SINGAPORE (May 25): Singapore Exchange Regulation (SGX RegCo) has issued an update on ongoing investigations into Midas Holdings, saying that it has been communicating with Singapore’s Chinese Embassy on the matter and will also extend its full cooperation to the relevant authorities of the case.

“SGX RegCo has been in engagement with the Chinese Embassy in Singapore in relation to communications with the relevant authorities in China on developments at Midas Holdings,” says the regulator in a Friday premarket filing to the SGX.

“Relevant authorities in China, Hong Kong and Singapore are already investigating the case and SGX RegCo understands this process will require due deliberation and time. We are taking every step possible within our powers, and will extend full cooperation to the relevant investigating authorities,” it adds.  

To recap, Midas, the supplier of aluminium parts to the rail sector, is currently facing several litigations, enforcement orders and court documents involving its various subsidiaries and associate companies based in China.

Certain sums of money and shares in these subsidiaries have been frozen by Chinese courts.

See: Midas CEO says shares and money in China subsidiaries and associates frozen by courts

Separately, the group’s former CEO Patrick Chew is also demanding the repayment of nearly $3.3 million which the company allegedly owes Chew in a combination of loans and unpaid expenses and salary.

Midas in turn has responded with its own claims for damages for alleged breaches Chew has made at the expense of the company.

See: Midas' former CEO Chew demands repayment of $3.3 million from company

See: Midas' lawyers accuse former CEO Chew of 'dereliction of duties'; to claim damages for breaches

Shares in Midas last traded at 19 cents before the counter was suspended on Feb 9.