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Midas subsidiary placed under judicial management in Jilin province, China

MIDAS Holdings subsidiary Jilin Midas Light Alloy Co has been placed under the judicial management of Jilin Gongcheng Law Firm by the People's Court of Jilin Province, the company announced on Thursday.

Midas, a maker of aluminium train equipment, said that the board is arranging to obtain information relating to litigations, undisclosed subsidiaries and other relevant information. Operations at the subsidiary, however, are normal.

Shares of Midas are currently suspended amid investigations into financial irregularities.

On Wednesday, Midas said that four senior executives in China resigned after internal checks found a failure to report material information. The company also faces an arbitration application filed in Beijing over a 100 million Chinese yuan (S$21 million) loan agreement.