KUALA LUMPUR (June 9): GIIB Holdings Bhd claims the seven parties it is suing had embarked on a series of acts to damage the group and its 51%-owned subsidiary GIIB Healthcare Products Sdn Bhd’s business by unlawful means.

In a bourse filing, the technical rubber compound provider claimed that the second defendant, Yee Voon Hon, and those affiliated with him had misappropriated GIIB and GIIB Healthcare’s property.

GIIB said the acts leading to the filing of the suit include alleged abuses of process by Voon Hon with the agreement of two other defendants, Yee Kwek Keong, Yap Kwee Heong, in the filing of civil suits against the group by the first defendant, Wong Weng Yew.

“These suits were either threatened or filed to, inter-alia, avoid Voon Hon’s contractual obligations towards the plaintiffs and to conceal Wong’s misconducts during his tenure as an executive director of the company which included misappropriation of funds,” claimed GIIB.

The group also alleged that Wong, after his suspension pending investigation into his purported misconducts, had issued several media statements containing false and inaccurate allegations against GIIB and its directors. 

GIIB announced on June 3 that the group and GIIB Healthcare have filed a suit against the seven defendants for conspiracy to injure the group and breach of fiduciary duties. They are seeking RM103.58 million in damages from the seven parties.

The seven are Wong, Voon Hon, Kwek Keong, Yap, Latex Glove Manufacturer Sdn Bhd, Ewe Ee May and Michelle Sammy.

GIIB, which is involved in the manufacturing and distribution of rubber compounds and related products, recently moved downstream into glove manufacturing through GIIB Healthcare. The group launched its glove manufacturing business in Nilai on May 16.

Wong was suspended as GIIB’s executive director from March 28, and subsequently terminated in mid-May. He, however, was redesignated as a non-independent non-executive director on May 27.

According to GIIB, Wong, 38, was suspended from his executive directorship to facilitate investigations into his management and handling of the group’s glove business and accounts.

Meanwhile, Voon Hon is a director of GIIB Healthcare and holds a 49% direct stake in the firm.

GIIB’s share price finished unchanged at 8 sen on Thursday (June 9), bringing a market capitalisation of RM44.68 million.

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