Singapore authorities to continue investigation of key Midas personnel amid winding-up woes

Singapore authorities to continue investigation of key Midas personnel amid winding-up woes

By: 
Michelle Zhu
02/04/19, 11:24 am

SINGAPORE (April 2): Singapore’s authorities say they will continue their investigation into Midas Holdings’ former directors and officers in the event that the insolvent company winds up.

This comes amid a year-long investigation into Midas Holdings as the company’s former directors and officers by the Commercial Affairs Department (CAD) and Monetary Authority of Singapore (MAS).

Singapore’s regulatory unit SGX RegCo is also reviewing potential listing rule breaches by former directors and executive officers of Midas.

To recap, Midas on Monday warned its shareholders of its likely liquidation, citing failure to find a rescuer and a lack of funding to contest legal action by its creditors.

In response, Commercial Affairs Department (CAD) and Monetary Authority of Singapore (MAS) and Singapore’s regulatory unit SGX RegCo issued a joint statement on Monday saying their investigations will continue regardless of the application to wind up Midas.

The three authorities add that they will work with Midas’s liquidators, should their assistance be required for the investigations.

Shares in Midas, which last traded at 19 cents, have been suspended since Feb 2018 after several litigations, enforcement orders and court documents involving its China-based associates and subsidiaries were uncovered.

See: CAD launches investigations into Midas

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

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