South Korean Gaming Billionaire's Record Divorce Settlement

Thairath•International•12d ago

Reader Briefing

The Seoul Family Court ordered Smilegate founder Kwon Hyuk-bin to pay his ex-wife approximately 1.5 billion USD, marking the highest asset division in history.

•Kwon Hyuk-bin must transfer 35% of Smilegate shares and 65 billion won in cash to his ex-wife.
•The settlement value surpasses the previous record set by SK Group Chairman Chey Tae-won.
•The ex-wife, surnamed Lee, filed for divorce in November 2022.
•The Seoul Family Court issued the ruling on September 9.

Overview

•The Seoul Family Court issued the ruling on September 9.
•The Seoul Family Court ordered Kwon Hyuk-bin to transfer Smilegate shares worth approximately 2.5 trillion won (35%) and 65 billion won in cash to his ex-wife.
•The total value of the asset division is approximately 1.5 billion USD, breaking the previous record of 944 billion won set in the divorce of Chey Tae-won and Noh So-young.
•Kwon Hyuk-bin founded Smilegate in 2002 and developed it into one of the most successful gaming companies in South Korea.
•The ex-wife, surnamed Lee, filed for divorce in November 2022, claiming she contributed to the founding and management of the company and supported the family.
•Local media reports state the court assessed the total assets of Kwon Hyuk-bin at 8.016 trillion won.
•The case highlights how the contributions of a spouse during the early stages of business creation are considered in asset division for billionaires in South Korea.

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Key Entities

Person

Kwon Hyuk-bin(ควอน ฮยอก-บิน)ℹ️

Billionaire and founder of the gaming company Smilegate.

Chey Tae-won(ชเว แท-วอน)ℹ️

Chairman of SK Group involved in a previous record-breaking divorce settlement.

Noh So-young(โน โซ-ยอง)

The ex-wife of Chey Tae-won.

Lee(อี)

The ex-wife of Kwon Hyuk-bin who filed for divorce in November 2022.

Organization

Smilegateℹ️

A successful South Korean gaming company founded by Kwon Hyuk-bin in 2002.

Seoul Family Court(ศาลครอบครัวกรุงโซล)

The court that issued the ruling on the asset division for Kwon Hyuk-bin's divorce.

SK Groupℹ️

The business group chaired by Chey Tae-won.

Place

Seoul(โซล)ℹ️

The city where the family court issued the ruling.

South Korea(เกาหลีใต้)ℹ️

The country where the legal case and business operations are located.