Midas' board says company unable to operate as going concern; auditor Mazars says financial reports it issued no longer valid

SINGAPORE (May 4): Midas Holdings is expected to be unable to operate as a going concern, says its board of directors in a Friday night filing.

According to the board, the current cash position of the train parts manufacturer will not be able to satisfy the claims mentioned by CRRC (Hong Kong) Co. should the courts rule in favour of the latter.

“As the company’s primary subsidiaries are embroiled in litigations and facing claims, no additional funds can be remitted to the company,” says the board.

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