Chey Taewon and Noh Soyoung Begin Mediation in Remanded Asset Division Case

Key Dispute: Timing of SK Share Valuation
Discussion Over Assets to Be Divided and Director Noh’s Contribution

The mediation session for the remanded case on the division of assets following the divorce between SK Group Chairman Chey Tae-won and Art Center Nabi Director Noh So-young has been held. With the Supreme Court having denied the contribution of former President Roh Tae-woo's slush funds—an outcome that is expected to lower Director Noh's assessed contribution—the main point of contention has now shifted to the question of “At which point in time should the value of SK shares be calculated?”

The Family Division 1 of the Seoul High Court (Chief Judge Lee Sang-joo) held the first closed-door mediation session for the remanded divorce case between Chairman Chey and Director Noh on the morning of the 13th. This was the first such session in four months since the initial hearing in January, and it has been reported that the two parties discussed issues such as which assets are subject to division and the degree of Director Noh's contribution.

The legal battle between the two began in 2017 when Chairman Chey filed for mediation, and has now continued for nine years. The first trial ordered an asset division of 66.5 billion won, but the second trial significantly increased this amount to 1.3808 trillion won, viewing former President Roh’s slush funds as the foundation for SK’s growth. However, in October last year, the Supreme Court overturned the prior ruling, stating, “Slush funds must be excluded as a contributing factor in asset formation, and assets already disposed of should be excluded from the division.” The case was sent back to the Seoul High Court.

Legal experts analyze that Chairman Chey's side is opting not to dispute whether SK shares should be included in the asset division, but rather to fix the point in time for the valuation of the shares to limit the actual amount to be divided, thus leaving room for a possible settlement.

Director Noh’s side, on the other hand, is emphasizing that the remanded trial also constitutes the final fact-finding stage, known as the “fact-finding trial.” Therefore, their argument is that the value of the assets should be assessed based on the share price at the time the pleadings in the current remanded trial conclude. Given that SK’s share price soared to 541,000 won as of the previous day, if this standard is applied, the amount to be divided will inevitably increase exponentially from a purely arithmetic perspective.

In contrast, Chairman Chey’s side maintains that the valuation should be based on the conclusion date of the second trial pleadings (April 16, 2024), when the factual examination of the asset formation process and contributions was already completed. At that time, SK’s share price was only around 160,000 won.

If the two sides maintain starkly different positions on the method and ratio of asset valuation, mediation is likely to fail and a formal trial date will be set.

This content was produced with the assistance of AI translation services.