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Acra looking into Mazars' role in Midas auditing

Move by ombudsman comes after Mazars says its auditors' reports issued for 2012 to 2016 can no longer be relied upon

Angela Tan
Published Sun, May 27, 2018 · 09:50 PM

Singapore

Mazars LLP's audit of scandal-hit Midas Holdings has come under the scrutiny of Singapore's Accounting and Corporate Regulatory Authority.

Midas, a Chinese railway parts maker which has a primary listing on the mainboard of the Singapore Exchange and a secondary listing in Hong Kong, is being investigated in Singapore and China for fraud.

Founded in 2000 by Patrick Chew, a Singaporean businessman with a rags-to-riches story, and a Chinese partner, Chen Wei Ping, trading in Midas shares has been suspended since Feb 8. Midas has been slapped with lawsuits filed in China over unauthorised loans by its ex-chairman, Mr Chen, and guarantees involving its Chinese units.

"Acra is closely monitoring this case and will assess if any further action is warranted," a spokesman to…

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