In South Korea, a scandal is unfolding. Kwon Hyuk-bin, the founder of Smilegate, known primarily for the games Crossfire and Lost Ark, has divorced after four years of legal battles—resulting in a significant portion of his assets going to his ex-wife Lee Hwa-jin.
Crossfire: Sierra Squad
The Seoul court rendered the decision. It ruled that Kwon must not only give a third of Smilegate to his former spouse but also pay her 65 billion won (48.35 million dollars). Additionally, the top executive is now required to pay child support of 20 million won (14.9 thousand dollars) monthly for their children's upkeep.
Interestingly, Lee initially hoped to secure 50%, instead of 35%, of Smilegate’s shares. She filed for divorce in 2022 after more than 20 years of marriage, blaming her husband for the relationship's breakdown. She claimed that she helped Kwon establish Smilegate and was initially listed as a company executive but gradually stepped back to focus on household management. The Smilegate founder argued otherwise, but court documents suggest that Lee indeed played a significant role in Smilegate's early days. For example, at one point, she owned 30% of the company's shares, which eventually all transferred to Kwon.
Thanks to Kwon and Lee’s divorce, the approximate value of Smilegate has also come to light. The court valued the company at 7.1 trillion won (5.3 billion dollars). Thus, Lee's share is now worth approximately 2.49 trillion won (1.85 billion dollars).