Hankook confirms arrest of chairman
Korean tire maker 'actively cooperating with the investigation by the related authorities...'
Seoul – Hankook Tire has confirmed media reports of the arrest of its chairman Cho Hyun-bum on 9 March.
In a stock exchange filing 9 March, the Korean tire maker responded to reports suggesting that Cho had been arrested on suspicion of illegal business activities.
“In relation to the above case, the prosecution conducted a search and seizure, and we actively cooperated with the investigation by the related authorities,” stated Hankook.
On 6 March, it said, the prosecutor's office requested an arrest warrant for Cho. This was subsequently issued by the Seoul Central District Court three days later.
In its statement, Hankook did not elaborate further on the reasons for the arrest.
Cho joined Hankook Tire in 1998, subsequently becoming the head of its marketing and business strategy divisions.
In 2018, he was appointed as the CEO of Hankook Tire, leading the company’s large-scale investments in China, Hungary, and the US.
He temporarily stepped down as CEO of Hankook in 2020 following previous charges of illegal business activity.
On 1 Jan 2022, Cho took over as chairman of Hankook & Co as part of a senior management reshuffle.