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SEOUL - A South Korean court ruled SK Group Chairman Chey Tae-won must pay more than $1 billion to his estranged wife as part of their planned divorce, sending shares in the group's holding firm surging on speculation that he will have to purchase more stock to cement his control.The Seoul High Court found Chey's shares in holding company SK Inc should be counted as part of the couple's joint property, overturning a 2022 ruling by a lower court for a much smaller amount.
Chey owns 17.7% of the SK Inc and controls SK Hynix, the world's second-largest memory chip maker, and other SK affiliates through his stake in SK Inc. He also said that, assuming the ruling stands, he thought Chey would be unlikely to sell his shares to make the payment but would probably take out loans using his SK Inc stock as collateral.
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