Posted on 09/17/2014 7:00:25 PM PDT by Lorianne
Chinese footwear firm Ultrasonic has announced the disappearance of its chief executive and chief operating officer, along with most of its cash.
The firm, which is listed in Germany, said that both the men, Qingyong Wu and Minghong Wu, had "apparently left their homes and are not traceable".
At the same time, its cash reserves in China and Hong Kong had been transferred and were "no longer in the company's range of influence".
Ultrasonic shares immediately fell 79%.
The Cologne-based firm said its German holding company still had a "relevant six-figure amount" of money under its control, so it was still able to meet its payment obligations as normal.
Ultrasonic's chief financial officer, Chi Kwong Clifford Chan, and the company's supervisory board were in talks with authorities and business partners in an effort to clarify matters, the firm said.
(Excerpt) Read more at bbc.com ...
Funny how those Commies love money.
Uh oh, better notify Sum Ting Wong.
Company spokesman Ho Ree Cheet, gave the bad news to the press.
Oh my goodness, Sum ting went very Wong.
“Bosses and cash vanish at shoe firm Ultrasonic”
I hate when that happens.
Scary aint it
They better hide good. That kind of stuff will get you a bullet in the head over there.
Yep.
They donw R-u-n-n-o-f-t
R-u-n-n-o-f-t...
Good humor on this thread. But the first thing I thought when I read the headline was “Canary in coalmine.” China’s economy and many of its businesses are collapsing because for years their growth figures were cooked. I think we’re going to see China implode in the next 2-3 years. That is, if we’re here to see it.
All the dog whistles in this story!
this is not LA Gear, again.
...still able to meet its payment obligations - at least, up until tomorrow noon!
Regards,
There is more to the business side of the story which is puzzling.
For five years, steadily, they’ve edged up the net profits each single year...selling more and more shoes and building up a market in both Europe and China. It makes no sense on just escaping when your business profile looks pretty good. Stock price in Germany was around 6.50 Euro before they vanish...after that, it went down to around 1.6-something Euro.
Thirty days ago, the CEO had arranged a sixty-million-dollar loan via a bank in China to push for a bigger shoe production facility. As far as anyone says...that money had been deposited into an Asian bank...but when they looked on Monday...the money was gone (untraceable apparently). Based on commentary...they took that sixty-million-dollars, and around three-to-five million Euro from the company accounts.
It’s a fair amount of money, but here was a legit business...making money...growing...over 1,200 employees (most in China). Something about this story just doesn’t make much sense, and it involves both the CEO and the COO.
it is disappointing. i have switched all my business to Wun Hung Lo
i’d imagine they also shorted a good quantity of shares knowing the stock price would tank on the news that the CEO and COO embezzled all the company’s money
Interesting background, thanks. There’s quite a bit of upheaval in China now as the new leadership prosecutes “corruption” (which I think is just settling scores with the other factions, as everything in China is corrupt). Maybe these two got a “heads up” that they were next on the perp walk list.
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