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Latest Forum Topics / Midas    Last:0.192 --  Post Reply
Midas Reporting to CAD CPIB
shk363
Elite
05-Jan-2024 07:43     
 
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 Alert Admin 		Still got around 100 lots but nothing to show for it
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hschsc
Master
05-Jan-2024 06:28     
 
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Yells: "Invest in financially healthy companies"
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 Alert Admin 		The problem is till now no outcomes. Where is the new report ?

TA_Expert      ( Date: 04-Jan-2024 23:46) Posted:

https://www.police.gov.sg/media-room/news/20220210_frmr_chief_exec_officer_of_midas_holdings_ltd_chrgd_for_an_offence_under_the_companies_act

The director may be jailed but the money lost is forever gone.

MDAS is already insolvent. Shareholders should not think of getting anything.
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TA_Expert
Supreme
04-Jan-2024 23:46     
 
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Yells: "The World has changed"
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 Alert Admin 		https://www.police.gov.sg/media-room/news/20220210_frmr_chief_exec_officer_of_midas_holdings_ltd_chrgd_for_an_offence_under_the_companies_act

The director may be jailed but the money lost is forever gone.

MDAS is already insolvent. Shareholders should not think of getting anything.
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Sky1977
Member
04-Jan-2024 21:27     
 
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 Alert Admin 		Is this company closed down for good?
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hschsc
Master
01-Nov-2022 07:37     
 
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Yells: "Invest in financially healthy companies"
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 Alert Admin 		Started in February 2018, so far there is no news. It' s been almost 5 years. Is this case really difficult? CCP（ scam boss） may have renounced his Singapore citizenship, so he cannot be brought to justice!
 
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wooncs8870
Veteran
31-Oct-2022 16:52     
 
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 Alert Admin 		Midas shares are manipulated by China man and the guy got away freely and many investors lost quite a significant sum of money with no end in sight as the money is gone forever. Curse these people who scammed these investors money with no conscience and hope they get their retribution.
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fatpanda
Supreme
11-Feb-2022 13:58     
 
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Yells: "Another wonderful day!"
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 Alert Admin 		That' s why Panda said he was really smart. If he was smart, then, who were stupid?  Those people who went after and looked for him.   
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moonsun
Veteran
11-Feb-2022 11:56     
 
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 Alert Admin 		SGX dun earn monies going after these fraudsters. In fact they incured more manpower and legal fees via SGX regco. So not in SGX interest to prosecute these cons and affect their financial results.
They will remain wild and free .. :)

finjungle      ( Date: 11-Feb-2022 11:28) Posted:

So much moey involved  So many lives of investors affected and yet only a max jail term of 12 monthsor a fine of up to $5k. Where is justice??????

What about the Chinaman? Going scott-free? 

What about other cases???? So slow! Why???

Joelton      ( Date: 11-Feb-2022 09:22) Posted:

Midas Holdings' former CEO charged under the Companies Act
Mainboard-listed Midas Holdings' former chief executive has been charged with an offence under the Companies Act (CA), for allegedly failing to use reasonable diligence in the discharge of his duties as a director of Midas.
 
The charge relates to Chew Hwa Kwang Patrick' s " failure to exercise reasonable supervision over the financial affairs of Midas' subsidiaries" , Jilin Midas Aluminium Industries Co (JMA) and Luoyang Midas Aluminium Industries Co (LYMA), the Singapore Police Force (SPF) said in a press release on Thursday (Feb 10).
 
" Chew had allegedly ceded control of his legal representative stamps for JMA and LYMA, which were then used to enter into loans or stand as loan guarantors in the name of the two subsidiaries," the SPF added.
 
The value of these loans and guarantees - that were entered into between 2015 and 2017 - amounted to RMB 159.5 million (about S$32.7 million) and RMB 264.5 million respectively.
 
Railway parts maker Midas flagged the discovery of the loans and guarantees in February 2018.
 
If convicted for an offence under Section 157(1) of the CA, per Section 157(3) of the CA, Chew faces imprisonment for a term which may extend to a maximum of 12 months, or a fine of up to S$5,000.
 
The stock has been suspended from trading since February 2018.
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finjungle
Veteran
11-Feb-2022 11:28     
 
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 Alert Admin 		So much moey involved  So many lives of investors affected and yet only a max jail term of 12 monthsor a fine of up to $5k. Where is justice??????

What about the Chinaman? Going scott-free? 

What about other cases???? So slow! Why???

Joelton      ( Date: 11-Feb-2022 09:22) Posted:

Midas Holdings' former CEO charged under the Companies Act
Mainboard-listed Midas Holdings' former chief executive has been charged with an offence under the Companies Act (CA), for allegedly failing to use reasonable diligence in the discharge of his duties as a director of Midas.
 
The charge relates to Chew Hwa Kwang Patrick' s " failure to exercise reasonable supervision over the financial affairs of Midas' subsidiaries" , Jilin Midas Aluminium Industries Co (JMA) and Luoyang Midas Aluminium Industries Co (LYMA), the Singapore Police Force (SPF) said in a press release on Thursday (Feb 10).
 
" Chew had allegedly ceded control of his legal representative stamps for JMA and LYMA, which were then used to enter into loans or stand as loan guarantors in the name of the two subsidiaries," the SPF added.
 
The value of these loans and guarantees - that were entered into between 2015 and 2017 - amounted to RMB 159.5 million (about S$32.7 million) and RMB 264.5 million respectively.
 
Railway parts maker Midas flagged the discovery of the loans and guarantees in February 2018.
 
If convicted for an offence under Section 157(1) of the CA, per Section 157(3) of the CA, Chew faces imprisonment for a term which may extend to a maximum of 12 months, or a fine of up to S$5,000.
 
The stock has been suspended from trading since February 2018.
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Joelton
Supreme
11-Feb-2022 09:22     
 
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 Alert Admin
Midas Holdings' former CEO charged under the Companies Act
Mainboard-listed Midas Holdings' former chief executive has been charged with an offence under the Companies Act (CA), for allegedly failing to use reasonable diligence in the discharge of his duties as a director of Midas.
 
The charge relates to Chew Hwa Kwang Patrick' s " failure to exercise reasonable supervision over the financial affairs of Midas' subsidiaries" , Jilin Midas Aluminium Industries Co (JMA) and Luoyang Midas Aluminium Industries Co (LYMA), the Singapore Police Force (SPF) said in a press release on Thursday (Feb 10).
 
" Chew had allegedly ceded control of his legal representative stamps for JMA and LYMA, which were then used to enter into loans or stand as loan guarantors in the name of the two subsidiaries," the SPF added.
 
The value of these loans and guarantees - that were entered into between 2015 and 2017 - amounted to RMB 159.5 million (about S$32.7 million) and RMB 264.5 million respectively.
 
Railway parts maker Midas flagged the discovery of the loans and guarantees in February 2018.
 
If convicted for an offence under Section 157(1) of the CA, per Section 157(3) of the CA, Chew faces imprisonment for a term which may extend to a maximum of 12 months, or a fine of up to S$5,000.
 
The stock has been suspended from trading since February 2018.
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fatpanda
Supreme
11-Feb-2022 00:11     
 
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Yells: "Another wonderful day!"
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 Alert Admin 		Pominent guy, that one already ran road and back to China? Jn fact, he was really smart because he knew our law enforcement tam now " LL" for many years liao. could not do anything to him.  Hahaha..... A big joke!
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Lobster
Elite
10-Feb-2022 23:57     
 
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Yells: "Even Adam Khoo believes in the Black Market!"
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 Alert Admin 		He does not work alone. There' s another prominent guy. I no need to name him. Many already can guess.
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moonsun
Veteran
10-Feb-2022 23:52     
 
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 Alert Admin 		So one senior actually told me biggest scam is in our local SGX mkt. Where frauds get away with min repercussions and max $. Look at those dead stocks like EHT, midas, noble etc etc.. directors & ceo rich & free. Retail onvestors got burn ..
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fatpanda
Supreme
10-Feb-2022 23:47     
 
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Yells: "Another wonderful day!"
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 Alert Admin 		A  ' proven' way to get rich at minimum losses. 
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KR8877
Member
10-Feb-2022 23:35     
 
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 Alert Admin 		CEO only charged max 12 months or fine up to 5k the shareholders lost the money is much more then him. This charged really a big joke🤬
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shk363
Elite
10-Feb-2022 21:38     
 
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 Alert Admin 		he bankrupt a company and lost so many sharehold heers' money... really a joke if slapped with the max fine of 5k

idwish      ( Date: 10-Feb-2022 19:39) Posted:

Is this a joke? Only  a maximum of 12 months, or a fine of up to S$5,000 for the type of damages he had made?

piscesmonkey      ( Date: 10-Feb-2022 18:28) Posted:



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idwish
Senior
10-Feb-2022 19:39     
 
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 Alert Admin 		Is this a joke? Only  a maximum of 12 months, or a fine of up to S$5,000 for the type of damages he had made?

piscesmonkey      ( Date: 10-Feb-2022 18:28) Posted:


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moonsun
Veteran
10-Feb-2022 19:05     
 
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 Alert Admin 		Seems can have a big party if sgx takes All directors to task too.. lol
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piscesmonkey
Supreme
10-Feb-2022 18:28     
 
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 Alert Admin

Midas Holdings' former CEO charged under the Companies Act


http://www.businesstimes.com.sg/companies-markets/midas-holdings-former-ceo-charged-under-the-companies-act
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fundamentalhero
Veteran
28-Mar-2018 23:24     
 
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Yells: "I NEED HONEYS AND MONIES"
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 Alert Admin 		Ok Midas thread is back up. But i hope that the thread will be for updates of news and this thread solely for reporting and actions we take to bring those involved to task.

Neater this way.
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