Kwon Hyuk-bin ordered to pay ex-wife $1.87bn in record South Korea divorce

September 9, 2026 at 01:21 PM2 min

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A Seoul court ordered Smilegate founder Kwon Hyuk-bin to pay his ex-wife Lee Hwa-jin 2.55 trillion won ($1.87 billion) in assets, the largest divorce settlement in South Korean history. The ruling transfers a 35% stake in Smilegate, valued at about 2.5 trillion won, plus 65 billion won in cash. The award more than doubles the previous record of 944 billion won set in the SK Group chairman's divorce case.

Key Facts

The Seoul Family Court ordered Kwon Hyuk-bin to transfer a 35% stake in Smilegate, valued at about 2.5 trillion won, to his ex-wife Lee Hwa-jin.
Kwon was also ordered to pay an additional 65 billion won in cash, bringing the total settlement to 2.55 trillion won ($1.87 billion).
The settlement surpasses the previous record of 944 billion won awarded in the divorce of SK Group Chairman Chey Tae-won.
Lee Hwa-jin filed for divorce in November 2022, seeking a 50% stake in Smilegate Holdings.
Kwon founded Smilegate in 2002, one year after marrying Lee in 2001.

The Ruling

The Seoul Family Court granted the divorce and ordered Kwon Hyuk-bin to transfer a 35% stake in Smilegate, worth about 2.5 trillion won, to Lee Hwa-jin. Kwon was also ordered to pay 65 billion won in cash, making the total award 2.55 trillion won ($1.87 billion). A court spokesperson said the marriage had broken down beyond repair after considering the couple's prolonged conflict and prospects for reconciliation. Both parties can still challenge the ruling.

Record Settlement

The award is more than double the previous record of 944 billion won ordered in the divorce of SK Group Chairman Chey Tae-won. Chey Tae-won's settlement was later struck down by the Supreme Court, which cited a miscalculation that increased the value of the couple's assets. Bloomberg estimates Kwon Hyuk-bin's net worth at $3 billion.

Disputed Contributions

Lee Hwa-jin argued that she helped finance Smilegate at its founding and spent more than 20 years raising their children and caring for the household. Kwon countered that Lee neither invested nor worked for the company. Smilegate published a statement earlier this year saying all of the company's initial capital came from Kwon. A Smilegate spokesperson declined to comment on the major shareholder's personal matters, saying the company would continue to perform its duties as usual.