Breaking: Smilegate founder ordered to divide 2.55 trillion won in divorce, tell me about this news in (https://www.msn.com/en-xl/money/economy/breaking-smilegate-founder-ordered-to-divide-2-55-trillion-won-in-divorce/ar-AA2bQWvp?ocid=BingNewsVerp)

A South Korean court ruled that Kwon Hyuk-bin, the founder and Chief Vision Officer (CVO) of the gaming company Smilegate (best known for titles such as CrossFire and Lost Ark), must divide approximately 2.55 trillion South Korean won in assets with his spouse in their divorce settlement.Key Details of the Ruling

• Asset Breakdown:
  • The court ordered Kwon to transfer 35% of his shares in Smilegate Holdings to his former spouse, an equity stake valued at roughly 2.4867 trillion won.
  • Kwon was also ordered to pay 65 billion won in cash.
• Total Marital Wealth Evaluated: The court assessed Kwon’s total divisible marital property at approximately 7.3375 trillion won.
• Historic Milestone: This marks the largest court-ordered divorce asset division in South Korean history, exceeding prior record-setting corporate divorce settlements.

Corporate Impact

• End of Sole Ownership: Since 2012, Kwon has held a 100% stake in Smilegate Holdings, maintaining an unlisted, single-owner corporate structure. The ruling ends that exclusive ownership.
• Governance and Management: While Kwon will retain a majority 65% stakeensuring continued operational controlhis former spouse becomes the second-largest shareholder with 35%, granting significant minority shareholder rights (such as proposing agenda items or contesting board appointments).