Facing insolvency with no rescuer in sight, Midas says likely to be liquidated

SINGAPORE (Apr 1): Midas Holdings, which entered into judicial management and is the target of a police probe after the discovery of financial irregularities in early 2018, warned shareholders the group will likely be liquidated when ordered to by the court.

This is because Midas is facing insolvency given its assets is not enough to cover its reported liabilities and prospect of rescue appears dim. The group also does not have funds to contest legal action by its creditors.