Additional indictment against Hankook chairman Cho

Further legal issues for Hankook Tire & Technology chairman Cho Hyun-bum, with prosecutors seeking to combine the two charges against him into a single indictment. Cho, who was indicted without detention on 21 July for breach of trust, is already on trial for allegedly embezzling approximately 20 billion won (£12.1 million).

The latest indictment relates to alleged unfair trading with WooAm Construction, a company that Cho has close ties to, as well as accepting bribes. Prosecutors allege Cho helped Chang Sun-Woo, founder and largest shareholder in WooAm Construction, to win tender bids for the construction of Hankook Tire plants in Korea and overseas. Chang’s younger brother, local Audi importer Chang Sun-Woo, allegedly bribed Cho with cash and a car. According to the Korea JoongAng Daily, prosecutors said the exact value of these bribes cannot be specified at present.

Yesterday, the Seoul Central District Court confirmed that the prosecution had filed additional charges against Cho and applied for these to be combined with the existing charges.