Zalman dodges, survives Moneual’s fraud woes

zalman cooler

Zalman employees can breathe a sigh of relief this weekend as their positions in the PC components company is not endangered. The company’s headquarters in Seoul, South Korea, released a statement this week that sought to provide relief for existing Zalman component owners, stating that the company wasn’t going bankrupt and wouldn’t disappear as a result of the South Korean government’s investigations into Moneual.

Further, Zalman’s statement also noted that they wanted to distance themselves from the fraud investigations as much as possible, saying that they were never part of the fraudulent activities. The company will begin a restructuring process overseen by a South Korean high court and will very likely break away from the parent company if they can manage finances on their own.

“Disclosure Statement on Zalman Bankruptcy and Connection with Moneual’s Fraudulent Activity

The purpose of this disclosure is to announce our official statement addressing the rumors on company bankruptcy and Zalman Tech’s connection with the $3 Billion in financial fraud committed by parent company Moneual.

Recent rumors circulating through major tech news outlets, internet message board forums, and other websites regarding Zalman’s imminent bankruptcy and connection with Moneual’s fraud allegations are completely false. Zalman is currently restructuring the company under the oversight and jurisdiction of the court in South Korea.

We would like to emphasize that this will not be a mechanism for company liquidation (i.e. bankruptcy). The following are details in
addressing the rumors:

(1) Zalman Bankruptcy and Its Implication to Customers

While Zalman headquarters is experiencing financial hardship due to the recent troubles caused by Moneual, Zalman is not going bankrupt. Nothing will change for owners of existing Zalman products as they are still covered by the manufacturer’s warranty if applicable. Zalman
will always guarantee post-purchase support to our customers. Customer satisfaction has always been our top priority and we will continue towards that goal with superior product quality, innovative technologies, and outstanding customer service.

(2) $3 Billion Fraud Conspiracy

ZALMAN was not involved in any fraudulent activity of parent company Moneual, anything to the contrary are baseless allegations with no factual evidence. While everyone at Zalman is deeply saddened and disappointed with the actions of Moneual, we emphasize the fact that Zalman itself
was never a part of anything illegal, in actuality Zalman was one of the hardest hit victims by this recent scandal.”

Source: Tom’s Hardware

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