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Patrick Chew resigns as Midas Holdings CEO due to health issues and litigation matters

PATRICK Chew Hwa Kwang has resigned as the executive director and CEO of Midas Holdings, as well as the director of its subsidiaries and associated companies, effective on March 22.

In a filing to the bourse late on Thursday, the group said that this was due to health reasons as well as legal troubles surrounding the group.

On Feb 8, Midas said that it uncovered several litigations, enforcement orders and court documents involving companies within the group during the course of audit and subsequent searches by the company's counsel.

In court documents, it was found that Mr Chew's legal representative stamp was sighted on various loan documents. He had denied being aware of various loans and transactions, stating that he had not authorised the use of his legal representative stamp.

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Mr Chew had been in his current position since 2004.

The company is now in the course of identifying a suitable candidate to be appointed to the role of CEO and further announcement will be made as and when appropriate.

It also announced Tong Din Eu, the independent non-executive director of the company, has been appointed as the authorised representative of the company.

Separately, Midas Holdings announced that its applications for a 120-day extension to June 28 to announce its FY2017 results and a 120-day extension to Aug 27 to hold its annual general meeting have been approved by the Singapore Exchange.