SK Group chairman claims 'critical error' in divorce ruling

Seoul, June 17
SK Group Chairman Chey Tae-won said on Monday that he has decided to appeal a record divorce ruling, which threatens his grip on the telecom-to-energy conglomerate, to the Supreme Court because there was a "critical error" in the calculation of his estranged wife's contribution to the group's growth.

Last month, an appellate court ordered Chey to pay 1.38 trillion won ($1 billion) in property division to his wife, Roh So-young, the only daughter of former President Roh Tae-woo. The couple married in 1988 and have three children, reports Yonhap news agency.

The court determined the combined property of Chey and Roh to be 4 trillion won, with a division rate of 65 per cent for Chey and 35 per cent for Roh. The court ordered Chey to pay the divided sum in cash.

"I know we have to respect the judiciary decision, but I've decided to appeal because there are a few reasons," Chey said in a press briefing. "There is an objective, clear error in the court's calculation of the property division."

He said the error is "critical" as it pertains to whether his stocks are subject to the division and how much they are worth.

He also said he had to make the decision to correct the court's statement that SK Group has grown on the back of illegal funds from the Roh administration and its privileges.

"The ruling has undermined the reputation and pride of all members of SK Group, as well as mine," Chey said.

Chey is the largest shareholder of SK, holding 17.73 per cent, worth 2.2 trillion won, through which he controls other SK Group affiliates.