Wednesday, November 5th 2014
Zalman Files for Bankruptcy for Major Financial Fraud by Parent Company
Popular PC cooling products maker Zalman filed for bankruptcy, in midst of a huge controversy by its parent company Moneual. Executives of Moneual cooked-up sales and export figures from Zalman to markets like the United States, in a bid to pick up large fraudulent loans for the company, which it could never pay off, pushing it to bankruptcy.
The controversy came to light, when a whistleblower former-employee of Moneual took these details to the press. It's alleged that CEO Harold Park (Hong-seok), Vice President Scott Park (Min-seok) and Vice President Won Duck-yeok committed a fraud, in which subsidiary Zalman would inflate its sales and export data, to qualify for large bank loans. The trio then used it to lift US $2.92 billion in loans, which the company could never pay back. Zalman has since filed for bankruptcy protection, with the Seoul Central District Court; while the three top Moneual executives, and 13 other mid-level ones, were arrested over allegations of export fraud.
Source:
Futurelooks
The controversy came to light, when a whistleblower former-employee of Moneual took these details to the press. It's alleged that CEO Harold Park (Hong-seok), Vice President Scott Park (Min-seok) and Vice President Won Duck-yeok committed a fraud, in which subsidiary Zalman would inflate its sales and export data, to qualify for large bank loans. The trio then used it to lift US $2.92 billion in loans, which the company could never pay back. Zalman has since filed for bankruptcy protection, with the Seoul Central District Court; while the three top Moneual executives, and 13 other mid-level ones, were arrested over allegations of export fraud.
39 Comments on Zalman Files for Bankruptcy for Major Financial Fraud by Parent Company
I had the CNPS 9700 nvidia edition and many fan controllers they are awesome high end components.
Their products are/were way too expensive, and don't look like the performance is on par with prices. Bottom line is, there are way better alternatives that are proven to work well. Zalman stuff looks like a lottery to me.
had only positive experience.
hardware-360.com/zalman-bankruptcy-false-reports-of-our-demise-are-greatly-exaggerated//
Poor Zalman, they made some good stuff, shame to see peoples quality work squandered by greed.
I have an older CNPS7000C-Cu which was used from socket 478 to 775 I just had to purchase socket adapters.
Why zalman still doesn't make socket 1150 socket adapters has be baffled because If still be using older zalmans. I guess they shot them selves in the foot.
I think I have had 10 zalman coolers in total. 5 cpu. 2 chipset and 3 video card coolers. VF900-Cu LED works better than my sock 6600GT and 7600GT and 9800GT coolers and was quieter to.
Assuming Zalman is being sold and with all the talk about their products being overpriced for their performance, I wonder if Noctua would be interested.
www.tomshardware.com/news/zalman-survives-moneual-fraud,28100.html