Seoul court orders Smilegate founder to transfer shares and cash in divorce settlement
A Seoul family court ruled that Smilegate founder Kwon Hyuk-bin must give his ex-spouse a share of his company and cash as part of their divorce.
In a landmark ruling, Seoul's Family Court Division 3 concluded the divorce proceedings between Smilegate founder Kwon Hyuk-bin and his wife, Ms. Lee, granting the divorce and ordering a division of assets. The court instructed Kwon to hand over 35% of his Smilegate shares along with a cash payment, though the exact amount was not disclosed. Both spouses were deemed equally at fault for the irreparable breakdown of the marriage, prompting the court to dismiss Ms. Lee's request for additional alimony.
The case, initiated by Ms. Lee in late 2022, marks one of the largest financial settlements in South Korean divorce litigation. The judgment also highlighted Kwon's significant role in building the company's value, while acknowledging Ms. Lee's indirect contributions through household support and family assistance.
