SK Inc. Shares Surge 16% After Chey Tae-won's Record 1.38 Trillion Won Divorce Settlement

May 30, 2024, 08:07 AM

SK Inc.'s shares surged by the most in almost four years following reports that the group's chairman, Chey Tae-won, has been ordered to pay a record 1.38 trillion won ($1 billion) in a divorce settlement. This ruling, which Chey plans to appeal, has significant implications for the company. Chey's lawyer stated that the divorce ruling seriously damages the reputation of shareholders and SK employees. The South Korean tech conglomerate saw a 16% increase in its stock price after the announcement.