Choi Tae-won: "Great Damage to the Honor and Pride of SK Members Who Built It Over 71 Years" (Update)

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Choi Tae-won, chairman of SK Group, recently apologized for causing concern among members and stakeholders regarding the appellate court ruling on his divorce lawsuit. He pledged to do his best to ensure that there are no disruptions to group management and the national economy.

On the morning of the 3rd, Chairman Choi attended an emergency SUPEX Pursuit Council meeting held at the SK Seorin Building in Jongno-gu, Seoul, and said, "I apologize for causing concern to all SK members and stakeholders due to personal matters," adding, "I will quietly fulfill my duties to ensure there is no negative impact on SK or the national economy."

[Image source=Yonhap News]

The council was convened at the initiative of executives who shared the view that the appellate ruling seriously damaged not only Chairman Choi personally but also the group's value and history, necessitating a group-level position statement and discussion of countermeasures. About 20 people attended, including Choi Chang-won, chairman of the SUPEX Pursuit Council, and CEOs of major affiliates.

Chairman Choi stated, "I thought it necessary to make a statement because this ruling has inflicted great wounds on the SK Group’s value built over the past 71 years and on the honor and pride of the members who created that value."

He continued, "While my belief in respecting the judiciary’s decision remains unchanged, I cannot help but express regret over this ruling that denies the history of SK’s growth," and declared, "For the honor of SK and all its members, I will definitely set the record straight."

Chairman Choi said, "Beyond wisely coping with this issue, I intend to devote myself even more to group management by responding to the harsh global environmental changes and enhancing business competitiveness," emphasizing, "In businesses such as green and bio sectors, we will pursue 'qualitative growth' based on sound management rather than 'quantitative growth.'"

He also stressed, "It is important to secure 'Artificial Intelligence (AI) leadership' through the expansion of digital businesses such as semiconductors," and urged, "Let us, based on the SKMS spirit which is the group’s DNA, be loved by customers and contribute to Korean society."

Chairman Choi told the CEOs, "Let us all come together with warm hearts to enhance the happiness of our members," and pledged, "I will take the lead from the front."

At the meeting, the CEOs agreed that the court ruling damaged the history of SK Group’s contribution to national economic development and its growth as a company recognized in the global market, and discussed response measures.

Some attendees reportedly raised objections regarding the ruling’s implication that there were past government favors during SK’s entry into the mobile telecommunications business, stating, "It is a historical fact, and something I personally experienced, that despite winning the second mobile telecommunications license by an overwhelming margin during the Roh Tae-woo administration, the license was returned within a week due to government pressure."

The CEOs expressed their deep disappointment over the court’s distorted judgment that SK grew through collusion between politics and business or illicit funds, saying, "After the difficult acquisition of Korea Mobile Communications following the inauguration of the Kim Young-sam government, it is heartbreaking to see such a misinterpretation," and resolved to firmly respond to clarify the truth and restore honor.

Additionally, the executives reviewed the reactions of members, shareholders, investors, and partners following the ruling, as well as the potential impact on future management, and discussed countermeasures. They agreed to do their best to ensure members remain stable and focused on their work without agitation. They also committed to actively communicating with external stakeholders to prevent concerns about SK’s management stability and to foster even stronger trust-based relationships.

Chairman Choi Chang-won urged, "Let us, starting with our CEOs, lead by example, remain steadfast in our core duties, and continue efforts to enhance corporate value and business competitiveness as usual."