Supreme Court ruling reduces SK Group control risks

SK Group welcomed the Supreme Court’s ruling in favor of Chairman Chey Tae-won in his divorce case against Noh So-young, director of Art Center Nabi, saying the decision eased long-standing concerns over corporate control. The verdict, delivered about eight years after Chey filed for divorce mediation in July 2017, relieves the group of governance risks tied to the couple’s asset division dispute.

If the appellate ruling had been upheld, Chey would have been forced to sell part of his SK holdings or use them as collateral for loans. The lower court had ordered him to pay 1.3808 trillion won to Noh. At the time, Chey’s total assets were estimated at 3.988 trillion won, with about 500 billion won in nonstock assets, including real estate and cash. As of the end of June, he holds a 17.9 percent stake in SK Inc., giving him control over key affiliates including SK Telecom and SK Innovation.

Business sources said the ruling helps SK dispel allegations that the group expanded through improper government support during former President Roh Tae-woo’s administration. The appellate court had cited a memo titled “Sunkyung 30 Billion,” kept by Roh’s wife, Kim Ok-sook, as evidence that funds from Roh’s slush account flowed into SK and aided its growth. With the Supreme Court overturning that ruling, SK is largely free from the management risks linked to the case.

The ruling also allows Chey to focus on key business priorities, including the group’s expansion in artificial intelligence, rather than personal matters. “We hope this decision clears up misunderstandings that SK’s growth was based on slush funds and restores our members’ pride,” an SK official said. “The group will now concentrate fully on management.”

Chey departed from Gimpo Business Aviation Center in Seoul on Wednesday to attend an event at U.S. President Donald Trump’s Florida residence and private club Mar-a-Lago. A lawyer for Noh said the client had “no particular comment.”


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