Aspion's ex-directors countersue Top Glove over RM1.37b deal, breach of employment
They say Top Glove's bids at 'freezing orders' against them in bad faith to renege on earn-out provision
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Anita Gabriel
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Singapore
TWO individuals whom Malaysia's Top Glove Corp has accused of a conspiracy to defraud the firm over its RM1.37 billion (S$455 million) buyout of Aspion last year have filed counter suits in Malaysia, charging that the world's largest glove maker's claim for loss and damages towards a "discount" is "hypothetical" and "fictitious".
Aspion's former directors Low Chin Guan - the firm's founder - and Wong Chin Toh are also alleging that Top Glove's actions including "repeated" attempts at freezing orders against them in Kuala Lumpur and Singapore courts were done in bad faith to renege on an estimated RM650 million earn-out provision, according to documents obtained by The Business Times.
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