China police probed Midas ex-boss over loans, board says

Singapore

UNBEKNOWN to the company, the former executive chairman of troubled railway parts maker Midas Holdings had been under investigation by China's Economic Crime Investigation Unit before his resignation, Midas said on Tuesday.

In an exchange filing on Tuesday, the Midas board said it had learnt that two banks in China's Jilin province had advised Midas subsidiary Jilin Midas Light Alloy (JMLA) that the police had paid visits to their branches to investigate Chen Wei Ping.