Chey Tae-won and Noh So-young Retrial Begins: Key Issues in Focus at First Hearing Today

Supreme Court Overturned Appellate Ruling Last Year, Sending Case Back to Seoul High Court
Debate Centers on Whether SK Shares Are Subject to Division
Assessment of Director Noh's Contribution Also in Dispute

The retrial for the division of assets between SK Group Chairman Chey Tae-won and Noh So-young, Director of Art Center Nabi, will begin on January 9. After the Supreme Court overturned the appellate court’s decision on October 2025 and sent the case back to the Seoul High Court, observers expect that the main issues in the retrial will be the assessment of Director Noh’s contribution and the scope of assets subject to division.

The Family Division 1 of the Seoul High Court (Presiding Judge Lee Sang-joo) will hold the first hearing for the retrial at 5:20 p.m. on this day. Director Noh is expected to attend the trial in person and present her views. Both parties submitted their preparatory briefs on January 7, and Chairman Chey’s side also filed an opinion regarding the procedural progress.

In the first trial, the court ruled in favor of Chairman Chey, ordering him to pay Director Noh 66.5 billion won as asset division and 100 million won in consolation money. However, the appellate court sided with Director Noh, ordering Chairman Chey to pay 1.3808 trillion won as asset division and 2 billion won in consolation money.

However, in October 2025, the Supreme Court overturned the previous ruling and sent the case back to the Seoul High Court, correcting the premise of the appellate court’s decision on asset division. In particular, the court established the legal principle that the 30 billion won in slush funds related to former President Roh Tae-woo and the funds that Chairman Chey donated or disposed of to third parties during management decisions cannot simply be recognized as contributions made during the marriage.

Accordingly, the retrial court is expected to recalculate the asset division ratio, excluding these factors. The key issues are whether Chairman Chey’s shares in SK Corporation are subject to division and the extent of Director Noh’s contribution.

Attorney Kwak Yunseo stated, “Since the Supreme Court has already ruled on which assets are subject to division, the main issue in the retrial will likely be the calculation of each party’s contribution based on that decision. As the total amount to be divided has been reduced, the impact will depend greatly on how the ratio is adjusted.”

Another variable being discussed is the timing for valuing the shares. A family law specialist commented, “The timing of the share valuation will also be an important issue. If the retrial court uses the date the trial concludes, the value of SK shares at that time could result in a difference of up to several trillion won, depending on whether the price rises or falls.”

Chairman Chey’s side is reportedly emphasizing the importance of whether SK shares are subject to division and the timing of their valuation. On the other hand, Director Noh’s side is expected to stress that her contributions through household management, child-rearing, and supporting her husband during the marriage had an impact on the value of SK Group.