KUALA LUMPUR, 7 January 2020 – Thomas Philip Advocates and Solicitors, the lawyers acting on behalf of the current Board of Directors of WRP Asia Pacific (WRP), announced that TAEL Partners, a private equity fund, has agreed to a second round of emergency shareholders’ injection of RM22 million into WRP.
“The funds are intended to be channelled to the interim liquidator to ensure the welfare of employees and enable WRP to resume full operations without interference or hindrance from the previous management led by Dato Lee,” TAEL Partners stated.
According to Thomas Philip, currently there are several key customers that are waiting on orders and that it is the interim liquidator’s responsibility to preserve the assets which includes the business operations of WRP.
It added that as soon as the interim liquidator is able to fully take charge and ensure that the previous management led by Dato’ Lee Son Hong does not interfere with the interim liquidator, WRP will be on its road to recovery.
Founder and Managing Partner of Thomas Philip, Mathew Thomas Philip said, “TAEL Partners is committed in funding a rescue effort of WRP. Nothing says it louder and clearer than the two back-to-back funding that they have committed in an effort to bring the company back to its feet.”
This follows TAEL Partners’ 2 January 2020 injection of RM3.25 million to enable the interim liquidator to pay salaries to workers and executives during the temporary suspension of WRP’s business operations.
The two rounds of funding clearly debunk the inaccurate representation that WRP is in liquidation, as no investor would have injected more funds into a company that is in liquidation.
“With the reputation of Malaysia and the glove manufacturing industry at stake globally, our client urges the interim liquidator to take urgent measures to ensure that the previous management does not hinder the recovery efforts. The interim liquidator has revealed that they are not getting full cooperation with information; this will be important to overcome, as without full and complete information WRP will not be able to secure funding in the future,” he added.
He further mentioned that efforts to turn around WRP have been hampered, due to lack of information and access to the company by its previous management, emphasizing that in order to ensure the turnaround takes place effectively, TAEL Partners has, at its own expense, offered a multidisciplinary specialist turnaround team to assist the interim liquidator.