SK Inc. rises 16% after Chair’s $1 billion divorce settlement

International Courant

Chey Tae-won, billionaire and chairman of SK Group, prepares to go away after talking on the Nikkei Discussion board Way forward for Asia in Tokyo, Japan, on Thursday, Might 23, 2024.

Kiyoshi Ota | Bloomberg | Getty Photographs

Shares of SK Inc., one in all South Korea’s largest conglomerates, rose as a lot as 16% on Thursday after a court docket reportedly ordered the corporate’s chairman to pay $1 billion to his spouse in a divorce case.

Chey Tae-won was advised by a Seoul court docket to pay 1.38 trillion Korean gained to his estranged spouse, Roh Soh-yeong.

Earlier native studies instructed that Roh wished about 2 trillion gained as a part of a settlement and a few of Chey’s shares in SK Inc. The ultimate settlement is decrease, which can clarify the leap in SK Inc.’s inventory. declares, which in the end closed greater than 9% larger in Seoul.

SK Inc. was not instantly accessible for remark when contacted by CNBC.

SK Inc. is one in all Korea’s largest expertise conglomerates and is the holding firm of SK Hynix, one of many world’s largest reminiscence chip corporations, and cellular community SK Telecom.

The saga started in 2015 after Chey admitted to having a toddler out of wedlock. He filed for divorce from Roh in 2017.

Throughout the long-running authorized battle, Roh’s legal professionals Reportedly argued that her late father, former South Korean President Roh Tae-woo, gave Chey cash within the Nineteen Nineties, which was used to develop the SK Inc. enterprise. Chey’s authorized workforce stated no such financing existed.

SK Inc. rises 16% after Chair’s $1 billion divorce settlement

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