As the ruling on the property division lawsuit between Choi Tae-won, chairman of SK Group, and Noh So-young, director of the Art Center Nabi, approaches, international media are focusing on what is being dubbed the 'divorce of the century.'
On July 22, the Wall Street Journal (WSJ) highlighted the couple's divorce case in an article titled, 'Billionaire's Wealth Doubles Amid AI Boom, Ex-Wife Seeks Half.' The WSJ described the situation as a 'real-life K-drama of money, love, corruption, and betrayal,' detailing the journey from marriage to separation and the ensuing property division lawsuit.
The WSJ noted that the recent surge in Choi's wealth, attributed to the AI boom, has intensified the stakes in the lawsuit. Under Choi's leadership, SK Hynix has become a key memory supplier for Nvidia, significantly increasing the company's value and doubling Choi's estimated net worth to around $5 billion (approximately 7.4 trillion won).
The central issue in the property division is determining how much of the increased asset value should be considered. Noh's side argues that Choi's wealth, boosted by the AI boom, should be assessed at its current value to secure a larger share. Conversely, Choi's team contends that Noh did not contribute to SK's recent growth and that the asset division should be based on values prior to the stock price surge.
There is also interest in whether the appellate court will maintain Noh's recognized contribution to asset formation at 35%. However, given the Supreme Court's recent decision overturning a lower court's ruling related to former President Roh Tae-woo's slush fund, it is widely believed that the existing contribution percentage may not be upheld.
Divorce attorneys in South Korea, unrelated to the case, predict that Noh could receive up to $1 billion (approximately 1.48 trillion won) depending on the court's ruling. If such a substantial property division occurs, it could reduce Choi's stake in SK, making him more vulnerable to pressure from activist investors and other external forces.
Previously, the first trial ordered Choi to pay Noh 100 million won in alimony and 6.65 billion won in property division. However, the second trial significantly increased these amounts, recognizing Noh's contributions more broadly, awarding her 2 billion won in alimony and 13.808 billion won in property division.
In response, the Supreme Court ruled that the slush fund related to former President Roh was illegal, meaning that even if it had flowed into SK, it could not be recognized as a contribution to Noh's asset formation, leading to the annulment of the property division aspect.
The appellate court is set to deliver its judgment on the property division amount and alimony on July 24.
* This article has been translated by AI.
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