Chey Taewon and Noh Soyoung Fail to Reach Asset Division Settlement... Trial Resumes on the 26th

Key Issue: Whether SK Shares Are Subject to Division
Debate Expected Over Reference Date for Asset Division

SK Group Chairman Chey Tae-won and Noh So-young, director of Art Center Nabi, failed to reach an agreement in the second mediation session regarding the division of assets in their remanded divorce case.

According to the legal community on June 15, both parties were unable to finalize a settlement during the second mediation session for the asset division, held that afternoon at the Seoul High Court's Family Division 1 (Presiding Judge Lee Sangjoo). The mediation ended after about an hour and 30 minutes without an agreement. The court will resume formal proceedings on June 26 with a new trial date.

The key issue in the trial is expected to be whether Chairman Chey's SK shares are subject to division. Chey's side argues that the SK shares are his unique property, acquired through inheritance or gift, and thus are not subject to asset division. In contrast, Noh's side maintains that the shares should be considered marital property subject to division, as she supported the management of the company while taking on childcare and household responsibilities.

There is also expected to be debate over the reference date for asset division. The main contention is whether the date should be April 16, 2024, when the fact-finding trial (appeal trial) concluded, or the date when the remanded trial currently underway concludes. As of the conclusion of the fact-finding trial, SK's share price stood at about 160,000 won. However, SK's share price has recently surged to around 600,000 won.

Chey and Noh have been engaged in legal proceedings since 2017, when Chey filed for divorce mediation. The first trial, held in December 2022, ordered Chey to pay Noh 100 million won as consolation money and 6.65 billion won in cash as asset division.

However, in the second trial in May 2024, the court ordered Chey to pay 2 billion won in consolation money and 1.3808 trillion won as asset division. This overturned the first trial’s decision that Chey's shares in SK Co., Ltd. were not subject to division. The court recognized that both the 30 billion won slush fund from Noh's father, former President Roh Tae-woo, and Noh's contributions played a role in SK Group's growth.

Nevertheless, the Supreme Court did not accept this reasoning in October last year. The court ruled that since the former president's slush fund was illegal, it could not be considered a factor in Noh’s contribution to SK's assets, even if the money had flowed into SK. However, the Supreme Court upheld the order to pay 2 billion won in consolation money by dismissing the appeal on that part, making it final.

Meanwhile, at around 1:47 p.m. that day, Chairman Chey arrived in front of the court and responded to reporters' questions about facing Noh in court for the first time in two years and two months by saying, "I hope the mediation goes well so that this can end quickly." Noh, who arrived earlier at 1:39 p.m., did not answer questions about the possibility of reaching an agreement or whether there was room for compromise during the mediation process.

This content was produced with the assistance of AI translation services.