SINGAPORE (May 23): Scandal-plagued Midas Holdings on Wednesday published a letter from its lawyer, Legal Options LLC, claiming that former CEO Patrick Chew had breached his contractual, statutory, and fiduciary duties to the company.

“There is clearly a dereliction of duties by your client (Chew) as the Chief Executive Officer and director of the company,” the law firm wrote in a letter dated Tuesday to Chew’s lawyers, Allen & Gledhill LLP.

Chew was the CEO of Midas for 14 years, until he abruptly tendered his resignation on Mar 22 amid claims that his legal stamp had been used without his approval to take out loans involving Midas' subsidiaries and associate companies in China.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook