SINGAPORE (Apr 2): Singapore Exchange Regulation (SGX RegCo) on Monday issued Midas Holdings with a notice of compliance, stripping executive chairman Chen Wei Ping (photo) and Ma Ming Zhang, legal representative of Luoyang Midas, from their offices as director or executive officer of the group respectively with immediate effect.

Chen and Ma will also be barred from being appointed director or executive officer in any SGX listed company for a period of three years from Monday.

SGX RegCo said Midas' disclosures and the circumstances surrounding the unauthorised loans and corporate guarantees and undisclosed lawsuits raised immediate and serious concerns about the suitability of Chen and Ma to continue as executive chairman and director of the group respectively.

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