The future of Korea-based manufacturer of computer peripherals Zalman Tech Co., Ltd. is uncertain as its parent company Moneual has been under pressure over scandals in S. Korea.
Zalman Tech has applied for the initiation of the its turnaround process with Seoul Central District Court, to normalize its business, on Nov. 3. Although the move could be translated as Zalman going bankrupt, Zalman USA said that it's just part of reorganization proceedings, under the South Korea's laws. Responding to rumors circulating online during the last days, Zalman says it is not going bankrupt, promising to provide more information later this month.
Regarding ZALMAN's products, the company says that it carries on shipments, while support and warranties remain in place.
Moneual, which acquired a 60% stake in Zalman Tech back in 2011, has reportedly forged its export performance papers, allowing the company to secure large loans from Korean banks, which has failed and began insolvency procedures.