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CEO and COO disappeared, most of the company’s cash missing
Ad-Hoc News
September 16th, 2014

    Cologne, 12 September 2014 — Chi Kwong Clifford Chan, CFO of Ultrasonic AG, informed the Supervisory Board  that since the weekend he has been unable to reach both the company’s CEO, Qingyong Wu, and the company’s COO, Minghong Wu. Inquiries initiated thereupon, revealed that both, CEO and COO, apparently left their homes and are not traceable. Moreover, Mr. Chan was informed by the accounting department that most of the company’s cash funds at PRC and Hong Kong levels have been transferred being no longer in the company’s range of influence. However, the German holding company has a relevant six-figure amount in command so that the company currently is able to meet its payment obligations as normal. Mr. Chan and the Supervisory Board are in talks with authorities and business partners, trying to gather further information to clarify the situation. As soon as new, reliable facts can be verified, they will be disclosed immediately.

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