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Top Glove's applications for injunctions against Adventa directors dismissed
SINGAPORE-LISTED Top Glove Corporation's applications for injunctions against two Adventa Capital directors have been dismissed by the Kuala Lumpur High Court, Adventa Capital said in a media release on Monday night.
Top Glove had applied for injunctions to freeze the assets of Low Chin Guan and Wong Chin Toh. On Monday, these were dismissed by the court, which found in arriving at this ruling that "there was no good arguable case for the alleged fraudulent misrepresentations, or for that matter negligent misrepresentations," said Adventa Capital.
The court ordered Top Glove to pay costs of the applications to Adventa Capital and the directors. Adventa Capital reiterated that Top Glove's legal claims "have no merit and are denied", adding that it "will seek redress for reputational and financial loss and damage".
Said Wong: “Top Glove has chosen to make attacks of a very serious and personal nature against two of our directors. These attacks are unjustified and amounts to an attempt to claw back a significant part of the purchase price.”
Top Glove had sued Adventa Capital and the two named directors over a deal for the acquisition of Aspion, which has three glove-making plants in Malaysia. Top Glove shares closed down four Singapore cents or 1.2 per cent at S$3.36 on Monday, before Adventa Capital's media release.