Ex-head of shoe firm denies theft

The former chief executive of embattled Germany-listed Chinese shoe manufacturer Ultrasonic AG has resurfaced in China to deny absconding with millions of dollars of company money, telling local media he had been traveling and lost his phone.

CEO Wu Qingyong, who was dismissed last week after his abrupt disappearance, separately told an Ultrasonic executive he would return to the company and give back any funds, the firm said in a statement on Monday.

In a video interview with Chinese news outlet Sina, posted late on Sunday, Wu said the entire matter was a misunderstanding and that he had simply been on holiday with his grandson and lost his mobile phone.