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| Hankook Tire's Chairman Cho Hyun-bum, center, at the Seoul Central District Prosecutors Office, March 27 / Yonhap |
The chief of tire giant Hankook Tire Technology was indicted Monday on charges of illicit inter-affiliate trading, embezzlement and breach of trust, prosecutors said.
The Seoul Central District Prosecutors Office charged Chairman Cho Hyun-bum for his involvement in Hankook Tire's purchase of overpriced tire molds from its affiliate, Hankook Precision Works, according to the Seoul Central District Prosecutors Office.
The unfair business practice that lasted from 2014 to 2017 allegedly inflicted financial losses of around 13 billion won ($9.84 million) on Hankook Tire, they said.
Prosecutors also suspect the unfair profits obtained by Hankook Precision Works eventually were pocketed by Cho and his family.
Cho is also suspected of funneling corporate funds worth billions of won for personal use, including the purchase of high-end imported cars and home repairs between 2017 and 2022, prosecutors said.
Prosecutors suspect the amount of Cho's embezzlement and breach of trust reached over 7.5 billion won.
Cho has already been placed under pretrial detention. (Yonhap)
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