This article was published on the ChosunBiz MoneyMove (MM) site at 4:49 p.m. on Nov. 25, 2025.
As the sale of SK Group subsidiary SK Siltron's management rights has been slow to advance, analysts say that a successful sale could become a factor detrimental to Chey Tae-won, who is currently involved in divorce proceedings. If the sale of SK Siltron succeeds and is actually completed, the value of the SK Siltron shares held by Chey is expected to surge. If the appellate retrial judges deem Chey's SK Siltron shares subject to property partitioning, the total amount of property to be divided would increase by at least 420 billion won and possibly by as much as 720 billion won.
However, legal circles offer differing views on whether SK Siltron shares should be subject to division. One side argues that because the Supreme Court effectively did not recognize Director Roh's contribution to SK Co. shares, SK Co. shares and SK Siltron shares acquired through dividends should be excluded from partitioning. On the other hand, some argue that the Supreme Court did not determine whether SK Co. shares should be included in property division, and even if SK Co. shares are subject to division, SK Siltron shares should be regarded as separate property.
◇ sk not in a hurry... will selling price rise to 5 trillion?
On the 25th, according to investment banking and legal sources, if SK Siltron were sold at a corporate value of 4 trillion won, Chey's 29.4% stake in SK Siltron held through a total return swap (TRS) would be recognized as having a market value of 1.176 trillion won.
But the sale price of SK Siltron is widely expected to be set well above 4 trillion won. If the sale price approaches the initially expected 5 trillion won, the value of Chey's stake would rise to 1.47 trillion won.
SK recently asked McKinsey & Company to reassess SK Siltron's corporate value, and industry sources say the company is reconsidering the sale from scratch. With the majority view that a semiconductor supercycle is likely to begin in earnest, Chey is reported to have said the sale of SK Siltron is "not urgent."
Last year, in the second trial of the divorce case between Chey and Director Roh, the appraised value of Chey's SK Siltron stake was assessed at 750 billion won. Because it is an unlisted company and has no market price, conventional methods such as supplementary valuation were applied.
However, if a market price is formed before the close of arguments in the appellate retrial, the value of unlisted shares will be revalued at market price. Even if only SK Co.'s stake is sold, the shares held by Chey would be calculated at market prices as well. In that case, Chey's SK Siltron stake value is estimated to be 420 billion to 720 billion won higher than at the second trial last year.
If the appellate retrial includes SK Siltron shares in the marital property division, it would be unfavorable to Chey, because the total property to be divided would increase significantly.
◇ "if SK Co. shares are separate property, SK Siltron is also separate property"
Views differ among business and legal officials on whether SK Siltron should be subject to partitioning.
An SK Group official said, "First, the Supreme Court decision does not mention SK Siltron. However, if the appellate retrial determines that SK Co. shares are separate property (assets owned individually before marriage or assets received by gift or inheritance during marriage), it would be reasonable to regard SK Siltron shares acquired through SK Co. shares as separate property and exclude them from partitioning."
Earlier in 2017, SK Group and Chey acquired all outstanding shares of the former LG Siltron. SK Co. first acquired 51%, and the remaining 49% held by creditor banks including Woori Bank was split into two portions: SK Co. acquired 19.6% and Chey acquired 29.4%.
However, the 49% was actually purchased by securities firms and is effectively held by SK Co. and Chey through TRS contracts. The securities firms lent their names and received interest and fees from SK Co. and Chey, while SK Co. and Chey took the profits and losses from dividends and stock price increases.
SK argues that the interest and fees Chey pays to securities firms for indirectly holding SK Siltron shares come from SK Co. shares. SK says Chey used dividends from holding SK Co. shares to pay TRS interest and fees for SK Siltron. In other words, SK's position is that SK Siltron shares bought with money from separate property SK Co. shares are also separate property and thus not subject to partitioning.
SK also points out that Chey's SK Siltron stake was formed independently of the couple's joint life. A legal source said, "SK Siltron shares were acquired with separate property funds, and they are assets acquired through a TRS contract as part of Chey's independent business activities."
◇ "property acquired with Choe's own money... should be subject to partitioning"
On the other hand, Director Roh's side believes Chey's SK Siltron stake should be included in the partitioning.
First, the Supreme Court has not yet ruled on whether SK Co. shares are separate property. It only ruled that it could not recognize a contribution of 30 billion won from the late President Roh Tae-woo toward SK Co. shares, and did not clearly decide whether SK Co. shares can be included in property division.
Director Roh's side also argues that even if SK Co. shares become subject to partitioning, that does not automatically mean SK Siltron shares are also subject to division.
A legal source said, "SK Siltron shares are property that Chey bought with his own money," adding, "They are essentially assets similar to derivatives that he acquired through his own investment, and I see no reason they should be excluded from partitioning."
The appellate retrial of Chey and Director Roh's divorce has been assigned to Family Division 1 of the Seoul High Court (Presiding Judge Lee Sang-joo). The appellate retrial will reexamine whether to divide assets held by Chey, including SK Co. and SK Siltron.