South Korea Tycoon Ordered to Pay Record $1.87bn Divorce
South Korean court orders Smilegate founder Kwon Hyuk-bin to transfer 2.55tr won to his ex-wife in the country's largest divorce settlement ever.
Stock photo for illustration only, not from the actual event
- Smilegate founder Kwon Hyuk-bin ordered to pay ex-wife 2.55tr won in assets
- Settlement sets a new record as South Korea's largest ever divorce award
- Ex-wife Lee Hwa-jin argued she helped fund the gaming company at its founding
- Both legal parties retain the right to challenge the court's ruling
A South Korean court has ordered gaming tycoon Kwon Hyuk-bin to pay his ex-wife 2.55 trillion won, equivalent to 1.87 billion dollars, in assets. This landmark decision marks the largest divorce settlement in the nation's history.
Kwon, who established Smilegate as South Korea's third-largest video game firm, stands among the wealthiest individuals in the country. Bloomberg estimates his total net worth to be approximately 3 billion dollars.
Prior to the ruling, Smilegate was entirely owned by Kwon. The court decreed that a 35% stake, valued at roughly 2.5 trillion won, be transferred to his former wife, Lee Hwa-jin. Furthermore, he was mandated to pay an additional 65 billion won in cash.
Stock photo for illustration only, not from the actual event
During the divorce proceedings, Lee sought a 50% stake in Smilegate. Her legal representatives argued that she had assisted in financing the enterprise during its inception. The couple married in 2001, a year prior to the founding of Smilegate, which later developed prominent titles including CrossFire and Lost Ark.
"We will continue to faithfully perform our duties as usual"
Smilegate representative
Lee additionally stated that she spent over two decades raising their children and managing the household. Conversely, Kwon maintained that Lee neither invested capital nor worked for the company, supporting claims that all initial startup capital originated from him.
High-profile billionaire divorce cases in South Korea frequently highlight complex legal battles over marital assets and corporate equity distribution. Courts must balance initial founding contributions against decades of domestic support, which can significantly influence the governance and shareholdings of major national corporations.
Legal proceedings remain ongoing, as both parties retain the option to contest the court's current ruling.
Source: BBC World
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