The missing CEO of Ultrasonic — who last week disappeared and took the company’s money with him — says he’s going to give it back.
In a press release on Monday, Ultrasonic CFO Clifford Chan said Qingyong Wu, the company’s former CEO who was dismissed at a board meeting late last week, called him over the weekend and said he would bring the money back and return to the company.
A board representative has subsequently been unable to contact Wu. The company added that, “A more detailed evaluation of the call was not possible for the Management and the Supervisory Board considering the shortness of time.”
So it seems like the company might have no idea what’s going on.
Late last week, the company formally dismissed Wu and COO Minghong Wu, who disappeared last week and took the company’s money with them.
In its press release on September 18, Ultrasonic said that, “both former board members had drawn the credit facility in two tranches in August and transferred most of the money from Hong Kong to China shortly before their getaway.”
The company also said it is working with its lenders to avoid insolvency proceedings. In light of these developments, Chan, who was previously scheduled to resign as CFO on October 1, will be staying with the company.
Not surprisingly, his successor decided not to take the job.
Here’s the action in Ultrasonic shares trading in Frankfurt since the CEO’s disappearance first broke. It’s still ugly.