Hankook & Company Chairman Cho Hyun-bum to be released on parole a month early

Cho Hyun-bum, the chairman of South Korea's Hankook & Company, is reportedly scheduled for parole release at the end of July, approximately one month ahead of his original discharge date. Cho has been incarcerated after being convicted of embezzlement and breach of trust.

The Supreme Court confirmed his two-year prison sentence in May. Prosecutors had initially alleged that Cho embezzled around 20 billion won (approximately $14.5 million) from the company. However, the court ultimately found him guilty of misappropriating about 2 billion won (approximately $1.45 million).

The court's ruling cited Cho's misuse of company funds for personal expenses, including covering the costs of his spouse's driver and other personal expenditures. Cho was initially arrested in May 2023 but was temporarily released on bail in November of the same year. He was subsequently taken into custody again after receiving a prison sentence in the first trial in May of last year.