Ultrasonic, a Chinese company quoted on the Frankfurt Stock Exchange that makes sandals, slippers and shoe soles for Anta Sports Products and Xtep and runs 110 stores in China, is without its top managers, who have reportedly left the company with a lot of company money. The two managers, Quingyong Wu and Minghong Wu, who are respectively Ultrasonic's chief executive and chief operating officer, apparently transferred the money to unreachable accounts in China and Hong Kong, according to a company statement. Reportedly, Quingyong Wu resurfaced during the past weekend to say that he was planning to come back with new financing. No precise figures have been mentioned for their money transfers. The company still had cash of €124.9 million at the end of May, but it has to pay back a loan of US$60 million granted by Nomura International in August within three months. The company's share price fell by 80 percent following the report.

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