WeMade announced that it has finally won its royalties payment lawsuit filed in a Chinese court.
The lawsuit is against Chinese game company Kingnet and its affiliate Zhejiang Hwanyu.
According to WeMade, Zhejiang Hwanyu signed a license agreement to develop and provide the Namwol Electric web game service based on the Korean game The Legend of Mir 2, but did not pay WeMade royalties.
In February 2017, WeMade filed an application with the Singapore International Chamber of Commerce to “pay fees and interest under the license agreement” against Zhejiang Hwanyu.
In May 2019, the International Court of Arbitration (ICC), an organization of the International Chamber of Commerce and Industry, ruled that Zhejiang Hwanyu must compensate, including interest costs, for failing to comply. contract.
WeMade subsequently applied for approval and enforcement of international arbitration with a Chinese court and was recognized. The Shanghai High People’s Court, the court of final trial, citing all of WeMade’s claims on the same day, rendered a final judgment in favor and held that Kingnet was liable for the unpaid debt. payment of Zhejiang Huanyu is 480 million yuan.
“During the course of the litigation, we ended the seizure of Kingnet’s assets,” said a WeMade person.
Wemade Co., Ltd (formerly Wemade Entertainment Co., Ltd) is a South Korean video game developer, based in Seongnam. They are the creators of the MMORPG series The Legend of Mir, of which the most successful is The Legend of Mir 2 and its sequel The Legend of Mir 3. Legend of Mir has attracted more than 120 million users in Asia and generated over $65 million in sales per month during its peak. Even today, in its ninth year of operation, Legend of Mir 2 is still raking in over $20 million a month in China alone.
According to Forbes, WeMade’s founder, Kwan Ho Park, has a net worth of $1.2 billion, as of October 19.