News EKWB issues public apology regarding delayed payments — promises employees and suppliers it will change its ways

[Admin]

EKWB has issued a public apology for all of the delayed payments with external contractors and business partners, promising to change its ways and do better.

EKWB issues public apology regarding delayed payments — promises employees and suppliers it will change its ways : Read more

 

[eye4bear]

I have seen the YouTube video from Nexis about this and it should never have gotten anywhere near this state. Sounds like no one has been driving the bus, OK, the CEO has come out and made promises (he had no choice) but where is the CFO? Your article also mentions that the CEO returned in Feb. I would assume that within the first week (or less) he would have done a comprehensive review of the business' financials and thus known things were this bad and pro-active BEFORE now being forced to admit how things are. I can not see them being trusted at all.

 

[vanerous]

I have seen the YouTube video from Nexis about this and it should never have gotten anywhere near this state. Sounds like no one has been driving the bus, OK, the CEO has come out and made promises (he had no choice) but where is the CFO? Your article also mentions that the CEO returned in Feb. I would assume that within the first week (or less) he would have done a comprehensive review of the business' financials and thus known things were this bad and pro-active BEFORE now being forced to admit how things are. I can not see them being trusted at all.

It's always quite a laugh when someone who clearly is not fully caught up on the story or has knowledge of how business works in general makes an outrage post like this. This comment is no exception.

 

[Giroro]

PROFESSIONAL TIP: When a company stops paying you, you're unemployed.

 

[hotaru251]

I fully expected this "we got caught so we'll come out and admit its true ...but also we promise we are gonna be better" as its bar the course for any company caught in drama that could destroy your company.


he's been there for 2 months & if they are that much behind on payments & they lack the $ to pay idk if selling a building will even matter as that 1 building aint affording all your bills ;|

As well as doesn't seem like anything was stated about the toxic relationship against the US based branch and the main branch.

even the "we've paid our taxes" was only paid after it was brought to light they hadn't paid em...meaning if this never got brought up they'd of never paid em.


If your current model is unsustainable and you keep doing it....its just going to happen again.

"promises" by companies hold no water. People don't care about promises they only care about actions and results.

 

[FoxtrotMichael-1]

I was just mentioning in a private conversation the other day that one of the reasons we can’t seem to collectively have nice things anymore is a complete and utter breakdown of regular moral standards. Yes, every generation has seen corruption, crime, and cheating. However, running a company like this is a shameful thing and it’s surprising how many people make little immoral decisions daily that add up to something like this. If I’m the old man yelling “get off my lawn” then so be it, but people need to take some pride in their behavior and get back to doing things right. *shakes fist at nothing in particular*

 

[The Historical Fidelity]

PROFESSIONAL TIP: When a company stops paying you, you're unemployed.

“We fixed the glitch, so it will work itself out naturally” - Bob # 1

 

[doughillman]

It's always quite a laugh when someone who clearly is not fully caught up on the story or has knowledge of how business works in general makes an outrage post like this. This comment is no exception.

Simmer down Edvard.

 

[cyrusfox]

Have owned many nice EKWB on my GPUs. They were quality and expensive. Hope they can right the ship as they have been a great resource for WB compatibility in the past and provided great long term support.

 

[btmedic04]

Too little, too late. It should not have taken a video by GN to force your hand to take these steps. They should've been started in March at the latest

 

[palladin9479]

From my understanding the head office and executives there were actively hostile towards the US subsidiary and did many underhanded and ethically questionable things in an attempt to get them shutdown. Revenue made from the US subsidiary was attributed to the head office's books in the EU but not the the liabilities causing serious budget problems until it started to fall apart. Notice all the unpaid entities are connected to the US subsidiary? Yeah now EK has to scramble to get enough cash on hand to pay all those liabilities that was being masked by the tactics of the head office.

As for the business itself, as long as it's business model is sound, which it seems to be, then they'll be ok. Business's being cash short due to seasonal revenue is pretty common and there are many financial tools available to smooth that over. Unfortunately financial entities frown when you have a line of creditors due to late payments and are very hesitant to approve bridge and short term capital loans in that situation. These things really need to be arranged ahead of time and it looks like the EU office, in their attempts to shut down the US office, didn't have an arrangement.

Also guys, the current CEO is the owner / founder, he previously hired a different CEO to handle the business side. That other CEO was sacked after this nightmare was brought to the attention of the owner / founder.

 

[doughillman]

It's always quite a laugh when someone who clearly is not fully caught up on the story or has knowledge of how business works in general makes an outrage post like this. This comment is no exception.

This how businesses work there bruh? https://www.tomshardware.com/tech-i...stile-work-environment-withholds-overtime-pay