A South Korean court has ordered Kwon Hyuk-bin, founder of video game company Smilegate and one of the country’s wealthiest individuals with an estimated net worth of $3 billion, to transfer assets valued at approximately $1.87 billion to his ex-wife Lee Hwa-jin. The settlement represents the largest divorce award in South Korean legal history, surpassing the previous record significantly.
The court ruling mandates that Lee receive a 35% stake in Smilegate, valued at roughly 2.5 trillion won, along with an additional 65 billion won in cash. The company, South Korea’s third-largest video game firm, was previously wholly owned by Kwon. During proceedings, Lee’s legal team argued that she had contributed to financing the company at its inception, while Kwon contended that she neither invested in nor worked for the business.
Kwon and Lee married in 2001, one year before he established Smilegate. Lee maintained that she devoted more than two decades to raising their children and managing household responsibilities. The company’s popular titles include the first-person shooter CrossFire and action role-playing game Lost Ark. Smilegate released a statement declining to comment on the major shareholder’s personal matters while indicating the company would continue normal operations.
The previous record for a South Korean divorce settlement was held by a case involving SK Group chairman Chey Tae-won, who was ordered to pay 944 billion won earlier this year. That ruling was subsequently struck down by the Supreme Court due to a miscalculation affecting asset valuation, with the case ordered for review. Both parties in the Kwon case retain the option to challenge the current court decision.
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