Top Glove sues Adventa Capital, two directors of recent buy for up to RM715m
The rubber glove manufacturer alleges 'fraudulent misrepresentations' by the directors
Singapore
MALAYSIA'S Top Glove Corporation on Friday said it has sued Adventa Capital and two directors of a recently-acquired firm - Low Chin Guan and Wong Chin Toh - for up to RM715 million (S$240 million) over an alleged "conspiracy" to defraud Top Glove and its unit over the acquisition of Aspion earlier this year.
Top Glove, the world's largest manufacturer of rubber gloves, in January said it would acquire Aspion for RM1.37 billion from Adventa Capital. It said then the acquisition would turn it into the world's largest maker of surgical gloves as well.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Frasers Property H1 profit slides 81% on property value losses, lower residential contributions
US bill to restrict WuXi AppTec, Chinese biotechs revised to give more time to cut ties
Barclays cuts jobs in energy transition team it only just built
UMS Holdings Q1 net profit drops 44% to S$9.8 million
SIA Engineering H2 profit rises 11.5% to S$37.8 million on robust aviation MRO demand
Great Eastern shares jump 39% as OCBC mounts S$1.4 billion privatisation bid at S$25.60 per share