In 2011 around 60 per cent stake in Zalman Tech was purchased by Moneual, a maker of consumer electronics from South Korea that sells robotic vacuum cleaners in the U.S.
Unfortunately, the company used Zalman’s reputation and successful track-record to falsify its export data and illegally obtain credits from various South Korean banks under guarantees issued by the Korea Trade Insurance Corp. (K-Sure), reports the Korea Times. K-Sure issued the guarantees backed by the export records, shipping documents and bank statements.
Moneual’s debts total 3.2 trillion won ($2.98 billion). The company began insolvency procedures in October because it failed to pay a part of the debt.