Shares of SK Inc., one of South Korea’s biggest conglomerates, surged as much as 16% on Thursday after a court reportedly ordered the company’s chairman to pay $1 billion to his wife in a divorce lawsuit.
Chey Tae-won was told by a Seoul court to pay 1.38 trillion Korean won to his estranged wife, Roh Soh-yeong.
Prior local reports suggested Roh was seeking around 2 trillion won as part of a settlement and some of Chey’s shares in SK Inc. The final settlement is lower, perhaps explaining the jump in SK Inc. shares, which eventually closed more than 9% higher in Seoul.
SK Inc. was not immediately available for comment when contacted by CNBC.
SK Inc. is one of Korea’s largest technology conglomerates and is the holding company for SK Hynix, one of the world’s biggest memory chip firms, as well as for mobile network SK Telecom.
Source: REUTER
