Smilegate founder ordered to pay record $1.87bn divorce settlement

Smilegate Kwon Hyuk-bin divorce settlement South Korea asset division

A Seoul Family Court has ordered Kwon Hyuk-bin, the founder of video game giant Smilegate, to pay his ex-wife, Lee Hwa-jin, a record-breaking divorce settlement totaling approximately 2.55 trillion won ($1.87 billion).

The ruling mandates that Kwon transfer a 35% stake in Smilegate to Lee, valued at roughly 2.5 trillion won, and pay an additional 65 billion won in cash. This decision surpasses the previous record for a divorce settlement in South Korea, which was set by the SK Group chairman's case.

The court determined that the marriage had broken down irretrievably, noting that both parties shared equal responsibility for the separation. While the court acknowledged Lee's contributions through her involvement in the company's early stages and her role in household and childcare, it also recognized Kwon's primary business leadership in growing the company.

As a result of the transfer, Kwon will retain a 65% stake in Smilegate, allowing him to maintain majority control over the company, though the ownership structure will shift from a 100% sole ownership to a 65/35 split.

Entities

Kwon Hyuk-bin · Lee · Lee Hwa-jin · Seoul Family Court · Smilegate · Smilegate Holdings

Claims

What the coverage asserts, and how many sources carry each claim.

[● 4 SOURCES] The court dismissed Lee Hwa-jin's claim for alimony/damages. www.womennews.co.kr · www.hani.co.kr · www.jutarnji.hr · www.leral.net
[○ 1 SOURCE] Kwon Hyuk-bin will retain 65% of Smilegate shares, maintaining majority control. www.newstomato.com
[● 13 SOURCES] The Seoul Family Court granted the divorce request filed by Lee Hwa-jin against Kwon Hyuk-bin. www.albiladpress.com · www.jnilbo.com · www.sisajournal.com · www.womennews.co.kr · kahawatungu.com · +8 more
[● 5 SOURCES] The total value of the settlement is approximately 2.55 trillion won ($1.87 billion). www.albiladpress.com · kahawatungu.com · www.womennews.co.kr · www.hani.co.kr · www.mbn.co.kr
[● 5 SOURCES] This ruling sets a new record for the largest divorce settlement in South Korean history. www.albiladpress.com · kahawatungu.com · www.womennews.co.kr · www.hani.co.kr · www.mbn.co.kr
[● 10 SOURCES] Kwon Hyuk-bin must transfer a 35% stake in Smilegate to his ex-wife, Lee Hwa-jin. www.albiladpress.com · www.womennews.co.kr · kahawatungu.com · lesinguliersete.fr · www.blitzquotidiano.it · +5 more
[● 9 SOURCES] Kwon is ordered to pay Lee Hwa-jin 65 billion won in cash. www.albiladpress.com · www.womennews.co.kr · kahawatungu.com · lesinguliersete.fr · www.hani.co.kr · +4 more
[● 3 SOURCES] The court ruled that both parties share equal responsibility for the breakdown of the marriage. www.womennews.co.kr · www.hani.co.kr · www.leral.net