Rumor: PC parts manufacturer Zalman files for bankruptcy

The manufacturer of coolers and housings Zalman has filed for bankruptcy, according to a Japanese distributor. The reports coincide with those of large-scale fraud at Zalman’s parent company, Moneual.

The source on which the various tech media rely is the Japanese distributor Ask, who claims that Zalman filed for bankruptcy on November 3 in the South Korean capital Seoul. Zalman is said to have issued a statement in Japan about the situation, stating that the company will continue its activities for the time being.

The problems are said to have originated with Moneual, the South Korean company that Zalman acquired in 2011. An employee of Moneual tells Korean media about a large-scale fraud at the company. The board of the consumer electronics company is said to have blown up the export of products on the books for five years, which would have involved an amount of 2.4 billion euros. According to the employees, money from Zalman was used to keep Moneual going and the board lived a luxurious life.

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. “There were three to five employees at a Hong Kong media center PC factory, but when Korean financiers came to inspect the production lines, 30 employees were temporarily hired to make it appear that the factory was up and running,” the Korean newspaper wrote. Korea Joongang Daily newspaper. The Moneual board is said to be in custody.