Chairman Cho Hyun-beom of Hankook Tire, accused of embezzlement of 7.5 billion won, released after paying 500 million won bail

Residence Restrictions and Prohibition on Contact with Witnesses Conditions

Cho Hyun-beom, chairman of Hankook Tire & Technology (Hankook Tire), who was arrested and indicted on charges of unfair support to affiliates and embezzlement and breach of trust, will be released on bail.

Cho Hyun-beom, Chairman of Hankook Tire & Technology, is attending a warrant hearing at the Seoul Central District Court in Seocho-gu, Seoul, on the afternoon of March 8 this year.
[Image source=Yonhap News]

The Seoul Central District Court Criminal Division 23 (Presiding Judge Cho Byung-gu) approved Cho's bail request on the 28th. The court set the conditions for bail as submitting a written pledge to appear at the time and place designated by the court and not to destroy evidence, along with a bail bond of 500 million won.

Additionally, the court ordered mandatory attendance at the trial and prohibited contact with witnesses or other persons related to the case. Residence restrictions were imposed, and leaving the country without permission was also prohibited.

Cho is on trial for his involvement in unfair support, where Hankook Tire purchased tire molds worth approximately 87.5 billion won from its affiliate Hankook Precision Works (MKT) between February 2014 and December 2017, paying higher prices than other manufacturers.

He is also accused of embezzling and breaching trust by lending 5 billion won of MKT funds despite knowing that Hyundai Motor's partner company Rihan was in poor financial condition, totaling about 7.55 billion won of company money.

This content was produced with the assistance of AI translation services.