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Smilegate founder faces divorce verdict on Wednesday
Livemint··8 Sept
A South Korean court will deliver a verdict Wednesday in the divorce case of Smilegate founder Kwon Hyuk-bin, whose fortune is estimated at $3 billion. Kwon, 52, controls Smilegate Inc., maker of Crossfire and Lost Ark. His wife Lee Hwa-jin, 53, has filed for divorce. A court-ordered appraisal valued his assets at up to 8 trillion won, media reported.
Prism
What It Means For You
- A divorce ruling could reshape ownership of one of South Korea's largest private gaming firms.
- Lee's side has said she helped finance Smilegate at its founding and held a 30% stake.
- The proceedings are closed and the parties' filings are not publicly available.
What's Happening
- Kwon has maintained in court that he does not want to end the marriage, media reported.
- Smilegate said all initial capital for the company came from Kwon.
- Lee previously held executive positions at the company, a registry document shows.
Korea's Spousal Asset Fights
- The dispute turns on how much of a business empire belongs to the non-public spouse.
- Lee held a 30% stake when the company was founded and later served as chief executive.
- Kwon's law firm declined to comment on the case.
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