Zalman files for bankruptcy amid fraud allegations

zalman cooler

Zalman, one of the longest-running manufacturers of computer products and cooling-related components, has filed for bankruptcy after its parent company, Moneual, was being investigated by the Korean government for allegations of fraud and grossly misrepresenting Zalman’s position in the computer industry. Zalman filed for bankruptcy last week and there’s no word on the company’s future.

The parent company, Moneual, failed to pay its export bonds worth about $460 million to the banks that helped finance them, NongHyup Bank and the Korea Industrial Bank (KDB) respectively. These bonds matured on 20 October 2014 and the company didn’t have enough money to pay it back. According to reports by The Korea Times, not only is Moneual facing allegations of overstating their export performance to receive larger loans from financial institutions, Zalman itself is also under suspicion of breaking some accounting rules and cooking the books.

Zalman rose to fame in the computer industry with their tubular heatsinks with radial fins and all-copper design. These are still prized among enthusiasts for their quiet operation and great performance, although they’ve been pushed into a corner by cheaper performers like Cooler Master’s Hyper 212 series and all-in-one water coolers from various manufacturers. If the company is declared insolvent and sold off on auction to defray costs, I hope that someone else picks up the brand and continues to make what are still some of the best-looking coolers on the market.

Source: The Korea Times

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