KUALA LUMPUR (Nov 7): Top Glove Corporation Bhd has been granted an Erinford injunction to preserve the status quo pending its appeal against the dismissal of a Mareva injunction to prevent the dissipation of assets by Adventa Capital Pte Ltd, which it has sued for fraudulent misrepresentation.

However, the injuncted sum granted by the judicial commissioner (JC) was reduced to RM219.7 million against Adventa Capital, its directors Low Chin Guan and Wong Chin Toh, and the sum of RM72.3 million against ACPL Sdn Bhd.

The Mareva injunction restraining Adventa Capital from disposing its assets in Singapore and outside of Singapore (except Malaysia) remains in force until the hearing of Adventa Capital’s application to set aside the injunction which will continue on Nov 29.

In a bourse filing, the glove maker said that although the High Court found that there is a risk of dissipation of assets by Adventa Capital should the Mareva injunction not be granted, the JC was of the opinion that there is no causal link between the damages sought by the plaintiffs and the fraudulent misrepresentation.

“Thus, the Applications were dismissed with costs of RM15,000 to each defendant,” the company said, adding it will be appealing to the Court of Appeal.

On Aug 28, Top Glove obtained an interim Mareva injunction against Adventa Capital, Low and Wong for an injuncted sum of RM640.5 million, and ACPL for RM72.3 million, to freeze and prevent dissipation of their assets worldwide.

Top Glove said it and its subsidiary Top Care are claiming a sum of not less than RM640.5 million for alleged conspiracy to defraud and fraudulent misrepresentations made by Adventa Capital, Low, and Wong in relation to the acquisition of Aspion Sdn Bhd.

Top Glove closed unchanged today at RM5.80 for a market capitalisation of RM14.86 billion. Some 6.14 million shares were traded.