Will He Surpass Chey Tae-won and Roh So-young? First-Instance Ruling Due Today in Divorce Case Involving Kwon Hyuk-bin, Who Has Assets Worth 8 Trillion Won

[Financial News] The first-instance ruling in the divorce case involving Kwon Hyuk-bin, Smilegate’s founder and chief vision officer (CVO), who is reportedly worth up to 8 trillion won in assets, is due on the 9th.
According to legal sources on the 9th, the Seoul Family Court’s Third Family Affairs Division, presided over by Judge Jeong Dong-hyeok, will hold a sentencing hearing at 2 p.m. that day in the divorce case filed by Kwon’s spouse, identified by her surname Lee, against Kwon. The lawsuit was filed four years ago.
Lee filed for divorce against Kwon in November 2022. At the time, she was reportedly seeking half of Kwon’s stake in Smilegate Holdings, now Smilegate, through property division.
The court conducted an asset appraisal to determine the value of Smilegate, in which Kwon owns a 100% stake. The appraisal reportedly valued Kwon’s assets at up to approximately 8.016 trillion won.
Lee applied for an injunction barring Kwon from disposing of his Smilegate Holdings shares and other assets until the lawsuit was concluded, and the court granted the request. Kwon is seeking dismissal of the divorce case.
For Lee’s property-division claim to be accepted, the divorce must first be established by proving grounds for fault. After recognizing the divorce, the court will then assess Lee’s status as a co-founder and her contribution to building the couple’s assets.
The specific grounds for fault have not been disclosed. Lee reportedly claims that Kwon is responsible, while Kwon has taken the position that he cannot accept the allegation.
At the first hearing held in November last year, the two sides reportedly clashed over whether Lee had been involved in the company’s early founding and management and had contributed to the creation of the assets. Kwon’s side argued that there were no grounds for fault and that Lee had not meaningfully participated in management. Lee’s side countered, "She held the position of CEO at the time and was involved in the investment."
Kwon married Lee in 2001. The following June, they co-founded Smilegate. After serving as CEO and chairman of Smilegate Holdings, he became chairman of the public-interest foundation Hope Studio in 2017 and took office as Smilegate’s CVO in 2020.
At the time of the company’s founding, Kwon reportedly contributed 70% of the capital and Lee 30%. Lee’s entire stake was sold to Tencent in 2010.
Attention is focused on whether this ruling will set a new record for the largest property-division award in a domestic divorce case. Among publicly disclosed divorce cases involving chaebol families, the largest amount to date is the 944 billion won set in the remanded appeal involving Chey Tae-won, chairman of SK Group, and Roh So-young, director of Art Center Nabi, in July.
[email protected] Minseo Seong Reporter