Wednesday November 05, 2014

Zalman Filing Bankruptcy Amidst Fraud Allegations

It looks like the rumors circling the internet are true, Zalman is filing bankruptcy after it (and it's parent company Moneual) failed to repay billions in loans. Thanks to everyone that sent this one in.

The Financial Supervisory Service (FSS) is focusing on whether its KOSDAQ-listed subsidiary Zalman Tech violated corporate accounting rules. The FSS said that it is strengthening monitoring of stock movements as the subsidiary's stock trade volumes surged from Oct. 17 just before Moneual filed for court receivership.