The Official Word: Zalman Lives, Survives $3 Billion Moneual Fraud

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Rumors of Zalman's bankruptcy hit the web recently and proliferated rapidly. We reached out to the company and were told that the rumors were untrue -- although we weren't told anything else about Zalman's fate -- and that we'd receive an official statement soon. 

Tonight, a company representative issued the final word: Zalman lives.

To be clear, Zalman stated that it was in no way involved in Moneual's fraudulent behavior. In fact, it was actually the most direct victim of that fraud. Even so, the company will not go bankrupt. It is instead undergoing a restructuring, which is being supervised by a South Korean court. All of the company's warranties will be honored, as will any and all promised post-purchase support.

You can read more about the background of this story here.

And you can read Zalman's official statement below:

Disclosure Statement on Zalman Bankruptcy and Connection with Moneual’s Fraudulent ActivityThe 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 CustomersWhile 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. Zalmanwill 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 ConspiracyZALMAN 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.

We at Tom's Hardware wish Zalman and its employees all the best as they endure what is no doubt an extremely difficult time.

Follow Seth Colaner @SethColaner. Follow us @tomshardware, on Facebook and on Google+.

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2 Comments Comment from the forums
  • f-14
    LOL that is the worst PR statement as far as believability goes. it's standard practice for the courts to order the liquidation of assets of the main company, subsidiaries are the first to go on the auction block to pay the parent company's debt. this statement was made probably after appealing to the court to let them liquidate their product inventory to return money to the victims of Monueal which is also standard operating procedure. the proof will be in the retailer and e-tailers inventories and any sales promotions. if you see sales promotions of 20% or more it's a liquidation sale for an impatient court judge waiting to render a fast decision allowing for the delay on behalf of the victims trying to recover as much loss as possible.
    Reply
  • I_know_nothing
    I would say it would have to be more than 20% to be called liquidation. A 20% discount is average at best in a the computer industry. But yeah, time will tell if zalman lives. I only own zalman fans so if one dies, im out $4 max lol.

    LOL that is the worst PR statement as far as believability goes. it's standard practice for the courts to order the liquidation of assets of the main company, subsidiaries are the first to go on the auction block to pay the parent company's debt. this statement was made probably after appealing to the court to let them liquidate their product inventory to return money to the victims of Monueal which is also standard operating procedure. the proof will be in the retailer and e-tailers inventories and any sales promotions. if you see sales promotions of 20% or more it's a liquidation sale for an impatient court judge waiting to render a fast decision allowing for the delay on behalf of the victims trying to recover as much loss as possible.
    LOL that is the worst PR statement as far as believability goes. it's standard practice for the courts to order the liquidation of assets of the main company, subsidiaries are the first to go on the auction block to pay the parent company's debt. this statement was made probably after appealing to the court to let them liquidate their product inventory to return money to the victims of Monueal which is also standard operating procedure. the proof will be in the retailer and e-tailers inventories and any sales promotions. if you see sales promotions of 20% or more it's a liquidation sale for an impatient court judge waiting to render a fast decision allowing for the delay on behalf of the victims trying to recover as much loss as possible.
    Reply