Two C-Suite managers of Chinese firm go AWOL along with “most of company’s cash”

Yuan

The CEO and COO of Ultrasonic AG have disappeared – and the firm’s funds have been transferred out of China and Hong Kong where the company cannot pursue them.

The German-listed, Chinese-based footwear company has been left bewildered by their leaders’ vanishing act, while shares have nosedived by 71.6%.

CFO Chi Kwong Clifford Chan has reportedly said that CEO Qingyong Wu and COO Minghong Wu are “not traceable” but that a “relevant six-figure amount” has been provided by Ultrasonic’s German holding company to ensure it meets its outgoings obligations in the meantime.

Last Friday, Quingyong Wu took over the COO’s responsibilities after Minghong Wu announced that he would be taking six months off work for health reasons. Neither have been seen since the weekend.

Mr. Chan and the Supervisory Board are in talks with authorities and business partners, trying to gather further information to clarify the situation,” said the company in a statement. “As soon as new, reliable facts can be verified, they will be disclosed immediately.”

 

 

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