This is the largest property division ever awarded in the country.
This amount exceeds 944 billion won (605.82 million euros), awarded during the divorce of SK Group chairman Chey Tae-won, whose business also includes the chip manufacturing giant SK hynix, and his former wife Roh Soh-yeong.
Kwon Hyuk-bin founded Smilegate in 2002 and turned it into one of the most successful gaming companies in South Korea.
The Seoul family court granted the divorce request and ordered Kwon Hyuk-bin to transfer a 35% stake in Smilegate, worth about 2.5 trillion won, and pay 65 billion won (41.71 million euros) in cash, the court reported.
Kwon Hyuk-bin’s former wife, whose surname is Lee, filed for divorce in November 2022, seeking half of his shares in Smilegate Holdings, now called Smilegate, local media report.
She claimed that she contributed to the company’s founding and early management, as well as indirectly through household chores, and therefore has the right to half of Kwon Hyuk-bin’s shares.
A court representative said the court concluded that “the marriage has irretrievably broken down, considering the prolonged conflict between the couple and the prospects for reconciliation.”
The court stated that “both parties bear equal responsibility for the breakdown of the marriage,” thus granting the divorce request but rejecting Lee’s claim for damages, the representative added.
As is known, Kwon Hyuk-bin stated that Lee was neither one of the founders nor involved in the company’s management, and reportedly opposed the divorce, local media say.
The court valued Kwon Hyuk-bin’s assets at as much as 8 trillion won (5.13 billion euros), local media reported.
Kwon Hyuk-bin’s case is being reviewed after SK Group chairman Chey Tae-won appealed the court decision in August, which ordered him to pay 666 million dollars (573.45 million euros) to his former wife Roh Soh-yeong.
The Seoul Supreme Court ruled in July that Roh Soh-yeong is entitled to a monetary payment worth about a third of the couple’s marital assets, including Chey Tae-won’s shares in SK, citing her role in the family and support for SK Group’s activities.
Due to Chey Tae-won’s appeal, the case was returned to the Supreme Court.
Analysts say the appeal could prolong the closely watched legal battle, which has drawn attention to Chey Tae-won’s control of SK Group, as the AI boom increases the value of its chip assets.
