divorce.
However, the court did not recognize No’s claim that "Chairman Chey should pay 50% of his SK shares as property division" and set the amount of property division to be paid by Chairman Chey at 66.5 billion KRW in cash. The court judged that the shares were 'special property' acquired by Chairman Chey through inheritance or gift and thus not subject to division. Both No and Chairman Chey appealed the first-instance ruling.
No emphasized regarding the first-instance result, "Many may think (66.5 billion KRW) is not a small amount," but added, "I do not only consider my personal well-being but also want to contribute to society."
She especially criticized, saying, "The view of property division solely as a concept of support completely denies the meaning of women as social beings," and stated her plan to give back to society through cultural arts and technology education.
She also said, "The proportion I received from my husband’s nearly 5 trillion KRW fortune is less than 1.2%," and added, "During 34 years of marriage, I gave birth to and raised three children, supported my husband inside and outside the home, and contributed to building the business to its current scale. Being evaluated as contributing only 1.2% feels like my life’s value has been completely ignored."
No pointed out, "According to the logic of the first-instance ruling, not only owners of large corporations but also couples where the husband runs the business regardless of scale, an unfaithful husband can expel a wife who has kept the family and supported him inside and outside the home for decades without any financial loss."
This refers to the first-instance court’s judgment that "recognizing business property as subject to division solely due to indirect contributions such as housework poses a risk that the existence and operation of the business will be influenced by intimate and private disputes between spouses."
No explained, "After marriage and having children, I took on childcare and support roles, and my husband handled the business." She continued, "Throughout 34 years of marriage, I contributed to SK’s value rather than damaging it, and even when Chairman Chey was detained twice and the company faced crises, I stood by his side."
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