Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, stated at the 5·18 Democracy Movement memorial ceremony that he would hold the beneficiaries of those responsible for the (5·18 Democracy Movement) accountable for damages. This statement is expected to become a variable in the divorce case of Chey Tae-won, chairman of SK Group, and Noh So-young, director of Art Center Nabi.
Noh has argued that the finances of her late father, the former President Roh Tae-woo, contributed significantly to the growth of SK Group, and that Chey Tae-won's SK shares should also be considered as part of the partitioning of assets. If the candidate wins the presidential election and his statement materializes, it is highly likely that the government will demand compensation for damages related to the alimony that Noh is expected to receive.
The candidate attended the 45th anniversary memorial ceremony of the 5·18 Democracy Movement in Gwangju on the 18th and told reporters, 'We must thoroughly punish state violence or attempts at military coups, and remove the statute of limitations to hold beneficiaries liable for civil damages.'
This was in response to a question regarding how to view the fact that 'the settlement of those responsible for the 5·18 has not yet ended, and the social controversies surrounding the fines imposed on former President Chun Doo-hwan and the slush funds of former President Roh Tae-woo continue.'
Noh So-young has claimed in her divorce lawsuit against Chey Tae-won that the support from the former President Roh had a significant impact on the growth of SK Group. In May of last year, the appellate court ruled that Chey should pay Noh 1.38 trillion won. It was noted that 30 billion won of funds from the former president was passed to Chey Tae-won’s late father, former chairman Chey Jong-hyun of SK Group, and that this money enabled the company’s predecessor, Sunkyung Group, to acquire Pacific Securities and enter the securities industry, laying the groundwork for growth.
This ruling caused considerable controversy within the legal community at that time. Many argued that if the 30 billion won attributed to the former president was illicitly obtained funds, it should not be included in the partitioning of assets and should be subject to recovery actions.
Following the appellate ruling, suspicions arose that the 30 billion won left by the former president might be illicit slush funds. The Citizens' Committee for the Recovery of Military Regime Crime Profits filed a complaint against Noh with the prosecution in May of last year, citing the concealment of slush funds.
After the appeals court ruling, Noh's side stated that the 30 billion won was not illicit slush funds. It is reported that Noh's side argued, 'There is no evidence to consider it illicit funds. Logically, would the former president entrust an illicit amount of money to his in-law Chey Jong-hyun?' However, they were unable to provide a clear explanation of how the former president possessed a large sum of 30 billion won in the early 1990s.
If Lee Jae-myung wins the presidential election and includes the inherited assets of those responsible for the 5·18 Democracy Movement in the scope of compensation, it is highly likely that investigations into the assets left by the former president will resume. In this case, the illegitimate formation of the 30 billion won, which Noh claimed contributed to SK's growth, may also come under investigation.
In the legal community, it is anticipated that if the government raises questions about whether the 30 billion won flowed from the former president to SK as illicit slush funds, it could have an impact on the Supreme Court's ruling.
A legal source stated, 'The appellate court considered that the divorce case between Chey and Noh falls under the family law category, and thus gave greater weight to contributions to asset formation rather than criminal illegality in its ruling. In contrast, the Supreme Court is likely to closely examine how the 30 billion won was formed and whether there are any legal issues.'