Seoul court orders record asset transfer in Smilegate founder’s divorce
The Seoul Family Court in South Korea dissolved the marriage of Smilegate founder Kwon Hyuk-bin and ordered him to transfer a stake in the company and pay a cash sum to his former wife. The total value of the asset division exceeds 2 trillion won, or about $1.5 billion. This is the largest asset division awarded in a divorce in the country, Channel NewsAsia reports.
Court ruling
The court ordered that Kwon’s former wife, surnamed Lee, receive a 35% stake in Smilegate valued at about 2.5 trillion won. In addition, Kwon Hyuk-bin must pay her 65 billion won in cash.
According to local media, the court assessed the Smilegate founder’s assets at 8.016 trillion won. The previous record in divorce asset division cases was 944 billion won. That amount was awarded in the case of SK Group chairman Chey Tae-won and his former wife Roh Soh-yeon.
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Divorce lawsuit
Lee filed for divorce in November 2022, seeking half of Kwon’s stake in Smilegate Holdings, now called Smilegate. According to local media, she said that she contributed to the company’s founding and early management, and also contributed indirectly by running the household. On this basis, Lee sought half of Kwon’s stake.
Kwon Hyuk-bin founded Smilegate in 2002. The company became one of South Korea’s most successful gaming companies.
