South Korea video game tycoon to pay record $1.89 billion in divorce
The court valued Kwon’s assets at as much as 8 trillion won (S$7.6 billion), local media reported.
On September 9, Seoul court ordered South Korean video game tycoon Kwon Hyuk-bin to pay over 2 trillion won (S$1.89 billion) in the largest asset division in the country's history. This payout surpasses the 944 billion won awarded to SK Group chairman Chey Tae-won in his divorce settlement. Kwon founded Smilegate in 2002 and transformed it into a leading gaming company in South Korea.
Lee, Kwon's ex-wife, filed for divorce in November 2022, seeking half of his stake in Smilegate Holdings, now Smilegate. She argued that she contributed to the company's establishment and management, as well as indirectly through domestic tasks. The Seoul Family Court agreed with Lee's demand, ordering Kwon to transfer a 35% stake in Smilegate worth approximately 2.5 trillion won, plus an additional 65 billion won in cash.
The court concluded that the marriage had irretrievably broken down due to prolonged conflict and dismissed Lee's claim for damages. Both parties were found equally responsible for the marriage breakdown. Kwon's assets were valued at up to 8 trillion won. This case follows a similar legal battle involving Chey Tae-won, SK Group chairman, who is appealing against a court ruling that ordered him to pay US$666 million to his ex-wife.
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