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Midas director files winding-up application, appoints liquidator

TROUBLED aluminium train components supplier Midas Holdings on Friday said that after receiving the statutory demand, executive director Xu Wei Dong has filed an application to wind up the company.

According to the application, FTI Consulting (Singapore) will be appointed joint and several liquidators.

"The board will issue further announcements as appropriate, as and when there are any material developments in the matter," it said.

Earlier this month, the authorities - the Commercial Affairs Department (CAD), Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX) - said they will not stop their investigations of possible wrongdoings at the company, and will also investigate the company's former directors and officers, reviewing potential listing rule breaches by them.

"The investigations will continue notwithstanding the application to wind up Midas. CAD, MAS and SGX RegCo will work with the liquidators if their assistance is required for the investigations," the three parties had said in a joint regulatory announcement.

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