Hankook Technology wins another lawsuit against Hankook Technology Group

Hankook Technology has won legal action against Hankook Technology Group (formerly Hankook Tire) over the use of its name.

Korean company Hankook Technology said its indirect duress complaint, filed in late May, was accepted by the court on October 20, allowing it to receive compensation from Hankook Technology Group related to the name change.

“Indirect coercion” is a procedure in which a creditor submits a petition to a court for damages for a period when the debtor fails to fulfill his obligations.

The 52nd Civil Affairs Division of the Seoul Central District Court stated that "the company name Hankook Technology Group should not be used for the manufacture and sale of auto parts or for the holding company, and in the event of a violation of the law, the company must pay compensation every day."

In addition, Hankook Technology filed a criminal complaint with the Seoul Central District Prosecutor's Office on October 21, alleging that Hankook Technology Group and its top managers Cho Hyun-beom and Cho Hyun-sik violated the law. "On the prevention of unfair competition."

“Hankook Technology Group used our company name without permission, consistently ignoring court decisions,” said a spokesman for Hankook Technology. "The similarities in the names have damaged our company's reputation in the wake of the embezzlement lawsuits around Hankook Technology Group, its conflicts with subcontractors and management disputes between siblings."

Hankook Technology, founded in 1997, was listed on the Korean KOSDAQ exchange in 2001. It has been using the name "Hankook Technology" since 2012. Hankook Technology manufactures car infotainment systems and solar panels. In May this year, the court ruled that Hankook Tire could not use the name "Hankook Technology Group" to avoid market confusion.