A South Korean court will issue its first-instance ruling on the divorce and asset division case between Smilegate founder and Chief Visionary Officer Kwon Hyuk-bin, whose fortune is estimated at more than 8 trillion won, and his spouse. The decision comes about four years after the suit was filed in 2022.
The Seoul Family Court's Third Family Division, presided over by Chief Judge Jung Dong-hyuk, will deliver the ruling at 2 p.m. on the 9th, according to legal sources.
Kwon met his spouse, identified only by her surname Lee, while they were students at Sogang University, and the couple married in 2001. Kwon founded Smilegate after the marriage. Lee filed for divorce in November 2022 and is seeking half of Kwon's stake in Smilegate, according to sources. Kwon opposes the divorce.
If the court rejects the divorce petition, it will not rule on the size of any asset division. Should the petition be granted, however, the case could produce the largest asset division award in the history of South Korean divorce litigation. Kwon's assets are estimated at up to 8.016 trillion won. Lee argues that she contributed to building the fortune, including through involvement in the company's early founding and management. Kwon's side counters that Lee was not a co-founder and made no capital contribution, and that his shares are therefore not subject to division.
The largest asset division award disclosed to date in a divorce case involving a South Korean conglomerate family is the 944 billion won recognized in July in the retrial of the case between SK Group Chairman Chey Tae-won and Nowon Art Center Nabi Director Noh Soh-yeong.
