WRP to sell glove production lines to pay off creditors

TheEdge Wed, Aug 12, 2020 04:29pm - 3 years View Original


KUALA LUMPUR (Aug 12): WRP Asia Pacific Sdn Bhd has received offers to buy 10 double former glove production lines located at Advanced Healthcare Products Sdn Bhd’s (AHP) premises in Senawang, Negeri Sembilan.

WRP’s special counsel Mathew Thomas Philip said the production lines were identified as assets that were acquired from Sama Sama Engineering Machines Sdn Bhd between 2010 and 2012, and were installed at AHP’s facility under WRP’s previous management.

This followed a forensic audit that was ordered by the current board of directors which assumed control of WRP operations earlier this year, he said in a statement.   

“WRP recognises the significant role that creditors have played in enabling the company to restart operations and participate in our long-term goal of returning the company to profitability.

“Our efforts to monetise these recently unearthed dormant assets will enable us to expedite settlements with our creditors, especially given their patience and receptivity all along,” said Philip, who is also the managing partner of the legal firm of Thomas Philip.

He said WRP had received several offers of interest for the production lines in the past two months. Once a suitable buyer and the proper processes are executed, the proceeds from the sale of these lines will be used to pay back creditors starting July 2021, he added.

In June, WRP was the subject of a raid by the Malaysian Anti-Corruption Commission as part of an investigation into the alleged misappropriation of funds by its former chief executive officer Datuk Lee Son Hong.

WRP sued Lee this year, saying he had allegedly mismanaged the company and refused to account to its board on the company’s state of affairs. Lee was also accused of conspiring to wind up the company.

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