Tags: Ultrasonic | Qingyong Wu | Minghong Wu | footwear

Ultrasonic CEO, COO Disappear as Company Cash Goes Missing

Tuesday, 16 Sep 2014 04:39 PM

Ultrasonic AG’s chief executive officer and chief operating officer disappeared and most of the company’s cash has gone missing, the footwear manufacturer said in a statement Tuesday.

Chi Kwong Clifford Chan, chief financial officer of the Cologne, Germany-based company, informed the supervisory board that CEO Qingyong Wu and COO Minghong Wu had been unreachable since the weekend and that their whereabouts were unknown.

The company, the holding for a group that’s mainly active in China, also said that most of its cash in Hong Kong and China had been transferred from its accounts and was “no longer in the company’s range of influence.”

“However, the German holding company has a relevant six-figure amount in command so that the company currently is able to meet its payment obligations as normal,” Ultrasonic said. “Mr. Chan and the supervisory board are in talks with authorities and business partners, trying to gather further information to clarify the situation.”

The company’s shares fell 79.3 percent to 1.35 euros.

In August, Ultrasonic secured a $60 million credit facility from Nomura International Hong Kong Ltd. to fund growth, particularly through acquisitions, according to a statement published on its website.

On Sept. 12, it announced that COO Minghong Wu was taking a six-month leave of absence because of health problems, according to a separate statement.

Chan, who’s listed as the press contact in Hong Kong and China on the company’s website, didn’t immediately return calls outside of regular business hours.

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Ultrasonic's chief executive officer and chief operating officer disappeared and most of the company's cash has gone missing, the footwear manufacturer said.
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Tuesday, 16 Sep 2014 04:39 PM
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