How Midas ended up being a train wreck

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SINGAPORE (May 4): Tong Din Eu, executive director of Midas Holdings, told anxious shareholders this past week that the company’s former executive chairman Chen Wei Ping had promised, during a Feb 1 conference call, to make arrangements with the Liaoyuan government to settle previously undisclosed litigation that auditors had uncovered. 

That was just a week before the train parts maker announced the discovery of the litigation proceedings to the market. Chen, who is at the centre of the unauthorised loans and guarantees, has since been booted off the board of Midas at the behest of the Singapore Exchange.

Tong, together with Midas’ current non-executive chairman Chan Soo Sen, also laid out the likelihood and extent to which the public-listed company itself would be...(click on link for full story on theedgesingapore.com)