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Former Midas Holdings CEO claims S$3.3 million in unpaid salaries, loans
BELEAGUERED railway parts maker Midas Holdings has received a lawyer's letter from former chief executive Patrick Chew Hwa Kwang, who claims the company owes him S$3.3 million in unpaid salaries, allowances and loans.
Mr Chew also alleged that the company's conduct forced him to tender his resignation.
Singapore-listed Midas Holdings has been struggling with law suits filed in China over unauthorised loans and guarantees.
Mr Chew, who was chief executive from Jan 1, 2012 to Mar 22, 2018, claims he was not paid any salary from Dec 2017 until his resignation. He had been entitled to a monthly salary of S$34,500, according to the lawyer's letter which Midas Holdings released in an exchange filing.
He also extended interest-free loans to the company - most recently, he lent the firm S$2.9 million in November 2017. However, the company has not repaid the loans nor provided any indication that it will do so, Mr Chew claimed.
In addition, he alleged that the company has not honoured expense claims amounting to S$9,169.12 which he submitted in the months leading up to his resignation.
The letter, drafted by law firm Allen & Gledhill and dated May 8, demanded that the company respond within seven days. Otherwise, Mr Chew "will take all necessary steps to protect his interests, without further reference to the company".
Midas Holdings said it is studying Mr Chew's claim with its legal counsel and will make an appropriate response in due time.