Selling 940 Billion Won in Shares Before Crash… Securing Funds for "Divorce of the Century"

[Anchor]

SK Group Chairman Chey Tae-won has sold 940 billion won worth of SK shares to wrap up his "divorce of the century." It is being said that he was fortunate to sell his shares at a relatively high price before the stock price plummeted.

Reporter Jung Hye-jin has the story.

[Reporter]

Even after his divorce was finalized by the Supreme Court, SK Group Chairman Chey Tae-won continued litigation over the scale of the property division.

[Chey Tae-won / SK Group Chairman (June): I hope the settlement can be successfully reached so that this can end quickly.]

[Noh Soh-young / Director of Art Center Nabi (June): (Has the difference of opinion not been resolved yet?) ......]

In the remand trial for property division held in July, the division amount determined by the court was 940 billion won in cash.

To raise this money, Chairman Chey sold 1.65 million shares of SK stock.

An investment fund led by U.S. computer company Dell purchased 970,000 shares for 544 billion won, and a domestic securities firm bought 680,000 shares for 400 billion won.

Amid the recent plunge in the stock market, Chairman Chey appears to have sold the shares to the fund at a price 7.2% higher than the closing price on November 2, and to the securities firm at a price 12.5% higher.

He sold them at a price 20 to 30% higher than today's (November 6) closing price.

SK explained that the prices had already been announced through a public disclosure a month ago.

The foreign fund that bought the shares is a friendly stake siding with Chairman Chey, and the securities firm transaction includes an agreement where Chairman Chey will return cash if the stock price falls three years later, according to the explanation.

Although Chairman Chey's stake decreased by 2.26 percentage points due to the share sale, analysts say it will not significantly impact management control as his friendly stake exceeds 30%.

While the 940 billion won property division amount has been stably secured, Chairman Chey has decided not to contest 700 billion won of it, while filing a re-appeal with the Supreme Court to re-examine the remaining 244 billion won.

(Video by Lee Moo-jin, Video Editing by Jung Yong-hwa)
※ Please note: This article was translated by AI and may contain errors.