Kwon Hyuk-bin's Wife Also Appeals, Dissatisfied with 2.55 Trillion Won Property Division

[Financial News]  Ms. Lee, the spouse of Smilegate founder Kwon Hyuk-bin, who is also CVO (Chief Vision Officer) and chairman of the Smilegate Foundation, has appealed a first-instance divorce ruling ordering Kwon to transfer approximately 2.55 trillion won in property to her.
According to Yonhap News Agency and other reports on the 29th, Ms. Lee submitted a notice of appeal that day to Family Division 3 of the Seoul Family Court, the first-instance panel presided over by Judge Jeong Dong-hyeok.
Kwon's side also appealed the first-instance ruling the previous day, on the 28th.
Kwon's legal representative said in a statement, "We have appealed the Seoul Family Court's ruling on the divorce and property division. As the head of a family who wishes to preserve his family, Kwon CVO will continue making efforts to restore the marital relationship."
However, Ms. Lee, the plaintiff who filed the divorce suit, appears to have accepted the first-instance court's finding that the divorce should be granted while appealing the amount awarded in the property division.
As a result, both sides are expected to continue their legal battle over the divorce itself.
Earlier, Family Division 3 of the Seoul Family Court, presided over by Judge Jeong Dong-hyeok, ruled on the 9th that Kwon must transfer property worth a total of 2.55 trillion won to Ms. Lee, including 35% of Smilegate shares in kind. The amount consists of 2.4867 trillion won, or 35% of Kwon's shares valued at approximately 7.1049 trillion won, plus 65 billion won in cash.
The court found that Kwon and Ms. Lee's marriage had broken down irretrievably, that both parties were responsible, and that their degrees of responsibility were equal. Accordingly, it dismissed Ms. Lee's accompanying claim for compensation for emotional distress.
The court also considered Smilegate shares subject to division, taking into account that Ms. Lee held a partial stake and was registered as a representative director when Smilegate was founded, as well as the fact that she shared household and child-rearing responsibilities for many years.
The ruling came approximately four years after Ms. Lee filed for divorce in November 2022. The property division amount determined at the first-instance trial is the largest ever reported in a domestic divorce and property division case to date.
[email protected] Kim Su-yeon Reporter