The conclusion of the property division remand trial between Choi Tae-won, Chairman of SK Group, and Noh So-young, Director of Art Center Nabi, is set to be announced next month. This follows a Supreme Court ruling nine months ago that determined the 30 billion won slush fund from former President Roh Tae-woo could not be considered as a contribution to Noh's property formation.
The Seoul High Court's Family Division, led by Judge Lee Sang-joo, held the second hearing of the property division remand trial on the morning of June 26, concluding the arguments. The court has scheduled the ruling for July 24 at 2 PM.
Although attendance was not mandatory, both Choi and Noh appeared in court. The hearing lasted approximately 50 minutes, during which both parties' representatives expressed their positions regarding the division of SK Holdings stock, the valuation date for property division, and the final division amount. It is reported that both Choi and Noh also made statements during the proceedings.
Upon entering the courtroom, when asked by reporters if they were disputing the recognition of SK stock as joint property, Choi simply replied, "I will handle it well." After the hearing, he did not respond to questions about whether the valuation date for property division was discussed or if SK stock was recognized as a division target. Noh also did not clarify her stance during her entrance and exit from the courtroom.
The central issue in the remand trial is whether Choi's holdings in SK Holdings can be considered part of the property division. Choi's side argues that the stock is unique property formed through inheritance and gifts, thus not subject to division. Conversely, Noh's side contends that due to her contributions during their marriage, including household management and child-rearing, the stock should be viewed as joint property.
The valuation date for property division is another critical factor that could influence the final division amount. Depending on whether the court considers the date of the conclusion of the appeals hearing on April 16, 2024, or the conclusion of the remand trial, the value of the stock could vary significantly. At the time of the appeals hearing, SK Holdings stock was valued at around 160,000 won, but it has since seen a substantial increase.
Previously, on June 15, the court held a second mediation session attended by both Choi and Noh, but the mediation failed to reach an agreement. The parties could not narrow their differences on key issues such as whether SK Holdings stock should be divided and the scale of that division, leading to the resumption of formal litigation.
Choi and Noh married in September 1988 and have three children. Choi announced his intention to divorce in 2015 after revealing the existence of an illegitimate child, and he filed for divorce mediation in July 2017. After mediation failed, he initiated formal litigation in February 2018. In December 2019, Noh filed a counterclaim seeking alimony and division of SK Holdings stock.
In December 2022, the first trial ruled that SK Holdings stock was Choi's unique property and excluded it from the division. Consequently, the court ordered Choi to pay Noh 100 million won in alimony and 6.65 billion won in property division.
However, the appeals court overturned this decision. The appellate court found that both the 30 billion won slush fund from former President Roh and Noh's contributions played a role in the growth of SK Group, determining that Choi's holdings in SK Holdings should also be included in the division. As a result, the court ordered Choi to pay Noh 2 billion won in alimony and 13.808 billion won in property division.
The Supreme Court's first division, led by Justice Seo Kyung-hwan, overturned the property division portion last October and remanded the case back to the Seoul High Court. The court stated that even if the 30 billion won from the former president was funneled into SK, it could not be considered a contribution by Noh due to its illegal nature. However, the 2 billion won in alimony was upheld.
The remand trial court will reassess the extent of Noh's contributions, whether SK Holdings stock can be considered joint property, and when to set the property valuation date, excluding the slush fund aspect as per the Supreme Court's ruling. If either party disagrees with the ruling, they may appeal to the Supreme Court.
* This article has been translated by AI.
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