The estranged wife of SK Group's CEO is demanding $1.5 billion in cash alimony

SK Group Chairman Chey Tae-won (center) answers reporters' questions as he appears before the Seoul Prosecutor's Office in Seoul, South Korea on November 19, 2011. Photo from Reuters

During the first trial in December 2022, Roh initially demanded half of the 12,975,472 SK shares owned by Chey, then worth about 1.3 trillion won, as well as 300 million won in alimony, according to South Korean newspaper The Chosun Ilbo reported.

However, the court rejected her application on the grounds that she had not contributed to the increase in the value of the shares. As a result, it was decided that Roh would receive 100 million won in alimony and 66.5 billion won in cash from Chey.

Both parties disagreed with this decision and subsequently appealed.

According to South Korean newspaper Korea JoongAng Daily, Roh's decision to amend her claims may have been influenced by the decline in SK's stock values ​​and further revelations about Chey's financial transactions disclosed under an appeals court order.

SK Group's shares have lost value, falling from 200,000 won in December 2022 to 160,000 won in January this year. As a result, the value of shares originally targeted by Roh has fallen from 1.36 trillion won to 1.1 trillion won.

Roh and Chey are scheduled to appear in the appeal hearing on Thursday. This is the first time the two parties have met in court since the appeal process began.

Chey, 63, is the eldest son of Chey Jong-hyun, the former chairman of SK Group. After his father's death, he took over the role of chairman in 1998. Forbes estimated his net worth at around $1.5 billion.

Roh, 62, is an art museum director and the daughter of Roh Tae-woo, who served as South Korea's sixth president from 1988 to 1993.

The couple married in 1988 and initiated a divorce between 2017 and 2019 after Chey admitted to having fathered a child out of wedlock with his current partner Kim Hee-young, Yonhap News Agency reported.

Roh had already filed a lawsuit against Kim in March of the previous year, demanding 3 billion won as compensation for the psychological distress allegedly caused by Kim, as highlighted in a 2023 report by Korea JoongAng Daily.