Chey Taewon and Noh Soyoung's 'Divorce of the Century' to Be Decided by Supreme Court Tomorrow

If the Lower Court Ruling Is Upheld, Chey Must Secure Over 1 Trillion Won in Cash
If Remanded, SK Gains Breathing Room

The outcome of the so-called "divorce trial of the century" between SK Group Chairman Chey Tae-won and Art Center Nabi Director Noh So-young will be determined by the Supreme Court on October 16. This comes one year and five months after the appellate court ruled in May last year that Chairman Chey must pay Director Noh 2 billion won in alimony and 1.3808 trillion won in asset division. The verdict is expected to have a significant impact not only on SK Group but also on the broader business community, as it could affect the group's governance structure.

Chairman Chey Tae-won of SK and Director No Soyoung of Art Center Nabi attending the divorce lawsuit appeal trial held at the Seoul High Court in Seocho-gu, Seoul, on the afternoon of April 16 last year. Photo by Yonhap News

According to sources in the business and legal sectors on October 15, the first division of the Supreme Court (presiding justice: Seo Kyung-hwan) will announce its ruling on the final appeal in the divorce case between Chairman Chey and Director Noh at 10 a.m. on October 16. In the initial trial, the court considered Chairman Chey's shares in Daehan Telecom as his "separate property" and excluded them from the asset division, awarding only 66.5 billion won in asset division and 100 million won in alimony. However, the appellate court recognized joint contributions during the marriage and included shares of SK Inc. in the asset division. As a result, the amount Director Noh is set to receive increased to 1.3808 trillion won, and the alimony was raised to 2 billion won.

The main point of contention is the existence of 30 billion won in slush funds allegedly belonging to former President Roh Tae-woo. Director Noh claims that her father's funds formed the foundation for SK's growth, a claim partially recognized by the appellate court. On the other hand, Chairman Chey's side argues that it was merely a promissory note in response to a retirement fund request, and that the timing and route of the 30 billion won transfer are not clearly identified, making it inadmissible as evidence.

The business community is closely watching the case, as the ruling could be a watershed moment for corporate governance. If the Supreme Court upholds the lower court's decision, Chairman Chey will need to secure cash assets worth over 1 trillion won in a short period. Conversely, if the case is remanded, the amount of asset division will be recalculated, giving SK more time to respond.