Hankook & Company Chairman Jo Hyunbum to Be Paroled One Month Before Sentence Completion

Jo Hyunbum, 54, chairman of Hankook & Company, who was given a prison sentence for embezzlement and breach of trust, will be released on parole about a month before the end of his sentence.

Cho Hyunbeom, Chairman of Hankook & Company, sentenced to prison for embezzlement and breach of trust. Photo by Yonhap News

According to the legal community on the 29th, Chairman Jo is among those scheduled for parole on the 30th and is expected to be released from Hwaseong Prison in Gyeonggi Province.

Previously, Chairman Jo was indicted and detained in March 2023 on charges of using a corporate credit card for personal expenses, assigning his company driver to assist his spouse, and purchasing or leasing vehicles under affiliate company names.

Although he was released on bail in November of the same year, he was taken back into custody in May last year after being sentenced to three years in prison in the first trial. On appeal, his sentence was reduced to two years, and the Supreme Court confirmed the ruling in May this year. His original sentence was due to end on September 5, 2026.

Parole is granted following a review by the Ministry of Justice's parole review committee, which comprehensively considers factors such as the inmate's sentence, the nature of the crime, prison conduct, and health condition.

With this parole, Chairman Jo will be able to return to the management frontlines after about one year.

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