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.