South Korean tycoon to pay $1bn in record divorce ruling

South Korean magnate Chey Tae-won has been mandated to pay his ex-wife 1.38 trillion won ($1 billion; £788 million) in cash, marking the largest divorce settlement in the country's history. 

This decision comes nearly ten years after Mr. Chey's marriage disintegrated due to the revelation that he had fathered a child with another woman.

On Thursday, the Seoul High Court determined that Roh So-young, to whom Chey was married for 35 years, deserved a share of his company stocks. 

Lawyers representing Mr. Chey, who chairs the influential SK Group conglomerate, announced plans to appeal, arguing that the court had accepted "Roh's one-sided claim as factual."

The awarded amount to Ms. Roh significantly increased from a 66.5 billion won settlement decided by a lower court in 2022, which had also dismissed her request for a portion of Mr. Chey's SK shares. 

This decision was overturned on Thursday, with the High Court ruling that the shares should be deemed joint property.

The court's verdict noted that "as his wife, Roh played a role in increasing the value of SK Group and Chey's business activity." 

Estimating Mr. Chey's wealth at approximately 4 trillion won, the court concluded that Ms. Roh, with whom Chey has three children, would receive an estimated 35%.

The court also acknowledged that Ms. Roh had facilitated regulatory approvals for Mr. Chey's business and that her father, former South Korean President Roh Tae-woo, had provided protection for SK's former chairman, Chey Jong-hyon.