Ultrasonic May File for Insolvency With CEO, COO and Cash Missing

Chinese footwear company Ultrasonic, which is listed in Germany, said its chief executive officer and chief operating officer have gone missing, along with most of its cash reserves in China and Hong Kong. Andrew Bulkeley, correspondent for The Deal, explains what's likely to happen to the company now. Bulkeley says for the time being it has enough cash to pay its bills in Germany, but it may eventually have to file for insolvency. With these sort of scandals happening several times a year in Germany, Bulkeley says unless tighter regulations are put in place in Frankfurt, instances like this will continue to occur.