The board of directors of railway parts maker Midas Holdings has filed a police report against Midas subsidiary Jilin Midas Light Alloy (JMLA) in China after checks on its cash balances threw up alarming discrepancies.
The board said yesterday that based on statements obtained over the counter at the Changchun branch of China Merchants Bank, JMLA had just 11,485.40 yuan (S$2,400) in its cash balance at the end of December.
This is a shortfall of more than 334 million yuan from the sum that it had originally reported.
Midas's auditors had earlier received a "bank confirmation" that JMLA had unaudited cash balances of 334.4 million yuan at its primary accounts at the end of last year.
The discrepancies in JMLA's accounts uncovered by the board date as far back as Dec 31, 2016, when the shortfall between the statements obtained and the earlier "bank confirmation" amounted to more than 352 million yuan.
"In view of the discrepancies, the board had made a police report in China. However, the police could not acknowledge receipt of the report," the Midas board said in an exchange filing.
Property development and investment group Metro Holdings has tied up with the Trans Corpora Group to develop, market and sell two residential towers in Bintaro, Jakarta, Indonesia, for a total investment value of 1.33 trillion rupiah (S$127 million).
Metro has committed to fund 90 per cent of the investment, or about 1.20 trillion rupiah through its unit, Metro Property Investment (MPI).
The Lee Kim Tah Group, which owns the remaining 10 per cent of MPI, will contribute 10 per cent.
The Bintaro project will occupy a site area of 1.6 hectares and comprise two residential towers with a combined 1,400 apartment units and 170 small office home office SoHo units.
The project is situated within Trans Park Bintaro, a mixed development project by Trans Corp located in Bintaro Jaya, a township in South Jakarta.
Metro said it is a popular residential area for business professionals working in the central business district, 15 km away from Jakarta through the toll road and railway line.