Date: February 20, 2019
SIAS officials met with officers from the Commercial Affairs Department (CAD) and Monetary Authority of Singapore (MAS) on 13 February 2019 to relay the concerns of Midas’ shareholders, who are anxious about the outcome of the police reports lodged with CAD in relation to possible breaches of securities laws and/or other offences arising from the irregularities in Midas’ operations in the People’s Republic of China.
SIAS was advised that the investigations into the police reports are ongoing. The alleged irregular transactions took place in a foreign jurisdiction. This adds complexity to the evidence gathering process and thus, the investigations require more time.
SIAS would like to urge the shareholders concerned to be patient and allow the investigations to take its due process. At the same time, SIAS calls on the board and management of Midas to offer all necessary assistance to facilitate the investigation process and communicate with their shareholders and stakeholders on updates periodically.
By way of information to shareholders who would like to find out more about the approach taken by CAD and MAS in market misconduct investigations and what is involved, please refer to the Enforcement Monograph published by MAS (http://www.mas.gov.sg/News-and-Publications/Monographs-and-Information-Papers/2018/Enforcement.aspx)