Tycoon to pay ex-wife $1.87bn in record South Korea divorce settlement
Summary
A South Korean court has ordered gaming entrepreneur Kwon Hyuk-bin to pay his ex-wife 2.55 trillion won (about $1.87 billion) in assets, the largest divorce settlement in South Korea's history. The court transferred a 35% stake in his company Smilegate and ordered an additional cash payment to his ex-wife.Key Facts
- Kwon Hyuk-bin founded Smilegate, South Korea's third-largest video game company.
- The court ruled that Kwon must give his ex-wife 35% of Smilegate, worth around 2.5 trillion won.
- He must also pay her an additional 65 billion won in cash.
- This settlement more than doubles the previous record divorce payout of 944 billion won.
- Kwon and his ex-wife Lee Hwa-jin married in 2001, one year before Smilegate was founded.
- Lee claimed she helped finance the company and spent 20 years raising their children and managing the household.
- Kwon argued Lee did not invest in or work for the company, and Smilegate stated all initial capital came from him.
- Both parties have the option to appeal the court’s decision.
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