CEO Of South Korea’s Top Tyre Maker Arrested On Bribery Charge

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

CEO Of South Korea’s Top Tyre Maker Arrested On Bribery Charge

Cho Hyun-bum, chief executive of Hankook Tire & Technology, South Korea’s top tyre 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.

Source:Reuters

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