Ultrasonic AG is the German holding company of a group of primarily active in China. The company manufactures sandals, slippers and shoe soles, and casual, outdoor and dress shoes that appeal to the urban middle class.
Ultrasonic said in a statement that Chief Executive Qingyong Wu and Chief Operating Officer Minghong Wu disappeared in September 2014 and that most of the company’s cash reserves in China and Hong Kong had also disappeared. Ultrasonic had recently obtained a $60 million (46 million euros) credit line in Hong Kong from Japan’s Nomura, raising worries about the fate of the money in view of the company statement that Hong Kong funds are “no longer in the company’s range of influence”.
Ultrasonic: Annual Report, 31 Dec 2012
SEC: Litigation Release, 4 Mar 2015
Deutche Welle: Ultrasonic executives leave quietly in mystery China disappearance 2014, 17 Sep 2014
Business Insider: Our CEO Just Disappeared And Most Of The Money Is Gone 17 Sep 2014
BlackBag: Shoe Company Executives Vanish With All The Shoe Money , 17 Sep 2014