On the 24th, the Seoul High Court, during the remand trial of the property division suit between SK Group Chairman Chey Tae-won and Art Center Nabi Director Roh Soh-yeong in Seocho-gu, ordered Chairman Chey to pay 944 billion KRW to Director Roh. Pictured are Chairman Chey and Director Roh attending the second mediation session last month on the 15th. July 24, 2026. [Yonhap News File Photo] It has been determined that the core reason behind SK Group Chairman Chey Tae-won’s (65) decision to appeal the remand judgment—which ordered him to pay 944 billion KRW in cash to Art Center Nabi Director Roh Soh-yeong (65)—was a fundamental disagreement between the two sides regarding the specific method of payment.

It is reported that while Chairman Chey proposed payment in a mix of cash and stock, Director Roh insisted on receiving the full amount in cash.

Analysts suggest that Chairman Chey had no choice but to appeal to the Supreme Court to buy time to secure the necessary cash, as failing to pay the property division amount once the ruling became final would have resulted in daily late interest penalties of approximately 130 million KRW.

According to legal circles on the 16th, Chairman Chey’s side had initially considered accepting the remand judgment delivered on the 24th of last month to finally put an end to the legal battle that has dragged on for over nine years.

However, they reportedly faced significant difficulties in securing 944 billion KRW in cash within the three-week window before the filing deadline on the 14th.

Chairman Chey explored options to sell a portion of his SK shares, but it is known that he was concerned about the potential impact such a large-scale sale by a majority shareholder would have on the stock price and the group's governance structure in the short term.

Consequently, Chairman Chey’s side reportedly proposed to Director Roh that the property division be paid in a combination of cash and stock.

It is understood that the proposal included a condition where Chairman Chey would cover any shortfall if the stock price fell, while not requiring any additional payment if the stock price rose.

However, Director Roh’s side maintained their position that they would accept only the full amount in cash as ordered in the remand judgment.

Analysts note that by filing an appeal, Chairman Chey, who would have faced a 5% annual late interest penalty starting from the day after the ruling became final, has successfully avoided immediate interest burdens and gained time to explore realistic payment alternatives.

Chairman Chey’s legal team announced the appeal at 11:59 PM on the 14th, just one minute before the deadline.

In the legal community, some estimate that if Chairman Chey contests the full 944 billion KRW, the court filing fees (a type of litigation expense) alone could amount to several billion KRW.

Chey Tae-won and Roh Soh-yeong attend the second property division hearing (Seoul=Yonhap News) Reporter Kim In-chul = SK Group Chairman Chey Tae-won (left) and Art Center Nabi Director Roh Soh-yeong are heading to the courtroom to attend the second hearing of the remand trial for property division at the Seoul Central District Court in Seocho-gu, Seoul, on the 26th. 2026.6.26 yatoya@yna.co.kr

It is expected that in the upcoming Supreme Court appeal, Chairman Chey’s side will argue that there were legal errors in how the remand court determined the property division ratio and the total amount.

The remand court set the standard date for valuing the SK shares held by Chairman Chey as April 16, 2024, the date when the fact-finding process (the appellate trial) concluded.

Although the court rejected Director Roh’s argument that the valuation should be based on June 26, the date the remand trial concluded, it factored in the fact that the stock price surged more than fivefold, from 160,000 KRW to 858,000 KRW, between those two dates. This was based on the court's recognition that Director Roh contributed, in part, to the growth and corporate value of the SK Group.

The resulting property division ratio was set at 33.3% for Director Roh and 66.6% for Chairman Chey. For Director Roh, this was seen as a successful outcome, being only 1.7% lower than the 35% ratio determined in the appellate trial.

Conversely, Chairman Chey’s side is expected to argue that it is inconsistent for the court to reflect stock price fluctuations that occurred after the reference date in the division ratio. They are also expected to highlight that SK's stock price has recently plummeted by over 30% to the 500,000 KRW range compared to the conclusion of the remand trial.