How Midas ended up being a train wreck

SINGAPORE (May 4): Tong Din Eu, executive director of Midas Holdings, told anxious shareholders this past week that the company’s former executive chairman Chen Wei Ping had promised, during a Feb 1 conference call, to make arrangements with the Liaoyuan government to settle previously undisclosed litigation that auditors had uncovered.

See: Midas likely to go bust if creditors push for liquidation; board aims to salvage parent company

That was just a week before the train parts maker announced the discovery of the litigation proceedings to the market. Chen, who is at the centre of the unauthorised loans and guarantees, has since been booted off the board of Midas at the behest of the Singapore Exchange.

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