SK Group Chairman Choi Tae-won (최태원) filed an appeal against a ruling in a remanded appellate trial ordering him to pay 944 billion won in property division to Noh Soh-young (노소영), director of Art Center Nabi. SK Supex Council said this through a statement issued in the name of Choi's legal representatives. It comes three weeks after the Seoul High Court ruling on July 24.

In the statement, the legal representatives said, "Chairman Choi Tae-won submitted the appeal after careful deliberation, taking various circumstances into consideration." They added, "We will proceed with the subsequent procedures with the aim of minimising negative impacts on shareholders and group management," in a message delivered on Aug. 14. By date, it was delivered at exactly 23:59.

Earlier, the Seoul High Court's Family Division 1, headed by Presiding Judge Lee Sang-joo (이상주), ruled on July 24 in the remanded appellate trial on property division that Choi must pay Noh 944 billion won. That was 436.8 billion won less than the 1.3808 trillion won calculated in the second trial. The court said it judged Choi's stake in SK Corp to be subject to division and took into account the sharp rise in the share value.

Once the appeal is accepted, the case will again be reviewed by the Supreme Court. The scope of review in the rehearing is narrower than in the first appeal. Because a remanded appellate trial is bound by the Supreme Court's legal 판단, it is difficult to dispute again the parts that followed the remand's intent 그대로. What remains is the area newly 판단 by the remanded appellate trial. The dispute is expected to focus on whether there was a misinterpretation of legal principles in the decision to include SK shares as divisible property, the division ratio and the reference date for valuation standards.

The reference date was also a point of contention between the two sides in the remanded appellate trial. Choi's side proposed April 16, 2024, the date the appellate trial closed arguments when the divorce was final, while Noh's side proposed the date the remanded appellate trial closed arguments. The gap in SK's share price between the two dates was large. At the time of the appellate closing-arguments date, SK shares were around 160,000 won and the value of Choi's stake was about 2.07 trillion won. Based on the remanded appellate ruling date, the share price was 862,000 won, and a simple calculation of Choi's 17.9 percent stake puts it at 11.2 trillion won.

◆Scenario of stake sale avoided... funding remains a task

With the appeal, the timing of when the ruling becomes final has been pushed back. The length of Supreme Court deliberations varies by case. The appeal in the divorce lawsuit between Choi and Noh was filed in July 2024 and a ruling was issued on Oct. 16 last year, 1 year and 3 months later. At the time, the Supreme Court finalised only 2 billion won in alimony and sent the property division portion back to the Seoul High Court.

An assessment has emerged that the worst-case scenario for SK's governance structure has been avoided. As the division amount was reduced by several hundred billion won compared with the second trial, Choi has for now avoided a situation in which he would have to sell a large amount of his SK Corp stake, which is key to the group's control. Still, given the amount remains large, attention remains on how funds will be raised.

The lawsuit is also drawing attention as a precedent for divorces among owner families. The Supreme Court could again整理 the standards on whether a stake directly linked to management control should be considered divisible property and how far a spouse's contribution should be recognised. Whether Noh's side will file an appeal has not been confirmed.