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Investigation reveals coordinated theft by contractors and employees through bulk pilferage and excess loading schemes

Goodyear India Limited disclosed that a comprehensive investigation by Ernst & Young uncovered a sophisticated theft operation at its Ballabgarh manufacturing plant, resulting in the loss of 4,571 tyres valued at approximately INR 39.11 million.

The tyre manufacturer’s board reviewed the investigative findings during a meeting that concluded last week, revealing what the company described as “potential theft of tyres in bulk by contractual workers involved in security, warehousing and loading operations, acting in collusion.”

Dual Theft Operations Exposed

The Ernst & Young investigation, spanning October 2023 to November 2024, identified two primary theft methods that enabled the systematic pilferage of farm tyres from the Faridabad-based facility.

Bulk Theft Scheme: The more significant operation involved truckloads of tyres being removed from the plant through coordination between third-party loading supervisors, warehouse workers, security guards, and external accomplices. Electronic communications reviewed by investigators revealed references to 4,057 tyres across 20 dates between July and December 2024, with detailed SKU counts discussed among the conspirators.

Security records were deliberately manipulated to conceal the theft, with one security contractor admitting to accepting kickbacks from a loading supervisor to avoid recording truck details carrying stolen merchandise.

Excess Loading Operation: A secondary scheme involved loading additional tyres beyond invoiced quantities onto legitimate shipments, with the excess stolen during transit. The investigation revealed a significant increase in overweight dispatches during the July-November 2024 period, with 50 per cent of overweight trucks dispatched during this timeframe, compared to historical patterns.

Quality assurance protocols were compromised, with one employee admitting to receiving instructions from a third-party warehouse vendor to disregard overweight trucks and dispatch them without conducting mandatory quality studies. The employee estimated that 5-6 excess tyres were loaded per truck in select shipments to Goodyear warehouses.

Quality Control Manipulation

The investigation also uncovered systematic inflation of tyre rejection quantities during pre-dispatch inspections. A quality assurance employee acknowledged receiving kickbacks to artificially inflate rejected tyre counts in daily reports, despite no physical rejections having occurred, allegedly to help manage inventory shortfalls maintained by the third-party warehouse vendor.

Data analysis revealed an increase in rejection rates in 2024 compared to 2023, with the manipulation involving collusion between employees and third-party quality inspectors.

Operational Control Gaps

Beyond the theft schemes, Ernst & Young identified significant weaknesses in Goodyear’s inventory management and production processes. The manual production handover system lacked proper verification, with multiple employees admitting that the defined processes weren’t followed.

Production records maintained manually revealed discrepancies, with multiple spreadsheets containing different production numbers for the same periods. The investigation found that production during shutdown periods wasn’t recorded in the Production Management Information System, creating variances that couldn’t be validated due to unreliable manual records.

Financial Impact and Response

The financial impact of the inventory shortage identified in November 2024 was already recognised in Goodyear India’s financial statements for the quarter ended 31 December 2024. “The management has taken cognisance of the findings and initiated appropriate legal and disciplinary actions against those involved,” the company stated in its regulatory filing. “Proactive measures, including a site security assessment and tightened controls, have been implemented.”

Investigation Methodology

Ernst & Young’s fact-finding review employed comprehensive investigative techniques, including data analytics, transaction testing, background checks on suspected third parties, forensic imaging of electronic devices, and interviews with employees and contractual workers.

The investigation covered electronically stored information from the laptops and server backups of suspected individuals, utilising keyword-based searches to identify suspicious communications that proved crucial in establishing the theft patterns.

Regulatory Compliance

The disclosure fulfils Goodyear India’s obligations under Regulation 30 of the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements Regulations, 2015. The company initially informed stock exchanges of the inventory variance on 12 February 2025.

“The Company remains committed to upholding the highest standards of corporate governance and safeguarding stakeholder interests,” Goodyear India stated in its filing.

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Hankook Tire is supplying its Ventus F200 racing tyre to the HWA EVO.R sedan, competing in the 2026 Nürburgring 24 Hours, taking place from 14 to 17 May in Germany. Serving as the Official Technology Partner of HWA AG, Hankook is providing technical assistance throughout the race weekend with the Ventus F200 fitted to the HWA EVO.R in the open SP-X class for high-performance tuned vehicles. The racing slick is engineered for dry conditions and aims to deliver stable performance under extreme endurance racing demands.

Recognised globally in motorsport, the Ventus F200 incorporates advanced compound technologies that enhance driving performance and achieve roughly a 10 percent weight reduction over its predecessor. The tyre offers strong grip, high-speed stability and precise handling under demanding race conditions. HWA AG, founded by former Mercedes-AMG Co‑Founder Hans Werner Aufrecht, is a noted global motorsport engineering company specialising in high‑performance vehicle development.

This collaboration expands an existing strategic partnership, following Hankook’s original equipment tyre supply for the limited‑production HWA EVO last year. Hankook currently provides several ultra‑high‑performance OE products for that model, including the Ventus evo Z, Ventus evo and Winter i*cept evo3. Moving forward, Hankook plans to strengthen its premium brand competitiveness by deepening cooperation with HWA AG in both OE and motorsport sectors.

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HS HYOSUNG ADVANCED MATERIALS has secured a place on the Dow Jones Best-in-Class (DJ BIC) Korea Index for three years running, marking consistent recognition from the S&P Global benchmark for corporate sustainability. This index, released by a major global financial information provider, is known as a highly trusted gauge of ESG performance. Membership is limited to the top 30 percent of companies per industry, drawn from the two hundred largest listed firms in South Korea by market value.

In a related achievement, the company also appeared in S&P Global’s Sustainability Yearbook 2026 for the second straight year. The latest assessment reviewed over 9,200 businesses across 59 industries worldwide, and HS HYOSUNG ADVANCED MATERIALS earned a Yearbook Member designation by placing within the top fifteen percent of its global industry.

To drive these results, the firm has built an ESG framework on four pillars: Zero Fatality for safety, Zero Emission for carbon reduction, Zero Waste for circular resource use and Zero Impact for stakeholder accountability. Senior management directly oversees a Sustainability Management Committee and specialised subcommittees, ensuring that ESG strategies are implemented across the entire organisation to boost corporate value.

Jim Jindal Lim, CEO, HS HYOSUNG ADVANCED MATERIALS, said, “Our inclusion in DJ BIC Korea for three consecutive years and our second consecutive listing in the S&P Global Sustainability Yearbook demonstrate that HS HYOSUNG ADVANCED MATERIALS has consistently implemented meaningful changes for sustainable management. We will continue strengthening our response to climate change and enhancing our corporate social responsibility.”

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Dr Suttipong Angthong, Secretary-General of the Association of Natural Rubber Producing Countries (ANRPC), attended the TRA & TLA Dinner 2026 on 8 May 2026. The high-profile gathering was jointly organised by the Thai Rubber Association (TRA) and the Thai Latex Association (TLA) at the Centara Grand at CentralWorld. The event brought together industry leaders, policymakers and key stakeholders from across the rubber and latex sectors to foster professional relationships and examine the shifting dynamics of the global natural rubber market.

The event served as a critical platform for Dr Angthong to engage in high-level discussions on market sustainability, trade relations and technological advancement. Particular attention was given to the long-term viability of rubber production, improving synergy between producers and exporters and the growing role of latex processing in the modern economy. His presence highlighted the ANRPC’s dedication to supporting member countries through close cooperation with national associations.

Thailand continues to hold a foundational position in the global natural rubber industry. The partnership between the TRA and TLA acts as a key driver of both innovation and regional stability, reinforcing the importance of collaborative efforts to navigate the evolving market landscape.

Dr Angthong said, "Events like the TRA & TLA Dinner are essential for maintaining the pulse of the industry. It is through these partnerships that we ensure the natural rubber sector remains resilient and forward-looking."

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Continental is preparing to appear at this year’s TOC Europe with a combined offering of advanced tyres and digital management tools. The company’s presence at the event will emphasise its drive to make port logistics both high-performing and resource-conscious.

The exhibition lineup is built around the theme ‘Driven by Excellence’, featuring the ContiConnect digital tyre platform alongside the new DockMaster Radial tyre. The latter is a purpose-built product for harsh port environments, including automated guided vehicles, reach stackers and heavy forklifts. A company representative has explained that every solution is tailored directly to real customer needs in port operations, blending tyre engineering with data services to enable more energy-efficient and digitally managed workflows.

TOC Europe 2026 will run from 19 to 21 May at the Hamburg exhibition grounds. Continental will receive visitors in Hall B6 at Booth B44, where the focus will fall on operational safety, sustainability and efficiency gains.

ContiConnect plays a central role in cutting tyre management costs and streamlining fleet operations. Properly managed tyre pressure can lower fuel use by up to two percent, while continuous monitoring extends tyre life by as much as 20 percent, simultaneously reducing carbon emissions and operating expenses. The system comes in two forms. ContiConnect Lite is a mobile, app-based entry tool requiring no extra infrastructure, whereas ContiConnect Pro delivers real-time data, automated reports and system integration for large fleets.

The DockMaster Radial tyre stands out for its durable, efficient and robust design. A large footprint and maximised tread volume prolong service life, while the radial build lowers heat buildup over long travel distances. Its rolling resistance is lower than that of bias-ply tyres, improving energy efficiency. An integrated sensor tracks both temperature and inflation pressure, while a specialised rubber compound resists cuts, abrasion and cracking. This makes the tyre especially suitable for intense applications with extended operating ranges and punishing ground surfaces.

Beyond products, Continental offers a data-led tyre consulting service to lower total ownership costs and improve resource use. Experts analyse operational data including distance, speed and active cycle time to advise on vehicle deployment, route planning and tyre selection. Detailed usage studies help match the right tyre to each application, reducing premature failures, extending tyre life and delivering clear efficiency improvements for port operators.

Federico Jiménez, Head of Business Development and Product Management for Continental’s Commercial Specialty Tires, said, “We consistently align our solutions with the requirements of our customers in port operations. With our combination of innovative tyre technology and data-driven services, we enable more energy-efficient, digital, and therefore more efficient operations.”

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