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Midas hit by letter of demand over 400m yuan loan

Loan to subsidiary Jilin Midas Aluminium Industries is guaranteed by Midas, former exec chairman and a third company

Published Wed, Apr 11, 2018 · 09:50 PM

Singapore

TROUBLED railway parts maker Midas Holdings has received a letter of demand over a 400 million yuan (S$83.3 million) loan to its subsidiary that was guaranteed by Midas, its former executive chairman Chen Wei Ping, and a third company, North East Industries Pte Ltd.

The loan from Advanced Manufacturing Industry Investment Fund was given out to Midas's unit, Jilin Midas Aluminium Industries.

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