SK Group Chairman Chey Tae-won issued an apology Monday after a court ordered him to pay his estranged wife a record divorce settlement, a ruling that may affect his grip on the energy, chip and telecom conglomerate due to questions over how he could pay the settlement. "I apologize for the distress that my personal matter has caused to SK employees and stakeholders alike," Chey said in a statement. "I will continue to do my part to ensure that there is no negative impact on both SK and the international economy," he said. He made the statement as he attended an emergency meeting of the SK Supex Council, the group's highest decision-making body, convened to discuss ways to deal with the aftermath of the court ruling in the "most expensive divorce suit" in South Korean history. Last week, an appellate court ordered Chey to pay 1.38 trillion won (US$1 billion) in property division to his estranged wife, Roh So-young, the only daughter of former President Roh Tae-woo. The couple married in 1988 and have thr ee children. The court recognized late President Roh's slush fund worth 30 billion won and his contributions to SK Group's increased value and business activities. It virtually supported the perception that Sunkyung Group, the predecessor of SK Group, advanced significantly after entering the mobile phone business, partly due to former President Roh's influence following his marriage to Roh in 1988. "I respect the judiciary's judgment, but I'm disappointed with the ruling, which denies the history of SK's growth," he said. "For the honor of both SK and all its members, I will ensure that the truth is revealed." The court also determined the combined property of Chey and Roh to be 4 trillion won, with a division rate of 65 percent for Chey and 35 percent for Roh. The court ordered Chey to pay the divided sum in cash. If the ordered amount is divided as the appellate court ruled, it could shake up the governance of SK Group, the second-largest conglomerate in Korea, as he might have to raise the money by s elling his stake in SK Inc., the holding company of SK Group, which includes SK Telecom Co., SK Innovation Co. and SK Square Co. Chey is the largest shareholder of SK, holding 17.73 percent, worth 2.2 trillion won, through which he controls other SK Group affiliates. He said he will do his utmost to navigate the rapidly changing industrial landscape led by artificial intelligence innovation and green technologies. "In addition to dealing with this issue wisely, I will further strive to manage the group by responding to harsh global environmental changes and enhancing business competitiveness," Chey said. "I will pursue 'qualitative growth' in businesses, such as green and bio, based on internal management rather than 'quantitative growth.'" Source: Yonhap News Agency
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