Hankook confirms chairman’s arrest

Hankook Tire & Technology has confirmed reports of the arrest of Hankook Tire chairman Cho Hyun-bum. Writing in statements published between 7-9 March, company officials confirmed that: “On 6 March 2023, the Seoul Central District Prosecutor’s Office requested an arrest warrant for our executive, Cho Hyun-bum. As a result of the Seoul Central District Court’s pre-arrest interrogation (arrest warrant review), an arrest warrant was issued on 9 March 2023.”

In addition, the statements confirmed that during the initial warrant’s serving, “the prosecution conducted a search and seizure, and we actively cooperated with the investigation by the related authorities.”

Hankook executives committed to “re-disclose the above matters when specific facts are confirmed or within one month.”

The news emerged as representatives explained their position on the Seoul Economic Daily story “Prosecution, suspicion of embezzlement and breach of trust, seizure and search of Hankook Tire Chairman” reported on 19 January 2023.

Confirmation of the arrest of Hankook’s chairman comes in the midst of a bad week for Hankook, which also suffered a large fire at one of South Korean tyre factories.