S Korea tycoon escapes paying $1bn in 'divorce of the century'
Summary
South Korea's Supreme Court overturned a lower court decision that required billionaire Chey Tae-won to pay his ex-wife a large divorce settlement. The court ordered a review of the case, citing incorrect asset calculations. This legal battle is significant because Chey leads the big SK Group, and his ex-wife is the daughter of a former South Korean president.Key Facts
- The South Korean Supreme Court overturned a $1 billion divorce settlement for Chey Tae-won.
- The lower court's settlement was the largest in South Korea's history.
- Chey is the head of SK Group, a big business in South Korea.
- The case will be reviewed due to asset miscalculation claims.
- The Supreme Court ruled that some of the funds were from illegal bribes and not part of the couple's assets.
- Chey must still pay 2 billion won in alimony to his ex-wife.
- SK Group's shares dropped by 5.4% after the court ruling.
- Despite the legal battle, SK Group's operations are not expected to change soon.
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