Hankook CEO arrested on bribery charges

Hankook Tire & Technology chief executive, Cho Hyun-bum was arrested yesterday (Thursday) on charges that include allegations of taking bribes, Reuters has reported.

A Seoul court issued the arrest warrant for Cho late on Thursday. According to South Korean media reports, he has been charged with taking over $425k in kickbacks from suppliers and misappropriating funds at affiliates.

Hankook Tire has not issued a statement on the matter.