'Division of the Century' Chey Tae-won and Noh So-young remand trial concludes today

Newsis [Financial News] The ruling on the remanded trial for the property division of SK Group Chairman Chey Tae-won and Art Center Nabi Director Noh So-young will be announced on the 24th. The Seoul High Court Family Division 1 (Presiding Judge Lee Sang-ju) will hold the sentencing hearing for the couple's divorce remanded trial at 2 p. m.
on that day. The biggest point of contention is whether the SK shares held by Chairman Chey are subject to property division.
Chairman Chey's side maintains that they are not subject to division as they are "separate property" formed through inheritance and gifts. On the other hand, Director Noh's side argues that she contributed to the formation of the assets by supporting management activities through child-rearing and household labor.
The reference date for the property division is also a matter of interest. Depending on whether the calculation is based on April 16, 2024, the closing date of arguments in the appellate trial, or the 26th of last month, the closing date of arguments in the remand trial, the fact that SK's stock price rose more than fivefold from the 160,000 won range to the 800,000 won range per share could affect the division amount.
If either side disagrees with today's ruling, they will seek a retrial from the Supreme Court through a further appeal. This lawsuit began when Chairman Choi filed for divorce mediation in July 2017 and has continued for nine years.
After the mediation failed, it proceeded to a main trial, and Ms. Noh filed a countersuit in 2019.
The first trial ruled that Chairman Choi must pay Ms. 5 billion won in property division.
3808 trillion won, recognizing former President Roh Tae-woo's 30 billion won slush fund and Ms. Roh's contribution, and ruled that SK shares were also subject to division.
However, last October, the Supreme Court remanded the case, stating that since former President Roh's slush fund was illegal, Ms. Roh's contribution to the formation of assets could not be recognized even if the money flowed into SK.
However, the 2 billion won in alimony was confirmed as is. The remanded court held its first hearing last January and referred the case to mediation, but as the two parties failed to reach an agreement, the verdict was delivered today.
Both individuals appeared in person at two mediation sessions to express their views.
[email protected] Choi Eun-sol Reporter