Facing insolvency with no rescuer in sight, Midas says likely to be liquidated

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SINGAPORE (April 1): Midas Holdings, which entered into judicial management and is the target of a police probe after the discovery of financial irregularities in early 2018, warned shareholders that the group will likely be liquidated when ordered to by the court.

This is because Midas is facing insolvency, given its assets is not enough to cover its reported liabilities and prospect of rescue appears dim. The group also does not have funds to contest legal action by its creditors. 

In filing to the Singapore Exchange on Monday, the supplier of aluminium train parts reported unaudited losses of about S$653.6 million for the FY18 ended December, primarily because its investments in Jilin Midas Aluminium Industries Co, Jilin Midas Light Alloy Co and...(click on link for full story on theedgesingapore.com)