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South Korean Court Orders Record USD1.8B Divorce Settlement
(MENAFN) A Seoul court on Wednesday ordered gaming mogul Kwon Hyuk-bin to hand over shares and cash totaling 2.55 trillion won ($1.8 billion) to his ex-wife, in a ruling believed to mark South Korea's largest divorce settlement on record, according to media.
The Seoul Family Court approved a divorce petition brought by Kwon's wife, referred to only by her surname, Lee, splitting the couple's marital estate 65% to Kwon and 35% to Lee.
Kwon, who founded gaming powerhouse Smilegate, was directed to transfer roughly 2.49 trillion won ($1.83 billion) in company shares, plus an additional 65 billion won ($47.7 million) in cash.
Judges determined that Kwon's stake in Smilegate should be counted among the assets up for division, pointing to Lee's involvement in the company during its founding and expansion, as well as her formal roles as a registered director and CEO.
The court also weighed her extended contributions running the household and raising the couple's children.
Even so, in settling on the 65-35 split, the court found that Kwon's business acumen and leadership were the driving force behind Smilegate's growth.
Judges assigned equal blame to both spouses for the marriage's collapse and rejected Lee's claim for damages.
Lee was awarded parental rights over the couple's minor child, while Kwon was ordered to pay 20 million won ($14,700) monthly in child support.
The Seoul Family Court approved a divorce petition brought by Kwon's wife, referred to only by her surname, Lee, splitting the couple's marital estate 65% to Kwon and 35% to Lee.
Kwon, who founded gaming powerhouse Smilegate, was directed to transfer roughly 2.49 trillion won ($1.83 billion) in company shares, plus an additional 65 billion won ($47.7 million) in cash.
Judges determined that Kwon's stake in Smilegate should be counted among the assets up for division, pointing to Lee's involvement in the company during its founding and expansion, as well as her formal roles as a registered director and CEO.
The court also weighed her extended contributions running the household and raising the couple's children.
Even so, in settling on the 65-35 split, the court found that Kwon's business acumen and leadership were the driving force behind Smilegate's growth.
Judges assigned equal blame to both spouses for the marriage's collapse and rejected Lee's claim for damages.
Lee was awarded parental rights over the couple's minor child, while Kwon was ordered to pay 20 million won ($14,700) monthly in child support.
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