Zalman has been a company that we have worked with for years here at ThinkComputers. We have reviewed their cases, CPU cooler and more. Well today we have to report some bad news about the company and it has conspiracy written all over it. Moneual, Zalman’s parent company has conspired from the beginning, bleeding out trillions of Korean won for years, this has now led to Zalman filing for bankruptcy.
A former Moneual employee has come forward and laid out all of the details. This person states that CEO Harold Park (Hong-seok), Vice President Scott Park (Min-seok) and Vice President Won Duck-yeok had conspired together to create a scheme where Zalman would produce inflated sales and fabricated export data, which would allow for the company to qualify for increasingly large bank loans. Over the course of 5 years the company took our over 3.2 trillion Korean won ($2.98 billion) in loans under these false pretenses.
The documents were fabricated as if the parts were being exported to the US since the finished product is larger and more expensive than the parts. That way it was easy to borrow loans by credit through cooked-up revenue. This was also backed even further by the plan of getting all kids of different awards in the US.
Because of all of this Zalman Tech Co. Ltd has stopped trading of its shares and the company has filed for bankruptcy protection in the Seoul Central District Court. It seems like Zalman has been bled dry by the Moneual executives who reportedly took overseas trips to Hawaii and drove around in luxury cars. And now Korean banks will suffer because Moneual will be unable to pay back its debts under the bankruptcy filing.
All three of the Moneual executives listed above as well as 13 mid-level employees have been arrested on allegations of export fraud.
So what does this mean for Zalman? Only time will tell really, could this be their final farewell? Or could a buyer possibly come up and rescue the company?