AI billionaire ordered to pay $645,000,000 after leaving wife for younger lover
Topics: World News, Money, Sex and Relationships
Kiesha Dosanjh
Featured Image Credit: SeongJoon Cho/Bloomberg via Getty Image
Topics: World News, Money, Sex and Relationships
South Korea's 'divorce of the century' may have finally come to an end - with a hefty payout.
The legal saga, which had been going on for a decade, was between AI billionaire Chey Tae-won and his ex-wife Roh Soh-yeong. It was estimated that the settlement could reach as much as $1 billion.
65-year-old chairman of South Korea’s SK Group, had a fortune estimated around $5 billion ahead of Friday's ruling. This huge number came from shares of memory-chip giant SK Hynix, which is a key partner to Nvidia.
On Friday, a South Korean appeals court ordered him to pay $645 million in cash to his former wife, who is reported to have 'demanded half of his fortune'.
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As per the BBC, Chey's lawyers said: "Chairman Chey Tae-won is deeply sorry in that [the divorce] proceedings so far have caused concern to many people. We will share specific response to the verdict after we closely review the ruling."
They have not yet ruled out another appeal to South Korea’s Supreme Court.
Roh's laywer did not have a comment.
The couple's relationship fell apart a decade ago, when it was revealed that Chey Tae-won had fathered a child with another woman.
It came almost three decades after they tied the knot in 1988. Roh Soh-yeong, who is the daughter of a former South Korea President, and Chey Tae-won had a fairytale wedding at the presidential Blue House, and went on to have three children together.
However, disaster struck when a a three-page letter published by a South Korean newspaper, in which Chey publicly announced that he wanted to end the almost three decade marriage.
Not only that, he also made the bombshell revelation that he had fathered a child with someone else.
The latest trial has been the fourth into their proceedings. The first granted her $50 million, as per The Wall Street Journal. The outlet reports that a further two trials did not resolve their disagreements, with one reportedly entitling Roh to $1 billion.
As per the New York Post, Chey is still seeing the women he fathered a child with.
SK Group is one of South Korea's largest conglomerates, with almost 200 affiliated companies.
As well as SK hynix, these also include SK Telecom, which is South Korea's largest mobile network operator.
The group also runs electric vehicle battery manufacturer SK On.