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Top Glove removes executive director

Top Glove Corp. Bhd shareholders voted to remove Low Chin Guan as an executive director of the company.

Low joined the company's board as a representative of Adventa Capital Pte. Ltd. after Top Glove acquired Adventa's portfolio company, Aspion Sdn Bhd, for 1.37 billion Malaysian ringgit in April.

In July, the Malaysian rubber glove manufacturer sued Low, along with Adventa Capital Pte. Ltd., Wong Chin Toh and ACPL Sdn Bhd after an investigation found that Top Glove may have overpaid in its acquisition of Aspion.

According to the lawsuit, Low and Wong engaged in a conspiracy to defraud Top Glove and committed fraudulent misrepresentations in relation to the Aspion deal.

The proposal to remove Low from the board in connection to the ongoing legal proceedings was filed by Lim Wee Chai, Top Glove's founder and executive chairman.

As of Oct. 11, US$1 was equivalent to 4.16 Malaysian ringgit.