Hankook Tire Prohibits Use of Name Lawsuit: Hanta Nanum Foundation Issues Statement

"Promoting ESG Achievements While Claiming Irrelevance... Context Does Not Match"

Korea & Company and Hankook Tire & Technology expressed regret over the lawsuit filed by Hankook Tire Nanum Foundation, which demanded that the use of the Hankook Tire name be stopped. Critics point out that such actions are inconsistent, given that the foundation has been promoting the achievements of Hankook Tire's representative ESG (Environmental, Social, and Governance) activities both internally and externally.

On the 19th, the Hankook Tire Nanum Foundation expressed its regret, stating in its "Position on the Lawsuit to Prohibit the Use of the Hankook Tire Name" that it was "shocked and deeply saddened."

The foundation stated, "Hankook Tire Nanum Foundation was established in 1990, the 50th anniversary of Hankook Tire, based on the social responsibility to return corporate profits to society, following the wishes of Honorary Chairman Cho Yang-rae to create a world where neighbors who are marginalized and struggling can live together." It added, "We take pride in having played a significant role in enhancing Hankook Tire's corporate value over the past 34 years, including ESG evaluations, and we assert that we have never once damaged or tarnished Hankook Tire's corporate brand."

The foundation argued that the name change is a matter for board discussion. It also pointed out, "The foundation's history is imbued with the sense of duty and dedication of many stakeholders, including Honorary Chairman Cho Yang-rae, the actual founder of the foundation, foundation executives and employees, and partner organizations, and it accumulates the lives of many people who have found hope through the foundation's support. Ignoring this history and having a third party unilaterally push forward aggressively through certified letters and lawsuits damages the pride of all foundation stakeholders."

The foundation criticized that this is inconsistent with promoting the foundation's public interest projects as Hankook Tire's representative ESG activities both internally and externally. Earlier, Hankook Tire sent a certified letter to the foundation in April requesting that the use of the "Hankook Tire" name be stopped within three weeks. Subsequently, on the 3rd of this month, it filed a lawsuit at the Seoul Central District Court seeking to prohibit the use of the name.