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South Korean Billionaire Chey Tae-won To Pay $1bn To Ex-Wife In Country’s Largest Divorce Settlement Ever

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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

BIG STORY

Peter Obi Will Not Have Our 2027 Ticket — Labour Party Secretary Arabambi

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The Labour Party (LP) has ruled out the possibility of former presidential candidate, Peter Obi, contesting on its platform in the 2027 elections.

The party’s National Publicity Secretary, Abayomi Arabambi, made the declaration on Monday while speaking on Channels Television’s Lunchtime Politics.

Arabambi criticised Obi for directing his supporters to back candidates of the African Democratic Congress (ADC) during the August by-elections, describing the move as anti-party. The former Anambra governor had explained his call was due to the absence of LP candidates in many constituencies, but the party dismissed the justification.

According to Arabambi, the Labour Party’s rise in 2023 was driven more by public frustration with the Buhari administration and the #EndSARS movement than Obi’s personal appeal. “We are going to do our 2027 without Peter Obi; he will not have our ticket,” he said.

The spokesman further accused LP’s acting National Chairperson, Nenadi Usman, and activist Aisha Yesufu of aligning with Obi, vowing the party would take action against them. He challenged Obi to formally announce his exit from the party.

Arabambi alleged that Obi was “standing with one leg in LP, one leg in PDP, and one leg in ADC,” adding that the party would no longer accommodate what he described as political extremism.

“If he believes he can win seven million votes in 2027 on his own, let him leave and prove it,” Arabambi said, insisting Obi only used LP as a vehicle for change in 2023.

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PENGASSAN Backs NUPENG, Threatens Shutdown Of Dangote Refinery

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The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has thrown its weight behind the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) in the ongoing dispute over unionisation rights at the Dangote Refinery.

NUPENG had on Sunday announced plans to halt fuel loading nationwide beginning Monday, citing allegations that the refinery intends to prevent newly recruited drivers for its 4,000 trucks from joining the union.

In a statement issued on Monday, PENGASSAN’s General Secretary, Lumumba Okugbawa, declared the association’s “unwavering solidarity” with NUPENG, stressing that the right of workers to unionise must not be undermined.

The senior staff union warned that if the impasse lingers, it could be compelled to take drastic measures, including shutting down operations at the refinery. “Should the situation persist without resolution, PENGASSAN will be left with no option but to join in shutting down the refinery operations as a last resort to protect our members’ rights and interests,” the statement read.

PENGASSAN accused the refinery management of resisting union membership drives since inception despite multiple interventions. It noted that workers had been repeatedly denied access to both senior and junior staff associations, describing the stance as unacceptable.

The association insisted that NUPENG’s demand for full unionisation across the refinery and its affiliates aligns with Nigeria’s labour laws and International Labour Organisation (ILO) conventions. It stressed that freedom of association and collective bargaining are fundamental rights that safeguard workers’ dignity, safety, and welfare.

While reiterating its support for NUPENG, PENGASSAN urged stakeholders to engage in urgent dialogue to avert disruptions in the oil and gas sector. “Failure to respect workers’ rights will have consequences beyond Dangote Refinery, affecting the entire industry,” it cautioned.

Meanwhile, the Minister of Labour, Employment and Productivity, Muhammadu Dingyadi, has summoned all parties to a reconciliation meeting in Abuja as government moves to defuse the crisis.

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FG’s Intervention In NUPENG–Dangote Row Yielding Positive Results —- PETROAN

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) says that the Federal Government’s intervention in the dispute between the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Dangote Refinery is beginning to produce constructive outcomes.

Speaking on Channels Television’s The Morning Brief, PETROAN President Billy Gillis-Harry confirmed that progress had been made through government engagements with key stakeholders and regulators in the downstream sector. These consultations are aimed at averting the planned industrial action centred on Dangote’s downstream operations.

Gillis-Harry highlighted concerns that Dangote Refinery’s push into refining, storage, logistics, and retail could marginalise existing players, including independent marketers and depot owners. PETROAN has therefore called for a stakeholder roundtable to define roles and ensure inclusive industry participation.

He emphasized the importance of union representation across all retail outlets to maintain pricing discipline and prevent exploitation. Without such measures, he warned that consumers could face variable pricing, with disparities of up to 150% between outlets.

In response to the ongoing tension, PETROAN announced a potential three-day suspension of fuel lifting and dispensing starting Tuesday, September 9, if no agreement is reached. The measure was intended as leverage to prompt dialogue rather than disrupt supply.

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