Smilegate Founder Faces Record $1.9 Billion Divorce Settlement
- Kwon Hyuk-bin, founder of Smilegate, ordered to pay a $1.9 billion divorce settlement.
- The settlement includes transferring 35% of Smilegate to his ex-wife, Lee Hwa-jin.
- This marks South Korea’s largest property division payout, more than doubling the previous record.
- CrossFire has generated $14.7 billion in global sales, highlighting the significance of the ownership shift.
- Smilegate is Korea’s fifth-largest game company by sales, with over $378 million in annual royalties.
The Seoul Family Court’s decision on September 9, reshapes ownership in Smilegate from a single-owner structure to shared control due to a significant divorce settlement involving Kwon Hyuk-bin and Lee Hwa-jin.
This ruling not only impacts Kwon’s personal wealth but also alters company dynamics as Smilegate transitions from single-owner control with a court-mandated share transfer of 35%. (Source)
