Yang Xiao Guang

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.

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