Smilegate founder ordered to give wife $1.8 bil. in divorce settlement
A Seoul court granted a divorce sought by the wife of Smilegate founder Kwon Hyuk-bin, ordering him to transfer shares and cash worth an estimated 2.55 trillion won ($1.8 billion) to her in one of Korea's largest divorce settlements. The Seoul Family Court on Wednesday granted the divorce petition filed by Kwon's wife, identified by her surname Lee. However, the court rejected her claim for…
A Seoul court has ruled in favor of Smilegate founder Kwon Hyuk-bin's wife Lee, ordering him to transfer shares and cash worth an estimated $1.8 billion in one of Korea's largest divorce settlements. The Seoul Family Court granted the divorce petition filed by Lee, rejecting her claim for damages. Instead, the court divided the marital assets with Lee receiving 35%, while Kwon retained 65%.
Kwon is required to transfer 35% of his shareholdings, valued at approximately $7.1 billion, to Lee. Additionally, he must pay her 65 billion won in cash, bringing the total settlement value to about $2.55 billion. The court found that the marriage had irreparably broken down due to prolonged conflicts, escalating disputes, and the potential for reconciliation. Both parties were deemed equally responsible for the marriage's downfall.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
