Top Glove's stock hit by suit against Aspion's vendors
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Anita Gabriel
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Singapore
TOP Glove Corporation alleged that based on an interim report by an independent accounting firm, there were overstatement of assets and overvaluation to the tune of RM714.9 million (S$240.3 million) in Aspion, a company that it had acquired from Adventa Capital in April this year.
Top Glove, the largest maker of rubber gloves in the world that is listed on the Malaysian and Singapore stock exchanges, said that it had undertaken its own investigations and hired an accounting firm to investigate the firm once it it had discovered alleged "irregularities in certain balance sheet items" of Aspion, in particular inventories and plant and machinery, shortly after it took over the firm.
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