Some 180 days after signing a memorandum of understanding with Hahn & Company in May, on 31 October Hankook & Company Group (formerly Hankook Tire Group) entered into share purchase agreements for the acquisition of Hanon Systems Co. Ltd. The company has executed the acquisition through its core business, Hankook Tire & Technology (Hankook Tire), and now holds a 54.77 per cent stake in Hanon Systems.
Hankook Tire & Technology has disclosed its financial performance for the first quarter of 2024, reporting sales of KRW 2,127.2 billion (£1.2 billion) and an operating profit of KRW 398.7 billion (£230.8 million) based on global consolidated financial results. Year over year, sales saw a modest increase of 1.1 per cent, while operating profit surged by 108.8 per cent.
The list of internal candidates proposed for the Hankook Tire & Technology Board of Directors and approved during the shareholders’ meeting on 28 March 2024 does not include chairman Cho Hyun-bum. Cho withdrew his own proposal for reappointment as an internal director on 25 March 2024.
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).
Arrested on 6 March 2023, Hankook Tire & Technology chairman Cho Hyun-bum has now been indicted on charges of illicit inter-affiliate trading, embezzlement and breach of trust.
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.”
On 9 March, Cho Hyun-bum, chairman of Hankook Tire, was arrested. The charges against him include illicit inter-affiliate trading, embezzlement and breach of trust. According to Yonhap News Agency, the amount involved in Cho Hyun-bum’s embezzlement and breach of trust may exceed 20 billion won (about £12.7 million; €14.3 million). It is reported that the Seoul Central District Court in South Korea issued an arrest warrant for Cho Hyun-bum in order to safeguard evidence after a court hearing on 8 March.
Cho Hyun-bum has been officially inaugurated as chairman of Hankook & Company, holding firm for Hankook Tire & Technology. Hyun-bum is the younger son of former chairman Cho Yang-rai, who becomes the company’s honorary chairman.
Chairman Cho Yang-rai has sold his 23.59 per cent stake in Hankook Technology Group Co Ltd to his son Cho Hyun-bum. The sale makes the chief executive the largest shareholder of the parent company of South Korea’s largest tyre manufacturer, with around 42.9 per cent.
Cho Hyun-bum, chief executive of tyre maker Hankook Tire & Technology, has received a suspended prison sentence after being indicted on charges of accepting bribes and embezzling corporate funds.
South Korea’s Yonhap News Agency has reported the indictment of Cho Hyun-bum, chief executive of tyre maker Hankook Tire & Technology. According to Yonhap, prosecutors said yesterday that Cho was indicted for accepting bribes and embezzling corporate funds.
Hankook Tire chief executive Cho Hyun-bum was arrested in Seoul on allegations including bribery and embezzlement on Thursday 21 November 2019, according to local news sources including The Korea Times and Reuters.
Korean portal BusinessKorea claims Hankook Tire has signed a sponsorship agreement with Real Madrid, with the deal personally led by company Cho Hyun-bum. The tyre maker has yet to confirm entering into a contract with the Spanish football club, and details of the alleged agreement are not yet known.
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