Tycoon is ordered to pay $1 BILLION settlement after cheating on his wife: Husband could lose control of his business empire after divorcing South Korean ex-president’s daughter

A South Korean tycoon has been ordered to pay a pay $1billion to his estranged wife after he cheated on her – the largest divorce settlement the nation has ever seen. 

Appeal judges in Seoul more than doubled the amount of money Chey Tae-won, chair of the SK Group conglomerate, owes to Roh So-young, the daughter of a former president.

The pair, both 63, met as students at the University of Chicago and married in 1988, and had a son and two daughters together. 

They began divorce proceedings in 2017, two years after Chey revealed he had a child out of wedlock with another woman. He now faces losing control of one of the biggest businesses in the country.

The court ruled that the business leader’s marriage into the family of the late president Roh Tae-woo, who led South Korea from 1988 to 1993, benefited him and his company, the second largest in South Korea after Samsung.

Chey’s divorce from Roh So-young (pictured), the daughter of a former president, has resulted in the largest settlement in South Korean history 

As a result, Chey needed to pay more than was initially ruled by a lower court. 

The ruling read: ‘It was reasonable to rule that, as his wife, Roh played a role in increasing the value of SK Group and Chey’s business activity. 

‘[He] is not showing any signs of remorse for his foul behaviour in the course of the trial … nor respect for monogamy.’

 Chey has to pay Roh 1,38 trillion won, as part of the division of property, and a total of 2 billion won in alimony, totally $1billion.

The news has gripped South Korea, with one paper claiming that the interest payments alone are likely to amount to over £109,000 a day. 

In order to pay for the initial settlement, he will have to cash in stocks worth at least £1.09billion, diluting his holding of SK Group from 18% to 3%. 

Chey said following the ruling: ‘I remain unchanged in my belief that the judiciary’s judgment must be respected, but I can’t help but express regret over this ruling which denies the history of growth by SK.’

His lawyers said they are taking the case to the country’s supreme court, which could take up to three years, which would pile on the interest to the amount he owes her if his final bid fails. 

SK Group is the second largest industrial conglomerate, or chaebol, in South Korea. 

It has its tentacles in many industries, including oil, semiconductors, chemicals, IT and phone networks.