PETALING JAYA: Low Chin Guan has been removed from his role as executive director of Top Glove Corp Bhd.

According to a Bursa Malaysia filing, Low’s removal followed an 89% vote in favour of the move at the group’s extraordinary general meeting (EGM) yesterday.

Low was a director of Aspion Sdn Bhd, which was acquired by Top Glove in April this year.

He was also the managing director of Adventa Capital Pte Ltd, the former parent company of Aspion.

In an EGM notice issued last month, Top Glove chairman Tan Sri Lim Wee Chai had proposed for Low’s removal from the board of Top Glove after legal action was taken against Adventa Capital for alleged fraudulent misrepresentations made by vendors and Aspion directors Low and Wong Chin Toh.

Based on reports, Low, who was not present at the EGM yesterday, had claimed that he was not guilty of any fraudulent conduct, via a letter read out to shareholders.

Low also said that he would hold Top Glove responsible, should there be any losses that he or Adventa Capital would face as a result of the legal proceedings.

He added that Adventa Capital was not obligated to guarantee the core net profit shortfall for Aspion, in line with a clause in the sales and purchase agreement.

Top Glove is claiming RM714.9mil in overstatement of assets and valuations, and has since secured an interim Mareva injunction against Adventa Capital, Low, Wong and ACPL Sdn Bhd to stop them from selling their assets in Malaysia.

Following an investigation, the Top Glove management discovered that Aspion may not be able to achieve the profit guaranteed by Adventa Capital, due to inaccurate historical information provided earlier during the bidding process.

Adventa Capital had initially guaranteed a profit of RM81mil and RM108mil for Aspion’s financial years ending Oct 31, 2018 (FY18) and FY19, respectively.