Kwon Hyuk-bin, founder of Smilegate, must pay his ex-wife a record sum of $1.5 billion

South Korean tycoon Kwon Hyuk-bin, founder of the Smilegate video game consortium, was ordered on Wednesday by the Seoul Family Court to transfer assets worth approximately $1.5 billion to his former wife in a divorce case considered unprecedented in South Korea.

According to the court ruling, the entrepreneur, born in 1974, must transfer 35% of Smilegate, a stake valued at 2.5 trillion won, and pay an additional 65 billion won. The total value of the obligations amounts to approximately $1.5 billion, equivalent to €1.3 billion.

The decision establishes one of the largest sums ever awarded in a divorce dispute in South Korea. The case concerns the division of wealth accumulated around Smilegate, a company known in the global video game industry.

The transfer of the stake and the cash payment are to be carried out in accordance with the court ruling. The final value of the assets may depend on the valuation of the stake at the time the decision is enforced and on the company’s market performance.2024-01-01-tycoon-kwon-hyuk-bin-pay-ex-wife-billion