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CAD orders Midas Holdings to hand over financial documents, list of certain staff
MIDAS Holdings - which is under investigation by Singapore authorities - on Tuesday said the Commercial Affairs Department (CAD) has ordered the company to hand over financial documents, and a list of certain staff.
The documents include financial documents for the relevant companies in the group, as well as a detailed list of all persons who acted as the legal representative, general manager or financial controller of the relevant subsidiaries as well as specimen signatures of these individuals. The CAD is also seeking all relevant IT equipment and corporate emails of these persons.
"The company has extended and will continue to extend its fullest cooperation to the CAD in its investigations and will make further announcements as and when there are further significant developments concerning this matter."
Midas, a railway parts maker, in February said it uncovered several litigations, enforcement orders and court documents involving companies within the group. These include an enforcement order filed against Jilin Midas Aluminium Industries, a wholly-owned subsidiary in China, for a previously undisclosed liability of 30 million yuan (S$6.3 million).