Wednesday, January 20, 2021

Tire maker Hankook CEO arrested on bribery charges

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Cho Hyun-bum, chief executive of Hankook Tire & Technology (161390.KS), South Korea’s top tire maker, was arrested on Thursday on charges that include allegations of taking bribes, a court spokesman said.

Hankook Tire declined to comment. Hankook was not able to provide details of Cho’s lawyer.

Family-controlled Hankook Tire is one of the world’s top 10 tyre makers, whose customers include Hyundai, Ford and Volkswagen.

A court in Seoul had issued the arrest warrant for Cho late on Thursday. Yonhap News Agency reported that prosecutors charged him with taking around 500 million won ($425,778.32) in kickbacks from suppliers and misappropriating funds at affiliates.

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