Kwon Hyuk-bin, founder of Smilegate, has appealed the first-instance ruling related to divorce and property division. Earlier, on September 9, the Seoul Family Court ruled that the founder should pay his spouse, Ms. Lee, stocks and cash worth approximately 2.55 trillion Korean won. This marks the highest property division amount in South Korea’s divorce litigation history.
Kwon’s legal representative stated on the afternoon of September 28, “Kwon Hyuk-bin, Smilegate’s Chief Vision Officer (CVO), has filed an appeal against the Seoul Family Court’s divorce and property division ruling.” In a statement, the legal representative added, “The first-instance ruling dismissed the spouse’s claim for consolation money against Kwon CVO while disregarding Kwon CVO’s efforts to maintain the marital relationship. It cited post-litigation factors—such as the spouse’s unilateral blocking of communication, refusal to communicate, and separation due to prolonged litigation—as reasons for the marital breakdown, thereby accepting the spouse’s divorce request. We find this judgment utterly unacceptable.”
The representative further explained, “Despite the trial sufficiently revealing that the spouse did not contribute capital, had no workspace at the company, and never attended work or performed duties, the first instance relied solely on the spouse’s claims without substantial evidence. It ordered a property division that could influence major business decisions, creating significant uncertainty for the company’s future operations. We seek a new judgment from a higher court on this aspect of the ruling.” The representative also reiterated Kwon CVO’s commitment to restoring the marital relationship.
The Seoul Family Court’s Division 3 for Family Matters (Presiding Judge Jeong Dong-hyeok) accepted Ms. Lee’s divorce petition against Kwon on September 9, setting the property division ratio between Kwon and Ms. Lee at 65% and 35%, respectively. Kwon was ordered to pay Ms. Lee 35% of Smilegate’s total shares (worth 7.1049 trillion Korean won), amounting to 2.4867 trillion Korean won, and 65 billion Korean won in cash. The court stated, “The marital relationship has irretrievably broken down, and both parties share equal responsibility,” while dismissing Ms. Lee’s claim for consolation money.
Leave a comment