Choi Tae-won, No So-young: 700 billion won of 944 billion won property division agreed upon; 244 billion won referred to Supreme Court for ruling

*This content was translated by AI.

Choi Tae-won, Chairman of SK Group, submitted an application stating that he will contest only 244 billion won out of the 944 billion won property division payment owed to No So-young, Director of Arario Gallery, during the retrial.

According to legal sources on the 9th, Choi Tae-won's side submitted an application to modify (reduce) the grounds for appeal to the Family Division 1 of Seoul High Court, which handled the retrial (Presiding Judge Lee Sang-joo), on the 31st of last month. The application indicates that while they accept the division of 700 billion won out of the total property division amount of 944 billion won, they seek a legal ruling from the Supreme Court only regarding the remaining 244 billion won.

Choi Tae-won's side stated, "In a grand effort to reduce the dispute and resolve it as quickly as possible due to its prolonged nature, we accept up to 700 billion won but will contest the remainder on legal grounds."

Accordingly, in the retrial, key issues are expected to include whether the court properly applied legal principles in recognizing SK shares held by Choi Tae-won as property subject to division and in calculating the specific amount and ratio of the property division. In particular, a legal debate is anticipated over which assets and calculation methods correspond to the 244 billion won portion claimed by No So-young's side.

Previously, on July 24, Family Division 1 of Seoul High Court ruled in the retrial that Choi Tae-won must pay No So-young, Director, 944 billion won in cash as property division. The property division ratio was set at one-third for No So-young and two-thirds for Choi Tae-won, allowing Choi to retain his shares while paying No's share in cash.

In line with the Supreme Court's remand directive, the court did not recognize that the 30 billion won slush fund of the late No Tae-woo, father of Director No, contributed to SK's growth. However, it determined that assets held by Choi Tae-won, including SK shares, were acquired during the marriage and that both parties contributed to the formation and maintenance or increase of their value, thus including them in the property division.

The court set April 16, 2024, the date of conclusion of arguments in the appeal trial before the remand, as the valuation date for the shares. Under this ruling, the 944 billion won became the largest known domestic chaebol divorce property division amount.

Choi Tae-won's side filed an appeal on the 14th of last month, the deadline for filing a retrial. It is interpreted that by reducing the grounds for appeal, they have adopted a strategy to focus their contestation on certain key issues during the retrial.

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*This content was translated by AI.