Midas board flags suspicion over seal, signings in loan papers

Singapore

THE board of troubled railway parts maker Midas Holdings has raised suspicions over the way in which an alleged board resolution that had been used to provide liability guarantees for 400 million yuan (S$82.3 million) in loans was signed.

The debt-laden Chinese firm, which is embroiled in round-tripping scandals and management dispute, had been called to the court under civil suits filed by Chinese moneylender Jilin Provincial Micro Refinancing Corporation.