The long-standing asset division lawsuit between Choi Tae-won, chairman of SK Group, and Noh So-young, director of Art Center Nabi, may reach a conclusion today. If both parties forgo an appeal, a ruling from the Supreme Court will require Choi to pay Noh 944 billion won. However, if either side files an appeal, the case will return to the Supreme Court for further judgment.
According to legal sources, today marks the final day for both parties to appeal the Supreme Court's ruling on the asset division case. If no appeal is submitted by 11:59:59 PM, the ruling requiring Choi to pay Noh 944 billion won will become final at midnight on the 15th.
Once the ruling is finalized, Choi will be required to pay an annual late interest of 5% until the full amount is settled, which amounts to approximately 47.2 billion won per year, or about 1.3 billion won per day. There is some debate in the legal community regarding the start date for late interest, with some suggesting it should begin on the 15th, while the prevailing interpretation is that it will start on the 16th, the day after the ruling is finalized.
As of today, neither party has publicly disclosed their stance on whether they will appeal. However, legal experts believe that since the Supreme Court's ruling is seen as a victory for Noh, the likelihood of her appealing is low.
Conversely, there are speculations that Choi's side may choose to appeal to reduce the burden of late interest and secure more time to arrange the cash. Nonetheless, some analysts suggest that Choi may accept the ruling to alleviate legal risks and focus on business operations.
If the Supreme Court's ruling is finalized, it will mark the end of a legal dispute that began in 2017 when Choi filed for divorce.
According to legal sources, today marks the final day for both parties to appeal the Supreme Court's ruling on the asset division case. If no appeal is submitted by 11:59:59 PM, the ruling requiring Choi to pay Noh 944 billion won will become final at midnight on the 15th.
Once the ruling is finalized, Choi will be required to pay an annual late interest of 5% until the full amount is settled, which amounts to approximately 47.2 billion won per year, or about 1.3 billion won per day. There is some debate in the legal community regarding the start date for late interest, with some suggesting it should begin on the 15th, while the prevailing interpretation is that it will start on the 16th, the day after the ruling is finalized.
As of today, neither party has publicly disclosed their stance on whether they will appeal. However, legal experts believe that since the Supreme Court's ruling is seen as a victory for Noh, the likelihood of her appealing is low.
Conversely, there are speculations that Choi's side may choose to appeal to reduce the burden of late interest and secure more time to arrange the cash. Nonetheless, some analysts suggest that Choi may accept the ruling to alleviate legal risks and focus on business operations.
If the Supreme Court's ruling is finalized, it will mark the end of a legal dispute that began in 2017 when Choi filed for divorce.
Choi and Noh married in September 1998 and have three children, but their relationship deteriorated over time. In 2015, Choi publicly acknowledged the existence of an extramarital child, and in 2017, he filed for divorce, which was unsuccessful, leading to formal litigation in February of the following year. Noh filed a counter-suit in 2019, agreeing to the divorce.
In the initial trial, the court ordered Choi to pay Noh 100 million won in alimony and 665 million won in asset division, ruling that Choi's SK shares were not subject to division as they were considered separate property.
In the second trial, the court recognized Noh's contributions to the growth of SK Group, including a 30 billion won slush fund linked to former President Roh Tae-woo, and increased the alimony to 200 million won and the asset division amount to 1.38 trillion won.
However, in October of last year, the Supreme Court upheld the 200 million won alimony but ruled that the 30 billion won slush fund could not be considered illegal funds contributed by Noh, sending the case back to the Seoul High Court.
On June 24, the Supreme Court's ruling stated that Choi's shares were acquired during the marriage and that both Choi and Noh contributed to their formation and value increase, thus classifying the SK shares as divisible assets. Consequently, the court ruled that Choi must pay Noh 944 billion won.
The valuation date for the divisible shares was set for April 16, 2024, the conclusion date of the fact-finding trial in the divorce case. The court rejected Noh's argument to use June 26, the conclusion date of the Supreme Court's ruling, but the significant increase in stock prices between the two dates was reflected in the asset division calculation.
In the initial trial, the court ordered Choi to pay Noh 100 million won in alimony and 665 million won in asset division, ruling that Choi's SK shares were not subject to division as they were considered separate property.
In the second trial, the court recognized Noh's contributions to the growth of SK Group, including a 30 billion won slush fund linked to former President Roh Tae-woo, and increased the alimony to 200 million won and the asset division amount to 1.38 trillion won.
However, in October of last year, the Supreme Court upheld the 200 million won alimony but ruled that the 30 billion won slush fund could not be considered illegal funds contributed by Noh, sending the case back to the Seoul High Court.
On June 24, the Supreme Court's ruling stated that Choi's shares were acquired during the marriage and that both Choi and Noh contributed to their formation and value increase, thus classifying the SK shares as divisible assets. Consequently, the court ruled that Choi must pay Noh 944 billion won.
The valuation date for the divisible shares was set for April 16, 2024, the conclusion date of the fact-finding trial in the divorce case. The court rejected Noh's argument to use June 26, the conclusion date of the Supreme Court's ruling, but the significant increase in stock prices between the two dates was reflected in the asset division calculation.
* This article has been translated by AI.
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