A South Korean court has ordered Smilegate founder Kwon Hyuk-bin to transfer assets worth 2.55 trillion won (≈$1.87bn; £1.38bn) to his ex-wife, marking the country's largest divorce settlement. The award gives Lee Hwa-jin a 35% stake in Smilegate (about 2.5 trillion won) plus 65 billion won in cash. Lee says she helped finance the company and cared for the family for more than 20 years; Kwon disputes her involvement. Both parties may appeal.
Smilegate Founder Ordered To Pay Ex-Wife $1.87bn In South Korea’s Largest Divorce Award
Kwon Hyuk-bin founded South Korea's third-largest video game company [News1]
A South Korean court has ordered gaming entrepreneur Kwon Hyuk-bin to transfer assets worth 2.55 trillion won (approximately $1.87bn; £1.38bn) to his ex-wife, Lee Hwa-jin — the largest divorce settlement on record in the country.
Court Ruling And Details
The ruling requires Kwon, founder of Smilegate (South Korea's third-largest video game company), to transfer a 35% stake in the company — valued at roughly 2.5 trillion won — to Lee and to pay an additional 65 billion won in cash. Bloomberg estimates Kwon's net worth at about $3bn.
Positions Of Both Parties
Lee sought a 50% share in Smilegate when she filed for divorce, arguing through her lawyers that she helped finance the company at its founding and that she spent more than 20 years raising their children and managing the household. Kwon denied that Lee invested in or worked for the company; earlier this year Smilegate said that all of the company's initial capital came from Kwon.
A Smilegate spokesperson declined to "comment on the major shareholder's personal matters" and said the company "will continue to faithfully perform our duties as usual," according to The Chosun Daily.
Context And Next Steps
The award surpasses the previous record of 944 billion won, ordered in an earlier divorce involving SK Group chairman Chey Tae-won — a decision that was later sent back for review by the Supreme Court after a miscalculation was identified. Both Kwon and Lee retain the right to appeal this ruling, and either party could seek further review in higher courts.
Games: Smilegate is best known for titles including the first-person shooter CrossFire and the action RPG Lost Ark.
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