AfterDawn: News

Desktop PSU manufacturer Zalman declares bankruptcy after parent company commits bank fraud

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

Written by: Andre Yoskowitz @ 7 Nov 2014 14:43

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• 5 comments

• ZippyDSM

  That's a shame loved their coolers....
  

  Copyright infringement is nothing more than civil disobedience to a bad set of laws. Lets renegotiate them.
  
  ---
  Check out my crappy creations
  http://zippydsmlee.deviantart.com/

  7.11.2014 20:05 #1

• cart0181

  Quote: The employee said that the executives would take long trips every summer to Hawaii to drive luxury cars and live in luxury. Okay, but a vacation like that would cost something in the tens of thousands of dollars, not billions.
  

  8.11.2014 22:29 #2

• doowop72

  Originally posted by cart0181: Quote: The employee said that the executives would take long trips every summer to Hawaii to drive luxury cars and live in luxury. Okay, but a vacation like that would cost something in the tens of thousands of dollars, not billions. I'm sure there were more "fine line" details in there along with the cars and vacation.. P.A.R.T.Y

  8.11.2014 22:42 #3

• Bozobub

  Exactly. Cocaine ain't cheap, ya know.

  9.11.2014 11:43 #4

• Jemborg

  It was fraudulent behaviour by the managers that bought the Amiga down.
  
  I wonder what made them think they would get away with it? I suppose cocaine is the best answer. You have to feel sorry for the workers... well I do.
  

  Its a lot easier being righteous than right.
  
  
  DSE VZ300-
  Zilog Z80 CPU, 32KB RAM (16K+16K cartridge), video processor 6847, 2KB video RAM, 16 colours (text mode), 5.25" FDD

  10.11.2014 00:07 #5