Jilin Midas Aluminium Industries Co

Midas says former exec chairman Chen Wei Ping under probe in China for fraud

SINGAPORE (Apr 17): Midas Holdings announced Tuesday that former executive chairman Chen Wei Ping is under investigation in China for his suspected involvement in fraud relating to loans.

Midas says police from the Changchun City Economic Crime Investigation Unit in China’s Jilin Province had visited the provincial branches of two banks – China Development Bank and The Export-Import Bank of China.

The banks had notified Midas’ subsidiary, Jilin Midas Light Alloy Co. (JMLA), regarding the investigations on Mar 30.

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

SINGAPORE (Feb 9): Midas Holdings, the supplier of aluminium parts to the rail sector, has uncovered several litigations, enforcement orders and court documents involving its various subsidiaries and associate companies based in China.

The company also found out that certain sums of money and shares in these subsidiaries have been frozen by Chinese courts.

Be informed of the stories that matter