Andre Yoskowitz
7 Nov 2014 14:43
In a rather shocking turn of events, the desktop PSU and CPU cooling system manufacturer Zalman has declared bankruptcy following massive bank fraud committed by the company's parent, Moneual.
The company filed for bankruptcy on November 3rd and reports are claiming that a multi-billion dollar fraud occurred leading to the shutdown. A former employee of Moneual allegedly told the Korea JoongAng Daily that executives took out nearly $3 billion in bank loans and lines of credit using fabricated export data and balance sheets.
Allegedly, the perpetrators of the crimes are Moneual CEO Harold Park, VP Scott Park, and VP Won Duck-yeok. The employee said that the executives would take long trips every summer to Hawaii to drive luxury cars and live in luxury.
If the allegations are true, it is highly unlikely that the creditor banks will be able to collect what is owed to them, especially if the export data was initially inflated.
Source:
MaxPC