Han Hyun Tire President and CEO Zhao Xianfan was recently arrested by the South Korean Central District Court.
According to local media reports in Korea, Han Hyun Tire ’s president and CEO, Zhao Xianfan, was recently arrested by South Korea ’s Central District Court for alleged misappropriation of public funds and violation of concealment, which violated relevant criminal laws.
It is reported that the local court staff in charge of the case confirmed the above information. South Korean prosecutors have accused Zhao Xianfan of collecting about 500 million won (about 3 million yuan) in rebates from suppliers and intercepting the funds through affiliates for illegal gain. At present, Hankook Tire has not responded to this.
According to statistics, Hankook Tire was established in 1941 and is the first tire manufacturer in South Korea to provide tires and accessories to international car brands including Audi, BMW, Ford and Volkswagen. In 2018, the annual revenue of Hankook Tire was USD 5.758 billion (approximately RMB 40.5 billion).
It has been 24 years since Hankook entered the Chinese market in 1996, and its share in the Chinese tire market has reached 20%. The company set up a research and development center in China in 1998 to research and develop tire safety and performance. At present, Hankook has 8 production bases in the world, of which 3 are in China, which are located in Huai'an, Jiaxing and Chongqing. For many Chinese joint venture brand car companies, Hankook Tire provides them with a series of cost-effective tire products, supporting more than 30 auto manufacturers such as FAW-Volkswagen and SAIC Volkswagen.