Parts manufacturer Zalman denies bankruptcy

Zalman, a manufacturer of PC components, denies that it has filed for bankruptcy in South Korea. However, the manufacturer confirms that it is in technical difficulties, due to problems at parent company Moneual.

In a statement to Tom’s Hardware, a Zalman spokesperson dismissed the bankruptcy reporting as untrue rumors. “Zalman will not go bankrupt,” said the spokesman. He does confirm that there are financial problems at the company, as a result of ‘difficulties’ at the South Korean parent company Moneual. The spokesperson promises that Zalman will soon provide more clarity.

Earlier this week it was revealed that Moneual had committed large-scale fraud. The company is said to have blown up the export of products in the books. Moneual is said to have borrowed millions from banks and even rented special warehouses and facilities in Hong Kong to trick banks into thinking the exports were bigger than they actually were. Employees say in Korean media that Zalman’s money has been used to keep Moneual going. The Moneual board is said to be in custody.