Exclusive Top Glove denies share falls on news it locks up worker

by **Cals** Tue 18 Mar 2014, 19:31

Exclusive Top Glove denies share falls on news it locks up worker

Business & Markets 2014

Written by Jeffrey Tan of theedgemalaysia.com

Tuesday, 18 March 2014 16:23

KUALA LUMPUR (Mar 18): Top Glove Corp Bhd, the shares of which fell as much as 3.2% today, has denied its share decline was due to news that it allegedly locked up a worker for misbehaving.

Top Glove executive director Lim Cheong Guan said the firm would leave the matter to the authorities to investigate.

“We deny the lock-up case as causing the decline in our share price.

“It is a matter of a disciplinary action taken on an errant worker. We leave it to the relevant authorities to investigate the case,” Lim told theedgemalaysia.com over the telephone today.

An analyst said the lock-up issue would not affect Top Glove’s share price.

At 3.20pm, Top Glove shares lost 16 sen or 2.8% to RM5.47. The third-largest decliner saw 994,900 shares exchanged hands.

The stock had earlier fallen as much as 18 sen to RM5.45.

Lim and the analyst's comments followed news reports last week that the Labour Department received complaints Top Glove had locked up a misbehaving worker who is an Indian national.

According news reports, the worker was said to be detained against his will for five days after a bust-up with another worker.

The case will be heard at the Labour Department this Thursday (March 20) while allegations of the unlawful detention have come under police investigation.

Coincidentally, Top Glove will announce its second quarter financial results on that day.