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KUALA LUMPUR (March 30): Top Glove Corp Bhd said today that the rubber glove maker cannot, at this time, determine the magnitude of the financial and operational impact arising from the Customs and Border Protection (CBP) directive from For its personnel at all US ports of entry to begin seizing disposable gloves produced in Malaysia by Top Glove on forced labor allegations.
In a filing presented by Bursa Malaysia today, Top Glove said the company wishes to announce that its US attorneys are in the middle of liaising with CBP representatives for more clarity and information on the latest warrant issued.
“The company wishes to inform all of its stakeholders that it will take all necessary steps to address the issue and will make the necessary announcements as appropriate when there are further developments on the above matter.
“The company previously submitted the report prepared by the designated independent international consultant to CBP for review.
“In a statement published on March 9, 2021, said independent international consultant believes that further progress has been made with regard to forced labor indicators and, considering Top Glove’s ongoing actions, the findings do not amount to systemic forced labor. , ”Top Glove stated.
Yesterday, CBP said in a statement on its website that it had ordered its staff at all U.S. ports of entry to begin seizing disposable gloves produced in Malaysia by Top Glove after the Office of Commerce of the CBP, in consultation with the Secretary of the Treasury, released the results of the forced labor complaint against Top Glove.
CBP stated that the findings communicate that it has sufficient information to believe that Top Glove uses forced labor in the production of disposable gloves.
“Merchandise covered by the forced labor finding is subject to seizure upon arrival at a United States port of entry.
“The finding expands on a Release Withholding Order (WRO) that CBP issued in July 2020. That WRO was based on reasonable but inconclusive information that there are multiple indicators of forced labor in Top Glove’s production process, including debt bondage, excessive overtime, abuse of living and working conditions, and preservation of identity documents.
“CBP received complaints of forced labor from a variety of sources, including the general public,” CBP said.
At Bursa’s 12.30pm hiatus today, Top Glove’s share price was down 22 sen or 4.36% to RM4.83, with a market capitalization of approximately RM39.65 billion based on 8.210 billion. issued shares of the company.
The stock saw some 40 million shares traded after they traded between RM4.80 and RM4.98 today.
Read also:
US CBP Finds Top Glove Products Made With Forced Labor, Hired By Convicts
US Customs Emissions Seize Top Glove Product Order Over Forced Labor Finding
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