Ma Ming Zhang

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 finds more evidence of round-tripping and unauthorised bank accounts by China subsidiaries

SINGAPORE (June 14): The board of Midas Holdings has found what could be evidence of more corporate malfeasance among its China-based subsidiaries.

See: SGX RegCo says taking 'every step possible within its powers' to assist in Midas investigations

CAD launches investigations into Midas

Midas audit committee lodges report with CAD over China ops; SGX RegCo looking into matter

SINGAPORE (Mar 29): Midas Holdings has lodged a police report with the Commercial Affairs Department of the Singapore Police Force.

This is in relation to a possible breach of securities laws and other offences arising from the irregularities in the group’s operations in China.

"The full extent of the possible breach of securities laws or other offences, or other potential breaches (if any) has yet to be determined," says the audit committee in a 6.38pm filing.

Midas says Jilin subsidiaries shrugged off instructions to remit funds

SINGAPORE (Mar 29): More trouble is brewing at Midas Holdings, the manufacturer of aluminium parts.

Two of Midas' subsidiaries in China --  Jilin Midas Aluminium Industries (Jilin Midas) and Jilin Midas Light Alloy (JMLA) -- have yet to remit funds to its Singapore office despite being instructed to do so by the head office.

The funds were from the redemption of of Midas' US$30 million Series 003 Notes with 7% coupon due 2017 which has now been extended to 2018.

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