NII Holdings Hitting New Low $NIHD
I always like to see who is still holding this type of company when D-Day arrives. (Maybe some of them sold since June 30.)
Monday, September 15, 2014
I always like to see who is still holding this type of company when D-Day arrives. (Maybe some of them sold since June 30.)
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OT
A bit of background: Ultrasonic AG, established 2011 in Cologne, is the German holding company of the ULTRASONIC Group of companies, mainly active in the PRC.
Now the latest "ad-hoc" news: CEO and COO disappeared, most of the company's cash missing
"Chi Kwong Clifford Chan, CFO of Ultrasonic AG, informed the Supervisory Board that since the weekend he has been unable to reach both the company’s CEO, Qingyong Wu, and the company’s COO, Minghong Wu. Inquiries initiated thereupon, revealed that both, CEO and COO, apparently left their homes and are not traceable. Moreover, Mr. Chan was informed by the accounting department that most of the company’s cash funds at PRC and Hong Kong levels have been transferred being no longer in the company’s range of influence. However, the German holding company has a relevant six-figure amount in command so that the company currently is able to meet its payment obligations as normal."
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