Midas Holdings main subsidiary Jilin Midas is being sued to the tune of 30 million yuan. Another 12 million yuan for Midas' China subsidiaries were also frozen by court orders. Pictured on the left is a 2011 file photo of a Jilin facility belonging to Midas.
PHOTO: MIDAS HOLDINGS
THE script is all too familiar. A company makes grandiose promises to expand its business. Large sums are spent on new facilities. Unfortunately, the investments don't seem to lead to better cash flows or profitability. Debt grows.
One fine day, shares are suddenly halted, then suspended...