A South Korean court has ordered gaming tycoon Kwon Hyuk-bin to pay his ex-wife 2.55 trillion won, equivalent to approximately $1.87 billion, in a divorce settlement that stands as the largest in the nation's history.
Kwon, the founder of Smilegate, South Korea's third-largest video game company, was ordered to transfer a 35% stake in the company, valued at about 2.5 trillion won, to his ex-wife, Lee Hwa-jin. He was also directed to pay an additional 65 billion won in cash.
Lee had initially sought a 50% stake in Smilegate, with her lawyers arguing she helped finance the company at its inception. The couple married in 2001, the year before Kwon founded Smilegate, known for titles such as the first-person shooter game CrossFire and the action role-playing game Lost Ark. Lee also stated she spent over two decades managing their household and raising their children.
Kwon contended that Lee did not invest in or work for the company. Smilegate previously released a statement asserting that all of the company's initial capital originated from Kwon.
This settlement surpasses the previous record of 944 billion won, which tech executive Chey Tae-won was ordered to pay his ex-wife. That earlier ruling, however, was later reviewed by the Supreme Court due to a miscalculation of asset values and has been ordered for reconsideration.
A spokesperson for Smilegate declined to comment on the matter, stating, "We will continue to faithfully perform our duties as usual."
Both Kwon and Lee retain the option to challenge the court's ruling.