The asset division mediation between Choi Tae-won, chairman of SK Group, and Noh So-young, director of Art Center Nabi, has ended without an agreement. The two met in court for the first time in over two years but were unable to find common ground, resulting in the case reverting to litigation.
The Family Division of the Seoul High Court, led by Judge Lee Sang-joo, held the second mediation session on June 15. However, after about 90 minutes of private discussions starting at 2 p.m., the court declared the mediation unsuccessful.
The court has scheduled a hearing for June 26 at 10 a.m. to continue deliberations on the scale and method of asset division, as well as the relevant valuation date. This follows the court's referral of the case for mediation on April 17, marking nearly two months since the mediation process was initiated.
Noh So-young arrived at the court at 1:39 p.m. and did not respond to reporters' questions about the possibility of a settlement or her stance on the Supreme Court's ruling regarding former President Roh Tae-woo's slush fund contributions. She proceeded directly to the courtroom.
Choi Tae-won arrived shortly after at 1:47 p.m. When asked about his feelings on facing Noh in court after 26 months, he expressed hope that the mediation would conclude successfully and quickly. He declined to comment on whether any progress had been made since the first mediation session.
After the mediation session, neither party provided statements to the media. They left the courthouse without addressing questions about the mediation outcome or how they plan to resolve their differences.
A central issue in this case is whether the SK Holdings stock owned by Choi is subject to asset division. Choi's side argues that the stock is part of his separate property, formed through inheritance and gifts, and thus should not be included in the division. Conversely, Noh's side contends that her contributions during their marriage, including household management and child-rearing, warrant recognition of the stock as marital property.
If the SK stock is deemed subject to division, the valuation date will also be a contentious point. The parties will need to determine whether to use the date of the appellate court's conclusion on April 16, 2024, or the conclusion of the current proceedings, which could significantly affect the value of the assets in question.
At the time of the appellate court's conclusion, SK's stock price was around 160,000 won, valuing Choi's holdings at approximately 2.7 trillion won. However, the stock price has recently surged to around 600,000 won, greatly increasing the value of his shares. Future hearings are expected to focus on whether the stock should be included in the asset division and how the recent price increase will be factored into the calculations.
Choi and Noh were married in September 1988 at the Blue House and have three children together. Their marriage began to unravel after Choi disclosed in 2015 that he had a child out of wedlock with Kim Hee-young, chair of the TNC Foundation.
Choi filed for divorce mediation in July 2017, but they could not reach an agreement, leading him to file a formal lawsuit the following year. Noh then filed a counterclaim in December 2019, demanding asset division, marking the beginning of their legal battle.
The first trial ruled that Choi should pay Noh 100 million won in damages and 6.65 billion won in asset division. However, the appellate court recognized Noh's contributions, ordering Choi to pay 2 billion won in damages and 13.8 billion won in asset division. Unlike the first trial, the appellate court included SK stock in the division, significantly increasing the total amount.
The Supreme Court sent the case back to the Seoul High Court in October of last year for further review of the asset division. The Supreme Court ruled that even if 30 billion won from former President Roh's slush fund was funneled into SK Group, it could not be considered in the asset division process due to its illegal nature. However, the ruling on the 2 billion won in damages was upheld.
Legal experts believe that with the mediation failing, the litigation will intensify over the inclusion of SK stock in the asset division, Noh's contributions, and the valuation date for the division.
* This article has been translated by AI.
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