Chinese shoe manufacturer says CEO, cash vanished

AP News
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Posted: Sep 17, 2014 5:37 AM

FRANKFURT (AP) — A Chinese shoe manufacturer says two of its top executives have vanished, along with most of the company's cash.

Germany-listed Ultrasonic AG said in a statement Tuesday it has been unable to reach its chief executive, Qingyong Wu, and chief operating officer, Minghong Wu, since the weekend.

Company inquiries indicated that both men "apparently left their homes and are not traceable" and that most of the company's cash in China and Hong Kong has been transferred beyond its control.

It said that the German holding company still has a "relevant six-figure amount" that will allow it to pay its bills.

Earlier this year, Hong Kong-listed mainland Chinese menswear retailer Fujian Nuoqi reported that its chairman went missing after he transferred millions of dollars of company money to outside accounts.