Smilegate founder ordered to give wife $1.8 bil. in divorce settlement

A Seoul court granted a divorce sought by the wife of Smilegate founder Kwon Hyuk-bin, ordering him to transfer shares and cash worth an estimated 2.55 trillion won ($1.8 billion) to her in one of Korea's largest divorce settlements. The Seoul Family Court on Wednesday granted the divorce petition filed by Kwon's wife, identified by her surname Lee. However, the court rejected her claim for damages. Instead, the court set the division of marital assets at 35 percent for Lee and 65 percent for Kwon. Under the ruling, Kwon must transfer to Lee 35 percent of his shareholdings, valued at about 7.10 trillion won in total. The shares to be transferred are worth approximately 2.49 trillion won. He was also ordered to pay her 65 billion won in cash, bringing the total value of the settlement to about 2.55 trillion won. The court said the marriage had broken down beyond repair after considering the couple's prolonged conflicts, how those disputes intensified and the possibility of restoring their relationship. It found that both parties bore equal responsibility for the breakdown of the marriage.