SK Group Chairman Chey Tae-won bows in apology for causing a controversy related to a divorce lawsuit with his estranged wife, Roh So-young, during a press conference at the group headquarters in Seoul, Monday. Yonhap

SK Group Chairman Chey Tae-won claimed Monday that there were significant errors in an appellate court's assessment of his estranged wife's contribution to the growth of Korea's second-largest conglomerate and announced his intention to bring the case to the Supreme Court for further review.

"I am compelled to lodge an appeal with the Supreme Court regarding the divorce ruling, as it has tarnished the reputation and pride of all members of SK Group," Chey told reporters during a press conference.

This is part of a response to last month's Seoul High Court ruling that Chey should pay 1.38 trillion won ($1 billion) in property division to his wife, Roh So-young, constituting the largest-ever divorce settlement in Korea.

The court ruled that Roh, who is the daughter of late former President Roh Tae-woo, contributed significantly to Chey's asset accumulation. It ordered Chey to pay 35 percent of his assets, while the value of their combined wealth was estimated at around 4 trillion won.

Chey holds a 17.73 percent stake in SK Inc., which is valued at around 2.2 trillion won. He also owns 29.4 percent of SK Siltron, which amounts to some 700 billion won. SK Siltron is an unlisted affiliate of SK Group.

The chairman apologized to the public for causing concerns over his personal affairs. However, Chey and his legal representative argued that there was a critical error in calculating the figure, asserting that the court had overestimated Roh's contribution to the accumulation of wealth.

"I was told the error was a very critical and serious one, because it is related to whether my stocks in SK are subject to the property division, and if so, how much it should be," Chey said.

SK Group Chairman Chey Tae-won speaks on his stance regarding a recent court ruling on his divorce lawsuit at the group's headquarters in Seoul, Monday. Yonhap

He also refuted the court's ruling that the growth of SK Group was driven by an illicit slush fund amassed during the former Roh administration.

"The ruling denies the entire history of SK Group, and is far from the truth," he said.

Lee Dong-geun, a legal representative for Chey, who also attended the press conference, argued that the court should calculate the property division again, after rectifying the error.

"We will lodge an appeal with the Supreme Court for a fresh judicial judgment regarding a number of issues, including the critical error and the tangible and intangible contributions made during the former Roh Tae-woo administration," he said.

SK Supex Council President Lee Hyung-hee also reaffirmed the group's firm determination to contest the ruling.

"Our growth did not stem from the support of the former administration. Rather, the relationship with the administration posed a serious burden for SK's image and business afterward," Lee said. "We will recover the pride and reputation of the company and its employees through the appeal."

Chey married Roh in 1988 and their relationship ended in 2015 after he admitted to having a relationship with his new partner Kim Hee-young. Chey filed for divorce with Roh in July 2017, but failed to reach a settlement.