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Midas board uncovers 334m yuan cash shortfall in China unit's accounts

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Published Mon, Apr 16, 2018 · 09:50 PM

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Singapore

THE board of directors of railway parts maker Midas Holdings has filed a police report against Midas subsidiary Jilin Midas Light Alloy (JMLA) in China after checks on its cash balances threw up alarming discrepancies.

The board said on Monday that based on statements obtained over the counter at the Changchun branch of China Merchants Bank, JMLA had just 11,485.40 yuan (S$2,397) in its cash balance at the end of December.

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