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Midas Holdings
17-04-2018, 12:43 AM. (This post was last modified: 17-04-2018, 10:33 AM by knightrid.)
Post: #111
RE: Midas Holdings
If you read through some of the earlier forum messages, there are a few warning signs:

1. Company listed in Singapore whereas company is incorporated in country B, and has main business in country C.  Country B has little disclosure requirements, and Country C is not known for being foreign investor/ management friendly.  It is not a crime in country C for points mentioned below unless the company is based in country C.  Also, large companies in country C don't normally list in Singapore.

2. Businesses in country C have been known to only have 1 set of accounting records that are destroyed in fires, or lost in transportation.  Their CEOs/ Accounting Execs/ Chairmen have been known to disappear or resign suddenly, and problems with handover of company seal occur (think of it like stories with imperial seals that you read about).

3. Claims of tremendous growth in sales/ profits met with negative operating cashflows.  Company issues additional shares or major shareholder sells his at a significant discount due to "need to get some shareholders to widen interest/ liquidity".

4. No one visits any of the factories or estimates production needed to meet the sales reported.  Alternatively, distribution channels are not required to make any payment until product is sold.

5. Large Cash in bank account remains on "accounting" books despite point 3 above and company pays little or no dividend.


Feel free to add to above.

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17-04-2018, 07:35 PM.
Post: #112
RE: Midas Holdings
Former Executive Chairman Is Suspected Involving in the Fraud Relating to Loans and Investigations Carried Out

The board of directors of Midas Holdings Limited noted that China Development Bank (國家開發銀行) Jilin Province Branch and The Export-Import Bank of China (中國進出口銀行) Jilin Province Branch (collectively, the "Banks") had jointly advised our subsidiary, Jilin Midas Light Alloy Co., Ltd ("JMLA") that the police from Economic Crime Investigation Unit, Changchun City (長春市公 安局經濟犯罪偵查支隊) Jilin Province had visited their branches to investigate Mr. Chen Wei Ping ("Mr. Chen"), the former executive chairman of the Company is suspected involving in the fraud relating to loans.

The Banks jointly requested JMLA to provide the following explanations within 5 days from 30 March 2018:
1. Lawsuits involved by the project borrower and guarantor;
2. The bankruptcy restructuring progress of the project guarantor, Jilin Midas Aluminium Industries Co., Ltd.;
3. The involvement of fraud relating to loans by Mr. Chen, the ultimate controlling shareholder;
4. The financial and operational conditions of the Group; and
5. Repayment plans for past due loans.

The Board noted that the letter from the Banks was dated 30 March 2018. Mr. Chen was then still the executive chairman of the Company (he resigned on 2 April 2018). However, he did not declare to the Board that he was assisting in police investigation.
Specuvestor: Asset - Business - Structure.

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18-04-2018, 09:03 AM.
Post: #113
Midas Holdings
Haha I think my entire Midas holdings can write off already

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03-05-2018, 05:08 PM. (This post was last modified: 03-05-2018, 05:08 PM by weijian.)
Post: #114
RE: Midas Holdings
Midas could be insolvent soon amid fraud allegations

At Wednesday's five-hour dialogue with shareholders, Mr Tong - previously an independent director and chairman of the audit committee - fielded 64 questions that had been posted on an investor forum last week. The queries centred on the extent of Midas' legal troubles, and actions that can be taken to salvage the company.

Shareholders also took issue with the timeliness of the company's disclosure. One shareholder said: "The issue was flagged in January. It took the company two weeks to make the announcement to the public. Meanwhile, trading continued. Is this fair?''

Mr Tong was first alerted to the ongoing litigation by Midas' chief financial officer on Jan 29. After consulting with lawyers and SGX, Midas announced the legal issues on Feb 8.

http://www.businesstimes.com.sg/companie...llegations

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11-05-2018, 07:22 PM.
Post: #115
RE: Midas Holdings
Lawyer's Letter from Former CEO of the Company, Mr. Chew Hwa Kwang, Patrick

Midas Holdings Limited to announced that the Company has received a lawyer’s letter (the "Letter") dated 8 May 2018 from Allen & Gledhill LLP who is acting for Mr. Chew Hwa Kwang, Patrick ("Mr. Chew").

Pursuant to the Letter, Mr. Chew claimed that sums amounting to S$3,275,083.89 are due and payable to him by the Company. Mr. Chew also alleged that he had no choice and was constrained to tender his resignation as CEO of the Company and that he was constructively dismissed by the Company.

More details in http://infopub.sgx.com/FileOpen/E-Lawyer...eID=505181
Specuvestor: Asset - Business - Structure.

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11-05-2018, 10:43 PM.
Post: #116
RE: Midas Holdings
(11-05-2018, 07:22 PM)cyclone Wrote: Lawyer's Letter from Former CEO of the Company, Mr. Chew Hwa Kwang, Patrick

Midas Holdings Limited to announced that the Company has received a lawyer’s letter (the "Letter") dated 8 May 2018 from Allen & Gledhill LLP who is acting for Mr. Chew Hwa Kwang, Patrick ("Mr. Chew").

Pursuant to the Letter, Mr. Chew claimed that sums amounting to S$3,275,083.89 are due and payable to him by the Company. Mr. Chew also alleged that he had no choice and was constrained to tender his resignation as CEO of the Company and that he was constructively dismissed by the Company.

More details in http://infopub.sgx.com/FileOpen/E-Lawyer...eID=505181

He gave health reason for his resignation but now another ?

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12-05-2018, 10:27 AM.
Post: #117
RE: Midas Holdings
此地无银三百两  隔壁王二不曾偷

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12-05-2018, 11:50 AM. (This post was last modified: 12-05-2018, 11:54 AM by specuvestor.)
Post: #118
RE: Midas Holdings
I thought it’s obvious the villain is chairman Chen, not based on Chew’s claim that his stamp was used without his knowledge, but Chen saving himself from loans he guarantee, and loans to his Nephew, and being sued by moneylender.

https://www.theedgesingapore.com/midas-c...-out-loans

If the loan money didn’t go into Midas account but Chen’s account, then I think the money lender has no case.
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

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23-05-2018, 06:39 PM.
Post: #119
RE: Midas Holdings
Default on Interest Payment of Series 003 and Series 004 Multicurrency Medium Term Note

Midas Holdings Limited announced that the Company is unable to pay the interest amounting to USD 1,050,000 for each of the Series 003 and Series 004 Multicurrency Medium Term Note due on 23 May 2018.
Specuvestor: Asset - Business - Structure.

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