Biggest Ever: South Korean Gaming Tycoon Kwon Hyuk-bin Ordered to Pay $1.5 Billion in Record Divorce Settlement

A Seoul court has ordered Smilegate founder Kwon Hyuk-bin to pay more than $1.5 billion in a divorce settlement, the largest asset division in South Korean history.

Court Orders 35% Smilegate Stake Transfer

The Seoul Family Court granted Kwon’s divorce and ordered him to transfer a 35% stake in Smilegate, valued at around 2.5 trillion won, along with 65 billion won in cash to his former wife. The combined settlement exceeds 2 trillion won, according to the court.

The ruling surpasses the previous South Korean record involving SK Group Chairman Chey Tae-won and his former wife, Roh Soh-yeong. Their earlier settlement involved 944 billion won.

Ex-Wife Claimed Contribution to Smilegate

Kwon founded Smilegate in 2002 and turned the company into one of South Korea’s major gaming businesses.

His former wife, identified by the surname Lee, filed for divorce in November 2022. She sought half of Kwon’s stake in Smilegate Holdings, arguing that she had contributed to the company’s founding and early management.

Lee also cited her contribution through domestic work and support during the company’s early years as part of her claim to the business assets.

Kwon’s Assets Valued at 8.016 Trillion Won

Local media reported that the court valued Kwon’s assets at as much as 8.016 trillion won.

The scale of the settlement reflects the court’s assessment of the couple’s marital assets and the contribution claimed by Kwon’s former wife. The transfer of a substantial stake in Smilegate also gives the ruling significance beyond a conventional cash settlement.

Record Settlement Follows Another High-Profile Case

The ruling comes amid continued attention on South Korea’s high-value divorce disputes involving major business families.

Chey Tae-won, chairman of SK Group, appealed in August against a ruling requiring him to pay $666 million to Roh Soh-yeong. In July, the Seoul High Court had ruled that Roh was entitled to a cash settlement worth about one-third of their marital assets, including Chey’s shares in SK.

Chey’s appeal has moved the dispute to the Supreme Court, extending a closely watched legal battle over the division of one of South Korea’s largest business fortunes.

The Kwon Hyuk-bin settlement now sets a new benchmark for divorce-related asset division in South Korea, with the size of the award drawing fresh attention to how courts assess business ownership and spousal contributions in high-value marital disputes.