Midas claims possible forgery, insubstantial evidence presented at first hearing in Jilin

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SINGAPORE (July 5): New evidence of alleged fraud has been presented against Midas Holdings by Jilin Provincial Micro Refinancing Corp in the first hearing which took place on June 26 in the Jilin High People’s Court.  

In its filing on Wednesday evening, the indebted train parts manufacturer flagged a number of suspicions raised by on loan guarantees for three loans made by its subsidiary, Jilin Midas, for up to RMB 400 million (S$82.3 million) from Jilin Provincial Micro Refinancing.

(See: CAD launches investigations into Midas)

(See: Midas' board says company unable to operate as going concern; auditor Mazars says financial reports it issued no longer valid)

(See: Midas uncovers another lawsuit against Dalian subsidiary as unauthorised guarantor)

Among the evidence is a "board resolution" of Midas dated July 13 last year, which approved of the loan guarantees. This was signed by three individuals: Midas’ former executive chairman Chen Wei Ping, then-CEO Patrick Chew and executive director Xu Wei Dong... (Click here to read the full story)