FanlessTech is reporting that Zalman, long time computer company famous for their CPU Coolers, has filed for bankruptcy. The company filed for bankruptcy on November 3 and is rumored to be caused by parent company Moneual being involved in bank fraud.
A former employee of of Moneual told Korea JoongAng Daily that top executives within the company were defrauding South Korean banks by taking out loans using fabricated export data. The employee states that they have taken out $2.9 Billion in loans over the past 5 years.
The former employee also claims that the companies CEO Harold Park and Vice Presidents Scott Park and Won Duck-yeok were the people behind the fraud and that other top executives have purchased luxury cars and trips from Seoul (where Moneual is based out of) to Hawaii using company finances and not their own personal finances. Zalman is now under investigation on whether they violated corporate accounting rules.
Keep in mind that these allegations are RUMORED and have yet to be confirmed.
