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| ▲ Hankook Tire & Technology Co. Chairman Cho Hyun-bum (Yonhap) |
arrest warrant-Hankook Tire
Prosecutors seek arrest warrant for Hankook Tire's chief
SEOUL, March 6 (Yonhap) -- An arrest warrant has been requested for the chief of Hankook Tire & Technology Co. on embezzlement and other charges, prosecutors said Monday.
Chairman Cho Hyun-bum is suspected of having lent around 13 billion won (US$10 million) from its affiliate Hankook Precision Works Co. to Park Ji-hoon, chief of Hyundai Motor's parts supplier Leehan, despite the company's unsound financial conditions in 2020 and 2021.
He is also accused of using the company's funds for personal use during the same period to purchase luxury vehicles and repair his home with the total amount of embezzlement reaching around 20 billion won, according to prosecutors.
Along with those charges, Cho is suspected of purchasing overpriced tire molds from its affiliate Hankook Precision Works Co. from 2014 to 2017 in violation of the Fair Trade Act.
Prosecutors said they sought the warrant to arrest Cho, citing the risk of destruction of evidence and others.
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