SEOUL, South Korea—Hankook Tire & Technology Co. Ltd. has confirmed media reports of the arrest of its chairman Cho Hyun-bum.
In a stock exchange filing March 9, the South Korea-based tire maker responded to reports suggesting that Cho had been arrested on suspicion of illegal business activities.
"In relation to the above case, the prosecution conducted a search and seizure, and we actively cooperated with the investigation by the related authorities," Hankook stated.
On March 6, it said, the prosecutor's office requested an arrest warrant for Cho. This was subsequently issued by the Seoul Central District Court three days later.
Hankook did not elaborate further on the reasons for the arrest.
Cho joined Hankook Tire in 1998, subsequently becoming the head of its marketing and business strategy divisions.
In 2018, he was appointed as the CEO of Hankook Tire, leading the company's large-scale investments in China, Hungary and the U.S.
He temporarily stepped down as CEO of Hankook in 2020 following previous charges of illegal business activity.
On Jan. 1, 2022, Cho took over as chairman of Hankook & Co. as part of a senior management reshuffle.
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