SINGAPORE: The former chief executive of railway components maker Midas Holdings was charged on Thursday (Feb 10) with failing to perform his duties as a director.
According to a release from the Singapore Police Force (SPF), Patrick Chew Hwa Kwang allegedly failed to exercise reasonable oversight over the finances of Midas’ subsidiaries, Jilin Midas Aluminium and Luoyang Midas Aluminium.
He has allegedly relinquished control of the legal representative seals of the two subsidiaries in order to carry out loans in the names of the two companies or act as loan guarantor.
The value of loans and guarantees signed between 2015 and 2017 was CNY159.5 million (S$33.7 million) and CNY264.5 million, respectively.
Midas announced the discovery of these loans and guarantees in February 2018.
Under the Companies Act, Zhou faces up to 12 months in jail or a fine of up to S$5,000 for the offence.
