Chey Tae-won, South Korean billionaire and chairman of SK Group conglomerate, has been ordered to pay his ex-wife 1.38 trillion won ($1bn) in cash, marking the country’s largest-ever divorce settlement.

According to BBC, the divorce settlement comes almost a decade after Chey Tae-won’s marriage ended in scandal, following the revelation of his extramarital affair and the birth of a child with his mistress.

The Seoul High Court, on Thursday, ruled in favour of Roh So-young, awarding her a share of Chey Tae-won’s company assets after their 35-year marriage.

Roh So-young is the daughter of former South Korean President Roh Tae-woo.

Chey’s lawyers announced plans to appeal the court’s decision, arguing that the ruling was based solely on his ex-wife’s version of events.

The Seoul High Court’s award of 1.38 trillion won to Roh So-young marks a substantial increase from the 66.5 billion won settlement initially ruled by a lower court in 2022.

A lower family court had previously denied Roh So-young’s request to receive a portion of Chey Tae-won’s SK shares, but the Seoul High Court overturned this decision on Thursday, ruling that the shares should be considered joint assets and awarding her a portion of them.

The ruling said, “It was reasonable to rule that, as his wife, Roh played a role in increasing the value of SK Group and Chey’s business activity.”

The court estimated Chey Tae-won’s wealth to be approximately 4 trillion won, and accordingly, Roh So-young, with whom he has three children, is entitled to around 35% of that amount.

Acknowledging Roh So-young’s contributions, the court said she had facilitated the growth of Chey Tae-won’s business by helping to resolve regulatory issues, and additionally, her father, former President Roh Tae-woo, had provided influential support, serving as a “protective shield” for Chey Jong-hyon, the former chairman of SK Group, thereby contributing to the company’s success.

The judgment highlighted that Chey had not shown any remorse “for his foul behaviour in the course of the trial… nor respect for monogamy.”

The court added that it factored in Roh So-young’s emotional pain and distress resulting from Chey Tae-won’s infidelity when determining the increased settlement amount.

In their argument, Chey’s legal team contended that his ex-wife’s political connections had actually hindered his business endeavours rather than benefiting them.

Shares of SK Inc., a global semiconductor giant with diverse interests in telecoms, chemicals, and energy, surged 9% following the court’s ruling.

Credit: BBC

The Electoral Commission of South Africa (IEC) has apologised for the glitch on its results viewing portal.

The results page had gone blank early Friday morning but was later restored after roughly two hours.

At the time of the glitch, the IEC said local offices continued to capture results while its technicians were working on restoring services.

The commission did not state a reason for the disruption but assured that results have not been compromised.

“All services have since been restored and the leaderboard is working normally. Result processing continues unaffected,” the IEC said in a statement.

When the portal returned, results had come in from 54.9 percent of polling stations, giving the ruling African National Congress (ANC) 41.86 percent of votes cast.

The Democratic Alliance (DA) had 23.67 percent while the Economic Freedom Fighters (EFF) secured 19.98 percent.

A final result near the current preliminary 42 percent would be a steep tumble for the ANC which achieved its lowest victory margin of 57.5 percent in the 2019 elections.

It would also coerce incumbent President Cyril Ramaphosa, who is seeking re-election, to begin negotiations for a coalition government, stoking political uncertainty that could bleed into the country’s shaky economic prospects.

Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has finally reacted to the reintroduction of the old national anthem, saying it was always a priority for him.

Tinubu made this known on Thursday during a meeting with the leadership of the Arewa Consultative Forum (ACF) at the presidential villa in Abuja.

Tinubu, on May 29, 2024, enacted the legislation that returned the old national anthem themed: ‘Nigeria, we hail thee’.

The return of the old anthem had divided opinions, with some commentators criticising the move as yet another case of “misplaced priority” given the plethora of challenges confronting Nigerians.

“Let me allude to something that happened yesterday. The change of national anthem, ‘Nigeria, we hail thee’,” Tinubu said.

“Some people say, okay… say what? Is that your priority? It’s my priority. I agree with the national assembly. If they make law, I’ve got to obey that law, or we disagree openly and close the chapter.”

Tinubu said Nigeria’s diversity should be protected and celebrated, adding that the country’s population should not be seen as a burden.

“But the question of diversity. Who gave us the name Nigeria? Is it not Britain? Or somewhere? Have we changed our name? We are Nigerians. Our passport shows that,” he said.

“As long as we are Nigerians and one family, we remain and protect our diversity and love one another as brothers and sisters.

“It is God Almighty that puts you in that particular place and makes you a member of that family. You have no control over it.

“When I came begging for votes, I didn’t say vote for me as a Yoruba man, I said vote for me as Bola Ahmed Tinubu.”

In 2022, Tinubu had said he would bring back the first national anthem “if I have my way”.