Judul : Supreme Court Orders Recalculation of Chey Tae-won's 1.4 Trillion Won Asset Division
link : Supreme Court Orders Recalculation of Chey Tae-won's 1.4 Trillion Won Asset Division
Supreme Court Orders Recalculation of Chey Tae-won's 1.4 Trillion Won Asset Division
The Supreme Court’s First Division (presiding Justice Seo Kyung-hwan) on the 16th overturned the lower court’s ruling in the appeal trial of the divorce lawsuit between Chey Tae-won, SK Group chairman, and Roh Soh-yeong, director of the Art Center Nabi, which had ordered Mr. Chey to divide 1.3808 trillion won in assets to Ms. Roh, and remanded the case to the Seoul High Court. The ruling stated that the lower court had underestimated Ms. Roh’s contribution to the formation of assets, including SK shares, and that the amount of asset division should be recalculated.
Regarding the controversial “former President Roh Tae-woo’s slush fund” in the second trial, the Supreme Court stated, “It cannot be considered as Ms. Roh’s contribution.” The Supreme Court said, “Even if former President Roh Tae-woo is considered to have provided approximately 30 billion won to the late Chairman Choi Jong-hyun around 1991, the source of this money appears to be bribes received during his presidency,” adding, “By providing this to his in-laws or his children’s couple and remaining silent, former President Roh made it impossible for the state to trace and reclaim the funds, which falls outside the protection of the law.”
The second trial had previously ruled that the 30 billion won from former President Roh’s slush fund flowed into the late Chairman Choi Jong-hyun and used this as a basis to recognize Ms. Roh’s high contribution to asset formation, but the Supreme Court overturned this. The Supreme Court stated, “As former President Roh’s slush fund is illegal and lacks protective value, it should not be considered as Ms. Roh’s contribution in asset division.” Even if the couple’s joint assets increased through illegal slush funds, it contradicts the intent of the Civil Act for the daughter to reclaim them.
A source from Mr. Chey’s side said, “The Supreme Court’s ruling clearly declared as wrong the part of the appellate court’s decision that SK Group grew through the illegal slush funds and support of the Roh Tae-woo administration.”
The Supreme Court also ruled, unlike the second trial, that assets gifted by Mr. Chey to his younger brother, Choi Jae-won, SK Group’s senior vice chairman, and others should be excluded from the divorce asset division. It viewed that Mr. Chey’s gifting of shares to relatives or returning salaries to SK Group was part of management activities or aimed at smoothly securing group management rights. It was a disposition to expand the couple’s joint assets.
Through this ruling, the Supreme Court established for the first time the legal principle that if one party disposes of assets to form or maintain the couple’s joint property after the marital relationship has broken down, assets that no longer exist because they were disposed of by the conclusion of the factual trial (first and second trials) cannot be subject to division.
The Supreme Court also ordered the recalculation of the asset division ratio, which the second trial had determined as 65% for Mr. Chey and 35% for Ms. Roh. The Supreme Court stated, “The lower court considered the fact of former President Roh’s financial support, which should not have been taken into account in evaluating the contribution to asset formation,” adding, “Considering the proportion of SK Co., Ltd. shares under Mr. Chey’s name in the total divisible assets, it likely had a significant impact on the calculation of the asset division ratio. The lower court’s judgment contains errors in misunderstanding the legal principles regarding the calculation of the asset division ratio, which affected the ruling.”
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