Take a look at what’s clicking on FoxBusiness.com.
A South Korean court docket ordered billionaire SK Group Chairman Chey Tae-won to pay his former spouse greater than $640 million in a divorce settlement that might power him to promote belongings, borrow cash or pledge shares as collateral.
The Seoul Excessive Courtroom dominated Friday that Chey should pay Roh Soh-yeong 944 billion gained (about $645 million), marking the most important divorce asset award in South Korean historical past. It has been dubbed the so-called “divorce of the century.”
The payout is considerably decrease than the 1.38 trillion (about $935 million) gained awarded by an appeals court docket in 2024, however the revised judgment has renewed investor scrutiny of Chey’s holdings and the way he might finance the fee.
Chey Tae-won, the chairman of SK Group semiconductor and reminiscence chip firm SK Hynix. (Angelina Katsanis/Reuters)
Analysts mentioned Chey might have to promote belongings or borrow towards his shares, although they don’t anticipate the award to threaten his management of SK Group.
RELATIONSHIP EXPERT CHALLENGES ONE OF AMERICA’S ASSUMPTIONS ABOUT DIVORCE
Chey owns a 17.9% stake in SK Inc., the conglomerate’s holding firm, and has an estimated fortune of $5.4 billion, based on Forbes.
The court docket ordered Chey to make the fee in money moderately than switch inventory, citing the significance of his shares to sustaining management of the conglomerate.
Chey Tae-won, chairman of SK Group, middle, and Kwak Noh-jung, president and chief government officer of SK Hynix Inc., middle left, and Koh Seung-beom, chairman of SK Hynix Inc., middle proper, ring the opening bell throughout the firm’s preliminary public (Michael Nagle/Bloomberg by way of Getty Photographs)
Shares of SK Inc. closed 3.8% decrease Friday, whereas SK Hynix fell 8.3% in Seoul buying and selling following the ruling.
SK Group’s profile has risen sharply throughout the synthetic intelligence increase by means of SK Hynix, a significant provider of high-bandwidth reminiscence chips used with Nvidia’s AI processors.
Chey Tae-won, chairman of SK Group, in New York Metropolis. (Michael Nagle/Bloomberg by way of Getty Photographs)
Judges awarded Roh one-third of the couple’s marital property after discovering that she contributed to preserving and growing the household’s wealth throughout the marriage.
The ruling adopted a South Korean Supreme Courtroom resolution rejecting claims that alleged monetary help from Roh’s father, former President Roh Tae-woo, must be included within the asset calculation.
CLICK HERE TO GET FOX BUSINESS ON THE GO
Both facet might enchantment the ruling, probably sending the property-division dispute again to the Supreme Courtroom.
Reuters contributed to this report.
