Rumor: Longtop Executives to Abandon Firm, Form New Company

Sina Tech, 8/03/11

According to an anonymous source claiming to be a former employee of Chinese financial services software developer Longtop Financial Technologies (NYSE: LFT), company management's first response to fraud allegations earlier this year was to transfer assets out of the company, rather than protect the company's more than 8,000 employees. The source said that nearly USD 200 mln in assets have already been transferred out of the company, leaving just enough to pay employee salaries for the next two months. The source also said that Longtop management recently established a new company in Xiamen, Fujian province.

Editor's Note: For more information on this topic, please see "Longtop Shares Plummet on Fraud Allegations," MD 4/28/11 issue.

Keywords: software Longtop LFT IT services HR

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