Korean ECA defrauded by ’cool’ client

(AnandTech, Seoul, 6 November 2014) Zalman, a pioneer of low-noise cooling solutions, filed for bankruptcy in Seoul on 3 November 2014. Zalman was acquired in 2011 by robotics manufacturer Moneual, which received about 620 million dollars in loans from several Korean banks and another 275 million dollars as export credit from the Korea Trade Insurance Corp. Moneual failed to repay their (massive) export bonds that matured on October 20, 2014, and ultimately filed for bankruptcy, despite repeatedly reporting major profits, with their 2013 annual report being nearly 1.2 billion dollars in sales and over 100 million dollars in profit. They apparently forged Zalman's export and accounting documents, greatly overstating their export and income reports, in order to become eligible for huge bank loans.