PC cooling specialist Zalman goes bankrupt due to fraud

http://www.geek.com/chips/pc-cooling-specialist-zalman-goes-bankrupt-due-to-fraud-1608736/

by Robadob • 12 years ago

5 1 12 years ago

Wow, this isn't some penny-ante thing. From the article:

   [Zalman executives] have apparently spent the
   last five years producing fraudulent documentation
   ... inflated sales figures ...
   By increasing sales and exports Park and his
   associates were able to secure bank loans
   totaling $2.98 billion

Who knew that building CPU cooling products could be so lucrative? Why does a company like that need to borrow even 1/10 that amount of money? Don't bankers do "due diligence" any more? There's probably a lot more to this story.

PC cooling specialist Zalman goes bankrupt due to fraud

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