PC Cooling Specialist Zalman Goes Bankrupt Due To Fraud

0
338

An anonymous reader writes Zalman’s parent company Moneual’s CEO Harold Park, and vice presidents Scott Park and Won Duck-yeok, have apparently spent the last five years producing fraudulent documentation relating to the sales performance of Zalman. These documents inflated sales figures and export data for Zalman’s products. The reason? Bank loans. By increasing sales and exports Park and his associates were able to secure bank loans totaling $2.98 billion. Someone has finally realized what has been going on, though, triggering Zalman’s shares to be suspended on the stock market and the company filing for bankruptcy protection. The questions now turn to how this practice was allowed to continue unnoticed for so long and how the banks will go about getting their near $3 billion back. Read more of this story at Slashdot.

More:
PC Cooling Specialist Zalman Goes Bankrupt Due To Fraud

LEAVE A REPLY

Please enter your comment!
Please enter your name here

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.