Son-In-Law Of South Korean Pres Cleared Of Insider Trading

Cho Hyun-bum, vice president of Hankook Tire Co., was accused of earning 110 million won (US$80,000) in early 2007 by manipulating the stock prices of Kosdaq-listed ND Corp., an overseas resources developer, on the basis of insider information.

The 36-year-old Cho, husband of President Lee’s third daughter, Soo-yun, was also suspected of participating in the embezzlement of funds from Kosdaq-listed wireless contents provider Codinus last year.

Officials at the Seoul Central District Prosecutors’ Office said that they failed to find any signs of illegality in Cho’s investments in ND Corp. and Codinus.

"Cho’s investment in ND Corp. was indirectly carried out by an investment consulting company. Moreover, Cho’s investment was conducted regardless of the timing of the company’s announcement of an energy development project in Kazakhstan," said a prosecutor.

"Cho’s investment of 4 billion won in Codinus also turned out to be purely for investment purposes, rather than being linked to a group of arrested embezzlers," he said.

Kim Young-jip, a grandson of Hankook Chinaware founder Kim Jong-ho, and others were arrested last December on charges of embezzling 36.2 billion won from Codinus through insider information. At that time, the nation’s stock market watchdog also reported Cho and seven others to the prosecution on suspicion of illicit stock deals.

Cho Hyun-bum is the second son of Hankook Tire Chairman Cho Yang-rae, who is a younger brother of Cho Suck-rai, chairman of Hyosung Group and the Federation of Korean Industries. (Tire Review/Akron)

Discount Tire & Service Centers has a new sponsorship deal with the Los Angeles Angels for the 2024 season. Discount Tire said this partnership will not only benefit its customers with season-long promotions and giveaways but will also support local non-profits.

"We're thrilled to launch this strategic partnership with the Los Angeles Angels," said Sergio Andonian, president, Discount Tire & Service Centers. "As neighbors, from Anaheim, we are dedicated to serving our local communities and providing quality tire & automotive service at the most competitive prices. Together, we look forward to making a positive and lasting impact in the communities. Add baseball to the mix, and with this winning combination, the possibilities are endless."