Midas Holdings was a popular stock, with investors taken in by its business of building parts used by China’s fast-growing high-speed rail industry.
Patrick Chew Hwa Kang, former CEO of Midas Holdings, has been charged on Feb 10 under the Companies Act for “failing to use reasonable diligence in the discharge of his duties as a director of Midas.”
If convicted, Chew faces a jail term of up to 12 months or a fine of up to $5,000.
