Revival of glove maker WRP Asia Pacific under way

Founder and managing partner of Thomas Philip, Mathew Thomas Philip said: “WRP Asia Pacific has promising business prospects and there are thousands of employees whose livelihood depends on the company."

KUALA LUMPUR: WRP Asia Pacific is expected to be given a new lease of life with TAEL Partners, a private equity fund, and the current board of directors (BoD) launch the rescue plan for the embattled glove maker.

Thomas Philip Advocates and Solicitors, the legal firm acting on behalf of the current BoD, had arranged for an emergency shareholders' injection by TAEL Partners, a private equity fund, of RM3.25mil.

It said the injection was to enable the interim liquidators to pay salaries to workers and executives during the temporary suspension of business operations.

“The new board of directors recognises the potential of the global glove market and the importance of setting WRP Asia Pacific on the right course. It has drawn up a detailed plan for the reorganisation of the company to revive its operations and return it to profitability, ” it said.

The new BoD has offered a turnaround team to assist the interim liquidators to enable WRP Asia Pacific to achieve its full potential.

Founder and managing partner of Thomas Philip, Mathew Thomas Philip said: “WRP Asia Pacific has promising business prospects and there are thousands of employees whose livelihood depends on the company.

“Today we are pleased that we have transferred funds for the salaries of employees who were short-changed by the previous management.”

“We are working closely with the BoD, interim liquidators, employees and all other stakeholders involved to revive the company to its full potential. This is not just for the greater good of the company and the industry, but more importantly for Malaysia, given that our country is the largest glovemaker in the world and we have to do everything possible to uphold that position, ” he added.

To recap, Thomas Philip said it was in the midst of a) taking legal action against the previous management led by the then-CEO Datuk Lee Son Hong, b) arranging an injection by shareholders to pay salaries for employees and workers and c) facilitating the reviving of WRP Asia Pacific.

It said the company was mismanaged by Lee, who refused to account to the BoD as to WRP Asia Pacific’s state of affairs.

“With scant regard to the company or its employees, on June 17,2019, Lee conspired to wind up the company and there is presently an action in court for conspiracy to injure.

“Additionally, the BoD has also filed an action against Lee for Criminal Breach of Trust (CBT) involving RM8.4mil.

On Nov 29,2019, the BoD removed Lee as the managing director and CEO of the company, thereafter appointing Thomas Philip to carry out due diligence.

“The new BoD recognises the potential of the global glove market and the importance of setting WRP Asia Pacific on the right course. It has drawn up a detailed plan for the reorganisation of the company to revive its operations and return it to profitability, ” it said.