South Korean video game billionaire to pay $1.5B in country's largest divorce settlement
A Seoul court on Wednesday ordered South Korean video game tycoon Kwon Hyuk-bin to pay more than 2 trillion won (Ú$1.5 billion) in a divorce settlement, the largest asset division ever awarded in the country.
South Korean tech billionaire Lee Kwon will pay $1.5 billion in the country's largest divorce settlement. The South Korean Family Court granted the divorce, ordering Kwon to transfer a 35% stake in gaming company Smilegate, valued at around 2.5 trillion won, and pay 65 billion won in cash. Kwon's ex-wife, Lee Soh-yeong, sought half of his Smilegate stake, arguing her contributions to the company's founding and management.
The court concluded the marriage had irretrievably broken down and rejected Lee's damage claim, finding both parties equally responsible for the breakdown. Kwon, founder of Smilegate in 2002, also opposes the divorce. This case follows a previous appeal by SK Group Chairman Chey Tae-won, who owes $666 million to his ex-wife Roh after a court ruled she was entitled to one-third of their marital assets.
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