Tuesday, 16 September 2014

Chinese shoe company's CEO, COO, cash go missing

A Germany-based Chinese shoe company says the CEO and COO have gone missing—and so has the company's cash.

Ultrasonic AG, in a statement Tuesday citing chief financial officer Chi Kwong Clifford Chan, said the company had been unable to contact the two executives since the weekend.

"Moreover, Mr. Chan was informed by the accounting department that most of the company's cash funds at PRC and Hong Kong levels have been transferred being no longer in the company's range of influence," the company's statement said.

Shares fell 75 percent in German trading, and the company said Chan and its board of directors were in talks with authorities. It ended 2013 with a cash balance of 108.5 million euros ($140.4 million), according to its website.

In an email to CNBC, the company confirmed its executives were still missing but said it could not confirm how much money was missing.
Ultrasonic makes a range of shoes for both the Chinese and international markets.

Last Friday, the company said Chan was leaving at the end of the month and that its COO was taking a six months' leave of absence.
http://www.cnbc.com/id/102005073?trknav=homestack:topnews:6#.

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