Midas ordered to pay US$7.3m to CRRC

Published Fri, Aug 17, 2018 · 01:02 PM

MIDAS Holdings has received a letter dated Aug 17 from CRRC (Hong Kong) Co and a copy of a final judgement filed on Aug 9 by Hong Kong's high court, the company said in a Singapore Exchange filing on Friday evening.

According to the judgement, Midas is to pay a sum of approximately US$7.3 million to CRRC.

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

Trading in Midas shares has been suspended since Feb 9 after several litigations, enforcement orders and court documents involving various subsidiaries and associate companies based in China were uncovered.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes