South Korea issues largest‑ever divorce award as video game tycoon ordered to pay RM6.09b

Seoul's Family Court has handed down the largest asset division in South Korean history, ordering video game mogul Kwon Hyuk-bin to pay RM6.09 billion in a divorce settlement. This exceeds the RM6.09 billion awarded to former SK Group Chairman, Chey Tae-won, by his ex-wife in 2021. Kwon founded Smilegate in 2002, which has grown into one of South Korea's most successful gaming companies.

The court ruled that Kwon and his ex-wife, surnamed Lee, had an irretrievably broken marriage, and that both parties bore equal responsibility for the breakdown. Kwon must transfer a 35% stake in Smilegate, worth approximately 2.5 trillion won, and pay an additional 65 billion won in cash. Kwon's ex-wife claimed she had contributed to the company's foundation and management, as well as through domestic work, and was thus entitled to half of Kwon's stake.

The court valued Kwon's assets at up to eight trillion won, but rejected Lee's claim for damages. This case follows another high-profile divorce case involving SK Group Chairman Chey Tae-won, whose ex-wife recently appealed a court ruling ordering him to pay her $666 million (RM2.7 billion).