SINGAPORE (Apr 16): Midas says a court application has been filed against Jilin Midas Aluminium Industries (Jilin Midas) in China on Apr 2 by a lender called Yu Song.

Although Midas says Yu does not exist in the group’s accounts, the plaintiff has applied to the court in Jilin province to liquidate Jilin Midas, a subsidiary of the group, for unpaid loans amounting to about RMB 34.1 million ($7.13 million).

This appears to be the latest in a string of unauthorised loans taken out by Midas' China subsidiaries which have led to investigations by the Commerical Affairs Department (CAD).

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