South Korea video game tycoon to pay record US$1.5 billion in divorce
This is the largest asset division ever awarded in South Korea.
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SEOUL: A Seoul court on Wednesday (Sep 9) ordered South Korean video game tycoon Kwon Hyuk-bin to pay more than 2 trillion won (US$1.5 billion) in a divorce settlement, the largest asset division ever awarded in the country.
The amount surpasses the 944 billion won awarded in the divorce settlement between SK Group Chairman Chey Tae-won - whose business also owns chip giant SK Hynix - and his ex-wife, Roh Soh-yeong.
Kwon founded Smilegate in 2002 and has built it into one of the most successful gaming companies in South Korea.
The Seoul Family Court granted the divorce and ordered Kwon to transfer a "35 per cent stake in Smilegate, worth about 2.5 trillion won, and pay 65 billion won in cash," the court said.
Kwon's ex-wife, surnamed Lee, filed for divorce in November 2022, seeking half of his stake in Smilegate Holdings, now Smilegate, according to local media.
Lee argued that she had contributed to the company's founding and early management, as well as indirectly through domestic work, and was therefore entitled to half of Kwon's stake.
The court valued Kwon's assets at as much as 8.016 trillion won, local media reported.
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