Chey Tae-won, chairman of South Korea's SK Group, said on Monday that the group would take measures to prevent its recent divorce settlement ruling from posing a risk of hostile takeovers or other issues for SK companies.
The Seoul High Court ruled at the end of May that Chey Tae-won must pay over $1 billion in a divorce settlement to his estranged wife.
Speaking to reporters on Monday, Chey Tae-won stated that he would appeal the ruling to the Supreme Court.
“We need to prevent this situation from leading to a hostile takeover or similar crisis, but I believe we have sufficient capabilities to stop these issues from occurring,” Chey Tae-won said.
In a rare public appearance, Chey Tae-won deeply bowed and apologized to the public for causing concern due to personal matters, and pledged to continue fulfilling his management duties to contribute to the national economy.
Chey Tae-won owns a 17.7% stake in the holding company SK Inc and controls SK Hynix, the world's second-largest memory chip manufacturer, and other SK subsidiaries through his holdings in SK Inc.
Following the High Court's ruling, shares of SK Inc rose as investors speculated that Chey Tae-won might need to sell part of his stake to raise funds if the Supreme Court upholds the verdict.
However, analysts said that Chey Tae-won might sell shares in non-core subsidiaries or secure loans to pay the divorce settlement to avoid affecting his control over the group.
