Tycoon to pay ex-wife $1.87bn in record South Korea divorce settlement
A South Korean court has ordered Smilegate founder Kwon Hyuk-bin to pay his ex-wife $1.87 billion in a record-breaking divorce settlement. The ruling involves a significant transfer of company shares, reflecting the wife's contribution to the firm's early development.
Why it matters
This case sets a new legal precedent for divorce settlements in South Korea, particularly regarding the valuation of assets and contributions in high-net-worth corporate marriages.
Image source, News1 Image caption, Kwon Hyuk-bin founded South Korea's third-largest video game company
A South Korean court has ordered gaming tycoon Kwon Hyuk-bin to pay his ex-wife 2.55tr won ($1.87bn; £1.38bn) in assets, marking the largest divorce settlement in the country's history.
Kwon, who founded South Korea's third-largest video game company Smilegate, is one of the country's richest men. Bloomberg puts his net worth at $3bn.
Smilegate was wholly owned by him until Wednesday when a court ruled that a 35% stake, valued at about 2.5tr won, be transferred to his wife Lee Hwa-jin. He was also ordered to pay her an additional 65bn won in cash.
This settlement is more than double the previous record of 944bn won which tech titan Chey Tae-won was ordered to pay his ex-wife.
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