Midas says will appeal court ruling in civil complaint if former CEO would step up

Singapore

TROUBLED railway parts maker Midas Holdings is trying to appeal a judgement by the Jilin High People's Court in a civil complaint brought by a lender it claims never existed in the group's accounts - if the company can get its former chief executive to step up to the task, that is.

Jilin Provincial Micro Refinancing Corp, a lender that does not exist in the group's accounts, had sued Midas subsidiary Jilin Midas last year, claiming it had lent a total of 379 million yuan (S$75.2 million) to the subsidiary. This lender alleged that Midas had approved the provision of a 400 million yuan guarantee for the subsidiary's loans, to its benefit.