Shoe company CFO files complaint after CEO and COO disappear along with company’s cashBy Mason White 2:01 PM September 18, 2014
By: Hydar Tomar
A shoe company’s chief financial officer (CFO) is shocked to learn that the company’s cash is missing along with the chief executive officer (CEO) and chief operating officer (COO).
CFO of Ultrasonic AG, Chi Kwong Clifford Chan, informed the Supervisory Board that since the weekend he has been unable to reach both the company’s CEO, Qingyong Wu, and the company’s COO, Minghong Wu.
According to a preliminary investigation, both the CEO and COO, apparently left their homes and are not traceable.
Chan was informed by the accounting department that most of the company’s cash funds in China and Hong Kong, have been transferred and is no longer under the company’s control.
However, the German holding company has a relevant six-figure amount of cash under its control, and the company is able to meet its payment obligations.
Chan and the Supervisory Board are in talks with authorities and business partners, trying to gather further information to clarify the situation.
“As soon as new, reliable facts can be verified, they will be disclosed immediately,” the company promised. Ultrasonic AG sells a wide range of shoes.