SHOE COMPANY: Our CEO Just Disappeared And Most Of The Money Is Gone

This is an actual headline from a company press release: "CEO and COO disappeared, most of the company's cash missing." (Via FastFT)

In a statement, German-based shoe company Ultrasonic said its CFO, Chi Kwong Clifford Chan, has been unable to reach the company's CEO, Qingyong Wu, and COO, Minghong Wu, who apparently left their homes and are untraceable.

Chan also said most of the company's cash funds have been transferred and are no longer "in the company's range of influence."

So basically the money's gone.

Shares of Ultrasonic trading on the Frankfurt Stock Exchange were down as much as 76% on Tuesday.

SHOE COMPANY: Our CEO Just Disappeared And Most Of The Money Is Gone

Here is a little overview about the CEO Qingyong Wu Business Profile

I find this interesting that the Chinese have bailed in such a fashion. The Germans normally have a good relationship businesswise with the Chinese, after all the Germans allowed the Chinese to set up free trading zones within Italy and make the Italians pay import tax on products made within their country through Chinese hands...but that is another story.

Had this been a bigger company this could have heavily affected the German economy. What do you guys think...a test run for the Chinese or just some crooks that were able to exploit a overtly trusting partner?

And I doubt they will be found with the money.

a reply to: ArchPlayer

There may be another scenario to this as well.

How about the money was transferred to an unknown person or persons under duress then those two were murdered and bodies disposed of to throw everyone off the tracks.

Sounds like a plot I read in some book I know but if they are long gone without a trace anything is possible.

a reply to: Grimpachi

I like the cut of your jib.

originally posted by: ArchPlayer


after all the Germans allowed the Chinese to set up free trading zones within Italy and make the Italians pay import tax on products made within their country through Chinese hands...but that is another story.

Well you mentioned it. How can Germany control China's interests in Italy at all ? - Italy and Germany are two different countries

If the cash has been transfered then i'd assume it'll be traceable till its withdrawn from cash machines but an internation game of chase the money as it goes from place to place will be possibly a legal minefield especially if it goes through countries like switzerland who have very high privacy, i'd be watching their friends etc and see if one suddenly goes from a 1998 wreck to a brand new top of the line ferrari overnight

a reply to: Grimpachi

I'd watch that movie.




Greed is a powerful motivator, Be they Chinese, American, Russian... whomever.

Take the cash and run.

The contact person for the enterprise is a limited liability law firm, quite common with failing companies.
www.nortonrosefulbright.com...

Why they let the stock trade is another story.

www.news.nom.co...

a reply to: Grimpachi

Chinese CEOs have actually been hiring their own police forces because of this. You could call them small armies actually. I have a thread somewhere.





to the OP

One person from China does not represent the whole country...

Oh geez, is America going to try to cut the world's power because = Kenneth Lay???!!!11

a reply to: Maxatoria

Lawyers, fiduciaries... He is long gone either on the mainland or Vietnam, and the money has been transferred from a CH/VN bank to Macau, untraceable by now.

Swift.

German reports indicate that the Kuok-koi, with its headquarters in Macau, has a branch in
the country, as does the 14K triad. In Berlin, Chinese human traffickers collaborate with
other Asian (Vietnamese) criminal groups (Berry et al., 2003:14

www.europarl.europa.eu...(2011)453191_EN.pdf

Company he has back on the mainland looks like its family owned and operated, and he has a big name in the industry he spent years building. I wouldn't be surprised if like others have postulated, it may be related to an extortion scheme.

America will take them if they have a lot of money. Lots of Chinese swindlers move here. There are a lot of deceivers in this country, they will fit right in. Birds of a feather flock together, try looking in DC

a reply to: Grimpachi

I like your take as well. I am not saying that these two didn't do it. I just think it's also possible they were killed in an armed robbery / company takeover.

a reply to: Grimpachi
You're making sense here. Bottle it up and sell it!!

originally posted by: SLAYER69
a reply to: Grimpachi

I'd watch that movie.

Greed is a powerful motivator, Be they Chinese, American, Russian... whomever.

Take the cash and run.

Pain and Gain

It's a pretty bad movie but it's based on the same premise and it's loosely based on a true story.

originally posted by: JohnPhoenix

originally posted by: ArchPlayer


after all the Germans allowed the Chinese to set up free trading zones within Italy and make the Italians pay import tax on products made within their country through Chinese hands...but that is another story.

Well you mentioned it. How can Germany control China's interests in Italy at all ? - Italy and Germany are two different countries

His name is Silvio Berlusconi and he sold Italy out before he got caught up in the sex scandal that made him "take a break".

originally posted by: boncho
a reply to: Grimpachi

Chinese CEOs have actually been hiring their own police forces because of this. You could call them small armies actually. I have a thread somewhere.


to the OP

One person from China does not represent the whole country...

Oh geez, is America going to try to cut the world's power because = Kenneth Lay???!!!11

I know one person does not represent China. My point was to bring to light China's potential trend for this type of behavior; since the US is in bed with them I inquired whether anyone or not thought this could be a test pattern.

a reply to: ArchPlayer

Did the company make running shoes? Maybe they should start.

If not, I would bet this would be a great point to stress on his next resume.

a reply to: ArchPlayer

I know one person does not represent China. My point was to bring to light China's potential trend for this type of behavior; since the US is in bed with them I inquired whether anyone or not thought this could be a test pattern.

If you know that one person doesn't represent China, why then, again in your reply post treat it as if it does?


Maybe Bernie Madoff is a test pattern for US CEOs to start ponzi schemes in my country, or Europe, or Asia. We should probably start treating Americans differently...

a reply to: boncho

Madoff's test pattern didn't work out very well for him. He is wearing an orange jumpsuit in North Carolina. Same prison the blind sheik is in, or was if he died recently.

I want to know how we can toss the federal govt in there as well, for the Ponzi scheme known as Social Security....

originally posted by: teamcommander
a reply to: ArchPlayer

Did the company make running shoes? Maybe they should start.

If not, I would bet this would be a great point to stress on his next resume.

originally posted by: teamcommander
a reply to: ArchPlayer

Did the company make running shoes? Maybe they should start.

If not, I would bet this would be a great point to stress on his next resume.

You may be right.

I remember reading, a couple of years ago, that this was one of the signs for when to bug out.

It said when the wealthy and the rich and famous start to disappear or suddenly dying off (fake out) in unusual numbers and under suspicious events, that it will be the time to run for the hills folks.

Do we have enough distractions happening that we don't see the slight of hand and the hoodwinkering going on right in front of our eyes?

It may be time to take a closer look.

originally posted by: boncho
a reply to: ArchPlayer

I know one person does not represent China. My point was to bring to light China's potential trend for this type of behavior; since the US is in bed with them I inquired whether anyone or not thought this could be a test pattern.

If you know that one person doesn't represent China, why then, again in your reply post treat it as if it does?


Maybe Bernie Madoff is a test pattern for US CEOs to start ponzi schemes in my country, or Europe, or Asia. We should probably start treating Americans differently...

You should. Make them renounce citizenship, and give your country allegiance. Have your country break the extradition treaty with the States and give them a safe haven. That is a good start. You'd be surprised how many would take that deal.

And yes, Bernie Madoff IS A TEST PATTERN and should be viewed as such. If you don't America may come and threaten to destabilize your country for not "going along to get along."