Court Hits Billionaire With Record $1.89 Billion Divorce Bill

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SEOUL: A Seoul court ordered South Korean video game tycoon Kwon Hyuk-bin to pay a record divorce settlement exceeding $1.89 billion to his ex-wife, marking the largest asset division ever awarded in the country.

The Seoul Family Court officially granted the divorce after concluding that the couple's marriage had broken down beyond repair. The court ordered Kwon to transfer a 35 percent stake in his company, Smilegate, worth approximately 2.5 trillion won, along with 65 billion won in cash.

Kwon’s former spouse, surnamed Lee, filed for divorce in November 2022 seeking half of his stake. She maintained that she contributed to the company's founding, early management, and domestic work, whereas Kwon argued she was neither a co-founder nor involved in management.

The court assigned equal responsibility to both parties for the marital breakdown and rejected Lee's claim for damages.

Kwon founded Smilegate in 2002 and built it into one of the country's premier gaming firms, with total assets estimated up to eight trillion won. The historic ruling surpasses the previous record settlement awarded in the ongoing SK Group divorce case.