A high-profile divorce case from South Korea is going viral on social media, and the reason is the staggering amount involved. A court has issued a major ruling in the divorce case involving Kwon Hyuk-bin, the founder of leading gaming company Smilegate, ordering him to transfer assets worth around 2.55 trillion won to his former wife, Lee Hwa-jin.
The amount is estimated at nearly ₹18,000 crore, making it the largest divorce settlement in South Korean history.
Ex-Wife to Get 35% Stake in Smilegate
According to the court ruling, Kwon Hyuk-bin must transfer his 35% stake in Smilegate to Lee Hwa-jin. The stake is reportedly valued at around 2.5 trillion won. In addition, he has been ordered to pay another 65 billion won in cash.
The ruling surpasses the previous record involving South Korean tech giant Chey Tae-won, who was previously ordered to pay 944 billion won to his former wife in a divorce settlement.
Who Is Kwon Hyuk-bin?
Kwon Hyuk-bin is one of South Korea’s prominent billionaires and the founder of Smilegate, one of the country’s major video game companies. The company is behind popular titles including Crossfire and Lost Ark.
According to Bloomberg estimates, Kwon’s wealth is around $3 billion.
Former Wife Claimed Contribution to Company
Kwon Hyuk-bin and Lee Hwa-jin married in 2001. A year later, in 2002, Kwon founded Smilegate.
During the divorce proceedings, Lee reportedly sought a 50% stake in the company. Her lawyers argued that she had provided financial support during the early stages of the company and had spent more than two decades raising their children and managing family responsibilities.
She also asked the court to take into account her contribution during the company’s formative years.
Kwon Denied Her Claims
Kwon, however, argued that his former wife had neither invested in the company nor worked for it. Smilegate also said earlier this year that Kwon alone had provided the entire investment required to establish the company.
Despite these arguments, the court ruled that Lee Hwa-jin should receive substantial assets along with a 35% stake in Smilegate.
The landmark ruling has drawn significant attention not only in South Korea but also internationally because of the enormous value of the divorce settlement.
