Seoul, Oct. 2 -- SK Group Chairman Chey Tae-won will sell 944 billion won (USD 701 million) worth of shares in the holding company SK Inc. to fund the court-ordered property division in his divorce from former wife Roh Soh-yeong, according to a news report by The Korea Herald.

The Seoul High Court ordered Chey in July to pay that exact sum to Roh, the director of Art Center Nabi, as part of their division of assets. Chey appealed the ruling to the Supreme Court in August, later narrowing the scope of the appeal by accepting 700 billion won (USD ~513.8 million) of the award while challenging the remaining 244 billion won (USD ~179.1 million).

In a regulatory filing on Friday, SK Inc. disclosed that Chey, who serves as the firm's largest ...