AI billionaire who left wife for younger lover ordered to pay $645M in South Koreas divorce of the century | Latest Tech News
A South Korean AI billionaire who blew up his marriage by fathering a youngster with another girl received’t have to fork over the almost $1 billion his ex-wife had sought — after a court instead ordered him to pay roughly $645 million in money on Friday.
The ruling brings a doable end to South Korea’s so-called “divorce of the century,” capping a decade-long legal saga that blended a billionaire’s affair, a former president’s household, alleged slush-fund money and one of Asia’s hottest artificial-intelligence fortunes.
Chey Tae-won, the 65-year-old chairman of South Korea’s SK Group, constructed a lot of his fortune through the AI increase as shares of memory-chip giant SK Hynix — a key provider to Nvidia — soared in latest years.
Roh Soh-yeong was awarded roughly $645 million by a South Korean appeals court Friday after years of litigation with her billionaire ex-husband. undefined/NEWSIS via AP
His wealth, estimated at roughly $5 billion before Friday’s ruling, had develop into the centerpiece of the courtroom struggle after his ex-wife, Roh Soh-yeong, demanded half his fortune.
Instead, the appeals court awarded Roh about one-third of the wealth calculated by the judges, valuing Chey’s holdings before SK’s shares exploded during the AI frenzy.
Chey’s legal professionals said they had been reviewing the ruling and didn’t rule out another appeal to South Korea’s Supreme Court.
The bitter divorce battle traces back to a beautiful public confession in 2015.
In a three-page letter printed by a South Korean newspaper, Chey announced that he needed what he called a “clean end” to his 27-year marriage, revealing he had fallen in love with another girl and fathered a youngster with her.
SK Group Chairman Chey Tae-won admitted in 2015 that he had fallen in love with another girl and fathered a youngster with her, touching off South Korea’s “divorce of the century.” Bloomberg via Getty Images
The revelation shattered a marriage that had once been celebrated as South Korea’s “marriage of the century.”
Chey and Roh, the daughter of former South Korean President Roh Tae-woo, married at the presidential Blue House in 1988 just months after her father took workplace. The union linked one of the nation’s most highly effective business dynasties with its first household in a lavish ceremony that captivated the nation.
Roh initially vowed to keep the household together and resist a divorce before finally altering course and demanding half of Chey’s fortune.
Kim Hee-young, who makes use of the English identify Chloe, was later sued by Chey Tae-won’s ex-wife over the affair. Instagram / @chloe_tnc_
The other girl, Kim Hee-young, who makes use of the English identify Chloe, is now Chey’s longtime companion. Roh later sued Kim over the affair, and a court ordered Chey and Kim to collectively pay her roughly $1.5 million in damages after discovering the affair and the youngster born outdoors the marriage contributed to the breakdown of the marriage.
The divorce struggle later widened into a battle over the origins of the SK empire itself.
Roh’s legal professionals submitted a handwritten be aware apparently saved by her mom that listed “Sunkyong” — SK’s former identify — alongside “30 billion won.”
They argued it supported claims that Roh’s father secretly funneled money to Chey’s father that helped broaden the household business. Chey’s legal professionals denied SK ever acquired the alleged funds.
The dispute grew even more costly as SK Hynix emerged as one of the largest beneficiaries of the AI increase. The company’s reminiscence chips have develop into important elements in Nvidia’s AI systems, sending the stock hovering and more than doubling Chey’s internet price.
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