Jilin Midas Aluminium Industries put under judicial management

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SINGAPORE (April 16): Midas, which is being investigated by the Commerical Affairs Department (CAD), says a court application has been filed in Jilin Province China on April 2 by Yu Song, a lender who does not exist in the group’s accounts.

Yu has applied to the court to liquidate Jilin Midas Aluminium Industries (Jilin Midas), a subsidiary of the group, for unpaid loans amounting to about RMB 34.1 million (S$7.13 million).

This appears to be the latest in a string of unauthorised loans taken out by Midas' China subsidiaries, which...(click on link for full story on theedgesingapore.com)