SK Group Chairman Sells Shares to Fund Divorce Settlement

SK Group Chairman Chey Tae-won agreed to sell a combined 2.28 percent stake in the holding company SK Inc to raise 944 billion won for a divorce settlement for his former wife. The divestment includes the sale of 1.65 million shares across two separate transactions.

Chey sold a 1.34 percent stake to DFO Public Investments, L.P., an investment fund linked to Dell Technologies founder Michael Dell, for 544 billion won ($406 million). Additionally, he sold a 0.94 percent stake to Korea Investment & Securities for 400 billion won. While the purchase by DFO Public Investments was made through a family office fund rather than Dell Technologies, the two entities maintain existing business ties through SK Hynix.

The Korea Corporate Governance Forum issued a warning regarding the transactions, stating that Chey and the buyers must disclose their stakes as joint holdings if they agree to exercise voting rights in the same manner. The watchdog noted that failure to do so could result in a violation of South Korean capital markets law.