As excuses go, this one’s a gem. After disappearing for a week, Ultrasonic boss Wu Qingyong has re-emerged. The reason for his mysterious absence? He’d been on holiday with his grandson and lost his mobile phone.
Unless he went on holiday to 1995, Wu surely must realise this excuse will have more than a few people scratching their heads. The internet is everywhere, as are landline telephones, and whose grandson in 2014 doesn’t have a smartphone? Also, it is conventional for bosses to inform colleagues that they’re going away for a bit...
German-owned Ultrasonic put out a press release on their site last week saying that Wu Qingyong and his son, chief operating officer Wu Minghong, had disappeared, and that most of the company’s cash was missing. While Ultrasonic, which supplies high-end shoes to China, stressed it had reserves to pay their bills, it said the rest was ‘out of the company’s range of influence’. Its share price plummetted after the annoucement, losing over 85% of its value.
In an interview with China’s Sina news agency, the elder Wu denied he had stolen the cash, calling the whole thing a misunderstanding. The conversation with Ultrasonic will surely be interesting, as its supervisory board dismissed him on Thursday over his disappearance.