A Seoul court has ordered SK Group Chairman Choi Tae-won to pay 944 billion Korean won (approximately $680 million USD) to his estranged wife, Noh So-young, in a landmark divorce settlement. This decision comes after a nine-year legal battle over their assets, marking a significant development in one of South Korea’s most high-profile marital disputes. While the court’s ruling has been issued, the possibility of further appeals to the Supreme Court remains, suggesting the legal saga may not yet be concluded.
Divorce Proceedings and Asset Division
The Seoul Family Court’s appellate division ruled that a substantial portion of Chairman Choi’s holdings in SK Inc. should be included in the asset division. The court determined a split ratio of two-thirds for Choi and one-third for Noh. This figure represents a considerable increase from the initial ruling, though it is less than the 1.38 trillion won (approximately $1 billion USD) awarded in the previous appellate hearing. The current payout ordered is over 14 times the 66.5 billion won initially decided in the first trial.
The court’s decision acknowledged Noh So-young’s contributions to the preservation and increase of SK Inc.’s stock value during their marriage. Specifically, it considered her role in the company’s external activities and her personal care and upbringing of their children as factors contributing to the stock’s value. Notably, the court excluded a 30 billion won payment from former President Roh Tae-woo’s slush fund, which had been transferred to SK, from Noh’s contribution calculation.
Background of the Couple’s Relationship
Choi Tae-won, the chairman of the SK conglomerate, one of South Korea’s largest business groups, and Noh So-young, daughter of former South Korean President Roh Tae-woo, met while studying in the United States. They married in September 1988 in a ceremony that garnered significant public attention due to their prominent families. The couple has three children.
Their marital journey was not without its challenges and public scrutiny. Early in their marriage, when Sunkyong Group (now SK Group) was selected as the second mobile carrier operator in the early 1990s, questions arose about potential political favoritism. The couple also faced investigations related to alleged foreign exchange violations, though they were eventually cleared. Further scrutiny followed during investigations into former President Roh’s slush funds.
The Unraveling of the Marriage
Public acknowledgment of the marital breakdown came in December 2015 when Chairman Choi sent a letter to the media. In it, he revealed a decade-long deep rift with Noh and disclosed the existence of a child born from an extramarital affair. He formally filed for divorce mediation in July 2017.
Initially, Noh So-young opposed the divorce. However, in December 2019, she filed a counterclaim, signaling her willingness to proceed with the divorce. At the time, she posted on social media, suggesting that finding ‘happiness’ as Chairman Choi desired might be the right path forward.
Evolution of Court Rulings
The legal proceedings saw significantly different outcomes at each stage. The first trial, in December 2022, recognized SK Inc. shares as Chairman Choi’s personal assets, awarding Noh 100 million won in alimony and 66.5 billion won in asset division.
The subsequent appellate ruling in May 2024 reclassified SK Inc. shares as joint marital property. This led to an increase in the alimony to 2 billion won and the asset division to 1.38 trillion won. The Supreme Court, in October of the same year, upheld the divorce and alimony portions but remanded the asset division back to the appellate court.
The appellate court’s latest decision on asset division, while excluding the 30 billion won from the former president’s slush fund from Noh’s contribution, still deemed the SK Inc. stock itself as divisible marital property. This ruling was based on the court’s assessment that Noh’s efforts in managing household affairs and her involvement in the group’s external activities contributed to the maintenance and growth of the stock’s value.
Looking Ahead: Potential for Supreme Court Appeal
Following the latest ruling, a legal representative for Chairman Choi stated, “After nearly 20 years of marriage, divorce was finalized by the Supreme Court’s decision last year, and today, the appellate court ruled on asset division. Chairman Choi feels deeply regretful for causing concern to many people through this process.” The representative added that a detailed statement regarding the ruling would be provided after a thorough review of the court’s decision.
While the possibility of a further appeal to the Supreme Court was not explicitly stated, the court’s decision and legal arguments suggest that such a move is likely. If the case is escalated, the Supreme Court would re-examine whether the appellate court correctly assessed Noh’s contributions and the divisible assets based on the principles of law. The final chapter of this ‘divorce of the century’ remains unwritten, with the ultimate resolution still uncertain.
Conclusion
The protracted legal battle between SK Chairman Choi Tae-won and Noh So-young has culminated in a significant court order for asset division. The 944 billion won payout represents a substantial portion of the couple’s marital assets, reflecting the court’s consideration of Noh’s contributions throughout their nearly two-decade marriage. As the case potentially moves towards the Supreme Court, the final financial and legal implications continue to unfold, captivating public attention.
