SINGAPORE (Apr 24): The board of Midas Holdings has received two letters of demand dated Mar 9 and Apr 16, bringing to light another two loan guarantees that the group does not know about.

These are the latest in a string of unauthorised loans taken out by the group’s China subsidiaries, which have prompted investigations by Singapore’s Commercial Affairs Department (CAD).

See: Midas CEO Patrick Chew quits; stamp was used without his approval to take out loans

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