Ultrasonic says top executives and cash missing
| Reuters
Ultrasonic AG, a Chinese footware maker listed in Germany, said most of
its cash reserves in China and Hong Kong have disappeared, adding it has
also lost trace of its chief executive and chief operating officer.
"Most of the company's cash funds at PRC (People's Republic of China)
and Hong Kong levels have been transferred being no longer in the
company's range of influence," Ultrasonic said in a statement on
Tuesday.
Shares in Ultrasonic were down 79 percent at 1418 GMT (10.18 a.m. EDT).
The group's finance chief has informed the supervisory board that he
has been unable to reach both CEO Qingyong Wu and COO Minghong Wu since
the weekend, Ultrasonic added.
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