KT Technology shuts shop as UK bosses disappear

KT Technology (UK), the Hertfordshire-based reseller, has crashed out of the market leaving hefty debts to many disgruntled distributors.

The reseller had struggled on, following its Singapore parent company's collapse in January, when employees arrived to find their headquarters locked.

The directors of the Singapore operation disappeared, leaving substantial debts.

The collapse was blamed on global price drops in PCs and components, as well as the economic crisis in the region.

Events in the UK operation have mirrored those in the Far East, with the collapse being sudden and leaving many in the lurch. The closed sign appeared on the office doors on 23 March.

Directors of KT Technology UK, John Liew and Arkadiusz Derlukiewicz, have also disappeared and telephone numbers for other offices throughout Europe were unobtainable.

Creditors include the distributors Computer 2000 and Boston. Dev Tyagi, director of Boston, commented: 'They seem to have taken a lot of people for a ride. However, we were insured. It seems the directors went to CeBit, then the closed sign appeared in the window. It's all a bit odd.'

Brian Pearce, analyst at IDC, commented on the situation: 'Some of these resellers and distributors - which have links with the Far East - are feeling the pinch. Companies with parents or business partners based in areas like Taiwan or Singapore will feel a financial impact on survival in Europe.'

Edmund Baker, executive director of the consumer council of Singapore, confirmed the parent company was in liquidation and added: 'It was considered strange for the company here to be open one day and closed the next. There has been very little information and there is not a lot of probing going on.'

According to UK Companies House, KT Technology was still registered and there had been no notification of administration as yet.