November 21, 2019 / 1:56 PM / 2 months ago

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

SEOUL (Reuters) - Cho Hyun-bum, chief executive of Hankook Tire & Technology (161390.KS), South Korea’s top tire 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.

Reporting by Hyunjoo Jin. Editing by Keith Weir and Jane Merriman

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