Tycoon to pay ex-wife $1.87bn in record South Korea divorce settlement

A South Korean tribunal has ordered gaming tycoon Kwon Hyuk-bin to transfer assets valued at 2.55 trillion won ($1.87 billion; £1.38 billion) to his ex‑wife Lee Hwa‑jin, marking the largest divorce settlement in the country’s history. Kwon, the founder of Smilegate—South Korea’s third‑largest video‑game publisher—was previously the sole owner of the firm. Bloomberg estimates his net worth at $3 billion. On Wednesday the tribunal ruled that a 35 percent stake in Smilegate, worth roughly 2.5 trillion won, must be handed to Lee Hwa‑jin. In addition, Kwon was directed to pay her 65 billion won in cash. The award exceeds three times the previous record of 944 billion won, which Chey Tae‑won was ordered to pay his former spouse. During divorce proceedings Lee sought a 50 percent interest in Smilegate, contending—according to Bloomberg—that she had helped launch the company. Kwon and Lee married in 2001, a year before he established Smilegate. The studio’s flagship titles include the first‑person shooter CrossFire and the action role‑playing game Lost Ark. Lee stated that she devoted more than 20 years to raising their children and managing the household. Kwon countered that Lee never invested in or worked for the business. Earlier this year Smilegate issued a declaration asserting that all of the company’s original capital originated from Kwon. A Smilegate spokesperson declined to “comment on the large shareholder's personal matters.” The spokesperson added, “We volition proceed to faithfully execute our duties arsenic usual,” they said in a connection cited by The Chosun Daily. Both parties retain the right to appeal the ruling. In July of this year Chey Tae‑won, president of SK Group, was ordered to pay his ex‑wife 944 billion won, which prior to today’s decision stood as the nation’s highest divorce award. That judgment was later vacated by the Supreme Court after a miscalculation inflated the couple’s asset valuation; the court has instructed the case to be reviewed.