ED removed from Top Glove

By TMR

Top Glove Corp Bhd has removed Low Chin Guan from his position as executive director effective yesterday.

In an exchange filing yesterday, the rubber glove maker noted the resolution to remove Low was duly passed by way of poll at the EGM held yesterday subsequent to the receipt by the company of a notice under Section 311(3)(a) of the Companies Act 2016 from founder and substantial shareholder, Tan Sri Dr Lim Wee Chai.

Top Glove has taken legal proceedings against Adventa Capital Pte Ltd, Low, Wong Chin Toh and ACPL Sdn Bhd in the Kuala Lumpur High Court and the High Court of the Republic of Singapore, claiming for a sum of not less than RM714.86 million arising from a conspiracy to defraud relating to Top Glove’s purchase of Aspion Sdn Bhd from Adventa Capital for RM1.37 billion.