SINGAPORE (Apr 17): Midas Holdings announced Tuesday that former executive chairman Chen Wei Ping is under investigation in China for his suspected involvement in fraud relating to loans.

Midas says police from the Changchun City Economic Crime Investigation Unit in China’s Jilin Province had visited the provincial branches of two banks – China Development Bank and The Export-Import Bank of China.

The banks had notified Midas’ subsidiary, Jilin Midas Light Alloy Co. (JMLA), regarding the investigations on Mar 30.

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