CEO of South Korea's top tyre maker arrested on bribery charges

HANKOOK & COMPANY

21/11/2019 13:51

SEOUL, Nov 21 (Reuters) - Cho Hyun-bum, chief executive of
Hankook Tire & Technology  161390.KS , 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.
    
($1 = 0.9033 euros)


($1 = 1,174.3200 won)

 (Reporting by Hyunjoo Jin. Editing by Keith Weir and Jane
Merriman)
 ((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685; Reuters
Messaging: hyunjoo.jin.thomsonreuters.com@reuters.net))