Hankook informs investors of chairman's indictment

SEOUL, South Korea—Hankook Tire & Technology Co. Ltd. has issued a document informing investors about indictment charges against its chairman, Cho Hyun-bum.

In its KRX Korean stock exchange filing, Hankook said a "prosecution was filed" on March 27 regarding "charges of embezzlement and breach of trust."

The group stated that it had "finally confirmed the related contents after obtaining the notice of indictment" on March 31.

"In relation to this case, we plan to take necessary measures in accordance with due processes," Hankook added in its March 31 filing, without elaborating further on the case.

Hankook reported earlier last month that authorities had conducted "a search and seizure" at the property and subsequently arrested Cho on March 9.

Cho joined Hankook Tire in 1998, subsequently becoming head of its marketing and business strategy divisions.

In 2018, he was appointed 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 alleged illegal business activity.

On Jan. 1, 2022, Cho took over as chairman of Hankook & Co. as part of a senior management reshuffle.