Hankook Tire chairman arrested over alleged embezzlement, breach of trust
| Published date | 09 March 2023 |
| Publication title | The Korea Times |
The chief of tire giant Hankook Tire Technology was arrested Thursday on charges of illicit inter-affiliate trading, embezzlement and breach of trust.
The Seoul Central District Court granted a warrant to arrest Hankook Tire Chairman Cho Hyun-bum after holding a court hearing the previous day, citing concerns he could destroy evidence.
The 51-year-old is under investigation for allegedly inflicting financial losses on MKT, an affiliate of Hankook Tire, by forcing it to lend around 13 billion won ($9.84 million) between 2020 and 2021 to financially ailing automobile parts maker Leehan, with whose chief Cho had close ties.
Cho is also suspected of...
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