Top Glove fails in bid to freeze Adventa Capital assets, plans appeal

PETALING JAYA: Top Glove Corp Bhd will be appealing against the Kuala Lumpur High Court’s decision to dismiss its application to freeze the assets of Adventa Capital.

“The company wishes to announce that Top Glove and Top Care’s Mareva application against Wong Chin Toh, Low Chin Guan and ACPL in the Writ Action as well as against Adventa Capital in the KL OS in aid of the Singapore arbitration proceedings were not allowed by the High Court,” said Top Glove’s board of directors.

Top Glove and Top Care’s proceedings against Wong Chin Toh, Low Chin Guan (Adventa’s directors) and ACPL in the Writ Action, as well as the Singapore arbitration proceedings against Adventa Capital are ongoing,” it added.

With that, Top Glove said the Singapore High Court‘s Mareva Injunction – which restrains Adventa Capital from disposing of its assets in Singapore or outside of Singapore (save for Malaysia) up to the value of RM714.86 million – remains in force.

The hearing of Adventa Capital’s application to set the Singapore High Court injunction aside will be heard on Aug 23.

Meanwhile, in a separate statement, Adventa said the KL High Court’s ruling follows findings that there was no good arguable case for the alleged fraudulent misrepresentations, or negligent misrepresentations.

Consequently, the court ordered Top Glove to pay the costs of the applications to Adventa Capital, Low and Wong.

“We wish to reiterate that Top Glove’s legal claims against Adventa Capital and our directors have no merit and are denied,” it said.

“These attacks are unjustified and amount to an attempt to claw back a significant part of the purchase price.We will defend our rights vigorously and will seek redress for reputational and financial loss and damage,” added Adventa.

To recap, Top Glove said on July 6 that it is suing Adventa Capital’s for an alleged conspiracy to defraud the group as well as fraudulent misrepresentations made by Adventa Capital’s directors in relation to the purchase of surgical gloves producer Aspion Sdn Bhd for RM1.37 billion.

On Bursa Malaysia yesterday, Top Glove remained unchanged at RM10.08 with some 4.66 million shares traded.