{"id":2205483,"date":"2024-06-18T08:00:23","date_gmt":"2024-06-17T23:00:23","guid":{"rendered":"https:\/\/koreapro.org\/?p=2205483"},"modified":"2024-06-17T18:42:29","modified_gmt":"2024-06-17T09:42:29","slug":"sk-chairmans-1-billion-divorce-settlement-puts-conglomerate-at-risk","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/06\/sk-chairmans-1-billion-divorce-settlement-puts-conglomerate-at-risk\/","title":{"rendered":"SK chairman\u2019s $1 billion divorce settlement puts conglomerate at risk"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">SK Group Chairman Chey Tae-won <\/span><a href=\"https:\/\/www.yna.co.kr\/view\/AKR20240617121800004?section=society\/all&amp;site=topnews01\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> he would appeal a record $1 billion (1.38 trillion won) divorce settlement with his estranged wife, Roh So-young, to South Korea\u2019s Supreme Court. Chey claimed a \u201ccritical error\u201d in the appellate court\u2019s calculation of Roh\u2019s contribution to SK Group\u2019s growth, arguing that the court incorrectly valued Korea Telecom shares, inflating asset values before and after Chey inherited the company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">SK Group, the parent company of SK Hynix, is one of the world\u2019s key semiconductor manufacturers. Chey has recently sought to collaborate with <\/span><a href=\"https:\/\/www.chosun.com\/english\/industry-en\/2024\/06\/07\/ZPME7DZWC5GGXN4CPKMWFZV3LI\/\"><span style=\"font-weight: 400;\">TSMC<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/theinvestor.co.kr\/view.php?ud=20231211000108\"><span style=\"font-weight: 400;\">ASML<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.reuters.com\/technology\/nvidia-supplier-sk-hynix-says-hbm-chips-almost-sold-out-2025-2024-05-02\/\"><span style=\"font-weight: 400;\">Nvidia<\/span><\/a><span style=\"font-weight: 400;\"> to enhance SK Group\u2019s competitive position.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Seoul High Court ruled that Chey must share 1.38 trillion won in assets with Roh, highlighting the <\/span><a href=\"https:\/\/www.chosun.com\/english\/industry-en\/2024\/06\/04\/NWNGRCZEHRAJ7OTNGIJ3YII4SY\/\"><span style=\"font-weight: 400;\">influence of former President Roh Tae-woo<\/span><\/a><span style=\"font-weight: 400;\">, her father, on SK Group\u2019s growth. The court\u2019s recognition of Roh\u2019s role in SK Group\u2019s growth through <\/span><a href=\"https:\/\/www.chosun.com\/english\/industry-en\/2024\/05\/31\/YS6LPMCH35CGXEKPBPLRZ4NBJY\/\"><span style=\"font-weight: 400;\">slush funds<\/span><\/a><span style=\"font-weight: 400;\"> highlights the deep ties between political figures and business conglomerates.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The Seoul High Court\u2019s ruling ordering Chey to pay a $1 billion divorce settlement to Roh poses significant risks to the conglomerate\u2019s governance structure. If Chey sells a portion of his <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20240617004552320\"><span style=\"font-weight: 400;\">17.73%<\/span><\/a><span style=\"font-weight: 400;\"> stake in SK Inc. to raise funds, it could weaken his control over the group, making it vulnerable to hostile takeover attempts. Hostile takeover attempts may encourage <\/span><a href=\"https:\/\/koreapro.org\/2023\/06\/how-us-investors-court-victory-over-south-korea-could-spur-financial-reform\/\"><span style=\"font-weight: 400;\">similar attempts<\/span><\/a><span style=\"font-weight: 400;\"> at other conglomerates, which could have far-reaching consequences for the South Korean economy and businesses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sovereign Asset Management <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2003-07-06\/sovereigns-fight-to-reform-sk-group\"><span style=\"font-weight: 400;\">targeted<\/span><\/a><span style=\"font-weight: 400;\"> SK Group in 2003 when its governance structure appeared vulnerable. While Sovereign ultimately <\/span><a href=\"https:\/\/www.ft.com\/content\/38cdf448-f6f9-11d9-aeff-00000e2511c8\"><span style=\"font-weight: 400;\">sold<\/span><\/a><span style=\"font-weight: 400;\"> its stake in SK Corp. in 2005 after failing to oust Chey, his divorce settlement could once again attract the attention of domestic and international activist investors, hedge funds, or rival corporations. Moreover, a successful hostile takeover or activist campaign could lead to restructuring efforts within SK Group, potentially resulting in layoffs.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>SK Group Chairman Chey Tae-won announced he would appeal a record $1 billion (1.38 trillion won) divorce settlement with his estranged wife, Roh So-young, to South Korea\u2019s Supreme Court. Chey claimed a \u201ccritical error\u201d in the appellate court\u2019s calculation of Roh\u2019s contribution to SK Group\u2019s growth, arguing that the court incorrectly valued Korea Telecom shares, [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2205485,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24],"class_list":["post-2205483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SK chairman\u2019s $1 billion divorce settlement puts conglomerate at risk - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/06\/sk-chairmans-1-billion-divorce-settlement-puts-conglomerate-at-risk\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SK chairman\u2019s $1 billion divorce settlement puts conglomerate at risk - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"SK Group Chairman Chey Tae-won announced he would appeal a record $1 billion (1.38 trillion won) divorce settlement with his estranged wife, Roh So-young, to South Korea\u2019s Supreme Court. 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