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Midas uncovers another lawsuit against Dalian subsidiary as unauthorised guarantor

Management & Corporate Governance

Midas uncovers another lawsuit against Dalian subsidiary as unauthorised guarantor

Chan Chao Peh Published on Tue, Mar 27, 2018 / 6:45 PM GMT+8

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SINGAPORE (Mar 27): The audit committee at Midas Holdings has uncovered yet another lawsuit in China against subsidiary Dalian Huicheng Aluminium (DLHC).

According to the committee, DLHC had acted as an unauthorised guarantor for all debts owed by Chongqing Huicheng Aluminium (CGHC) for two years.

CQHC is not related to Midas, but is owned by an individual called Chen Chen, who is the nephew of Midas’ executive chairman Chen Wei Ping.

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