SK chairman apologizes after record divorce ruling

SK Group Chairman Chey Tae-won, left, and his estranged wife, Roh So-yeong [YONHAP]

SK Group Chairman Chey Tae-won apologized for the recent ruling in his divorce case and pledged to prevent any damage to the group and the country at an irregular Supex Council meeting held Monday morning.

The meeting was called as executives at SK companies agreed that the latest ruling not only harmed Chey's reputation but also that of the members and stakeholders of SK Group, according to the council.

"I am sorry to cause concern for all stakeholders and members of SK because of my personal life," Chey said during the meeting.

"[I will] fulfill all my responsibilities in silence so that no negative impact will be caused to SK and to the national economy."

Chey on Thursday was ordered to pay 1.3 trillion won ($944.5 million) to his estranged wife, Roh Soh-yeong, in addition to 2 billion won in alimony, marking the country's largest-ever divorce settlement.

The irregular meeting held by the Supex Council, the top decision-making body of SK Group, indicates that the hefty size of the payment Chey needs to come up with will inevitably affect the capital structure and management of SK companies. Liquidating Chey's shares in entities such as SK Inc. or SK siltron has emerged as one option by industry watchers.

The meeting on Monday was attended by Chey and some 20 executives of SK companies, including Chey Chang-won, chairman of the council and cousin of the group's chairman.

SK Group Chairman Chey said he would fight for the truth, saying the latest ruling is not fair.

"For the sake of SK and all of its members' honor, I will correct the record," Chey said. "The latest ruling has significantly scarred the honor and pride of members of SK Group who have worked for its values for the past 71 years."

Chey's legal team on Thursday had said they would appeal to a higher court, calling the ruling "overly biased."

The chairman at the Monday meeting said he would go after "qualitative growth" rather than "quantitative," focusing on green and bio industries.

"Securing AI leadership in fields like semiconductors is also important," he said.

"Let's show that our group is loved and contributes to Korean society."

The latest landmark ruling trails back to 2015 when Chairman Chey made a surprise confession about a new partner and the existence of a child out of wedlock. His marriage to Roh, daughter of the late president Roh Tae-woo, since 1988 was admittedly not smooth, according to the chairman.

An initial divorce settlement ruling in 2022 ordered Chey to pay Roh 66.5 billion won in property division and 100 million won in alimony. It was appealed by both sides.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]