Home of Hankook Tire’s chief raided in embezzlement probe

SEOUL– Prosecutors raided the home of Hankook Tire & Technology Co.’s chief and other company places on Thursday as part of their ongoing investigation into embezzlement allegations.

Investigators from the Seoul Central District Prosecutors Office seized relevant documents from the home of Chairman Cho Hyun-bum, as well as the headquarters and offices of the nation’s leading tiremaker.

Cho is under suspicion of using the company’s funds for personal use, such as to purchase luxury vehicles and to repair his home, prosecutors said.

Separately, the prosecution office is also investigating Cho and his family for alleged involvement in unfair business practices among the group’s affiliates.

The investigation comes after the antitrust regulator decided to impose a fine on Hankook Tire for allegedly purchasing overpriced tire molds from its affiliate Hankook Precision Works Co.

The Fair Trade Commission alleges the unfair business practice that lasted from 2014 to 2017 was aimed at helping the company solidify its presence in the market.

Prosecutors suspect the unfair profits obtained by Hankook Precision Works eventually were pocketed by Cho.

Source: Yonhap News Agency

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