"I Want to Protect My Family"... Kwon Hyuk-bin Appeals First-Instance Ruling Ordering 2.55 Trillion Won in Property Division

[Financial News]  Kwon Hyuk-bin, founder of Smilegate, CVO and chairman of Hope Studio, has appealed a first-instance divorce ruling ordering him to pay his former spouse approximately 2.55 trillion won in property division.
According to Yonhap News Agency and other reports on the 28th, Kwon's legal representatives issued a statement that day, saying, "We have filed an appeal against the Seoul Family Court's ruling on the divorce and property division."
The legal representatives said, "As the head of a household who wishes to preserve his family, Kwon CVO will continue his efforts to restore the marital relationship. The first-instance ruling disregarded Kwon CVO's efforts to preserve the marriage and granted the divorce petition by treating factors that arose after the lawsuit was filed—including the spouse's unilateral blocking of contact and refusal to communicate, as well as the separation caused by the prolonged litigation—as grounds for the breakdown of the marriage."
They added, "It is impossible to accept the first-instance court's reasoning."
The legal representatives also addressed the contribution to the accumulation of assets made by Kwon's former spouse, identified by the surname Lee, which served as the basis for the first-instance court's order to divide 35% of Smilegate's shares.
The legal representatives argued, "It was sufficiently established during the trial that the spouse had never contributed capital, that there was no workspace for the spouse at the company, and that the spouse had never reported to work or performed any duties. Nevertheless, the first-instance court, relying on the spouse's claims without significant evidence, ordered property division in a form that could affect major corporate management decisions. This has created significant uncertainty for the company's future activities as a whole."
They emphasized, "We also seek a new ruling from the appellate court on the first-instance decision regarding property division."
Earlier, the Seoul Family Court's Third Family Affairs Division, led by Presiding Judge Jeong Dong-hyeok, granted on the 9th the divorce petition filed by Kwon's former spouse, identified by the surname Lee.
The court ruled, "The defendant, Kwon CVO, shall pay the plaintiff, Lee, 35% of the Smilegate shares in kind and 65 billion won in cash as property division." Kwon's shares were valued at approximately 7.1049 trillion won, making 35% worth 2.4867 trillion won. Adding 65 billion won in cash brings the total to approximately 2.55 trillion won, and the court ordered Kwon to make this payment. 
The ruling came approximately four years after Lee filed for divorce in November 2022. The property division amount calculated at the first-instance trial was the largest ever recorded among property division cases in divorce lawsuits.
[email protected] Kim Soo-yeon Reporter