Chen Chen

Irregularities uncovered in Midas' Dalian subsidiary implicate former top executives

SINGAPORE (June 20): Midas Holdings said it has uncovered up to nine cases of irregularities involving nearly RMB 1 billion ($210 million) its Dalian subsidiary in China.

The irregularities involved undisclosed loans, guarantee agreements and fund transfers to secret accounts and companies implicating its former top executives.

And the troubled train parts manufacturer warned that the financial impact of the irregularities uncovered may widen as the directors await additional bank statements, loan statements and loan documents.

Midas uncovers another lawsuit against Dalian subsidiary as unauthorised guarantor

SINGAPORE (Mar 27): The audit committee at Midas Holdings has uncovered yet another lawsuit in China against subsidiary Dalian Huicheng Aluminium (DLHC).

According to the committee, DLHC had acted as an unauthorised guarantor for all debts owed by Chongqing Huicheng Aluminium (CGHC) for two years.

CQHC is not related to Midas, but is owned by an individual called Chen Chen, who is the nephew of Midas’ executive chairman Chen Wei Ping.

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