KUALA LUMPUR, Jan 14 – Thomas Philip Advocates and Solicitors (Thomas Philip), the lawyers acting on behalf of the current Board of Directors (BoD) of WRP Asia Pacific (WRP), wishes to advise that following the decision of the Kuala Lumpur High Court to grant a stay on the appointment of the interim liquidator, a
multidisciplinary turnaround team funded by the majority shareholder, TAEL Partners and led by a newly appointed interim CEO will take charge of the reorganisation efforts with a view to resume operations, deliver outstanding orders and resolve human resource issues.
Founder and Managing Partner of Thomas Philip, Mathew Thomas Philip said “The decision of the court to grant an interim stay of the interim liquidator’s appointment marks an important turning point for WRP. The BoD, led by TAEL Partners, have made available over RM22 million in funding to the specialised turnaround team that will finally have comprehensive control over the operations.”
“The previous management has left a trail of poor choices and we will have the difficult task of making tough decisions to remediate the current situation. As such, we call on all parties concerned to work closely with the new team for a strong and successful WRP.”
Since last year, the new BoD have been in a protracted battle for control with the former management of WRP, resulting in legal actions for conspiracy to injure and criminal breach of trust as well as the surfacing of irregular labour policies that has been practised by the previous management.
With the appointment of the new team, efforts to engage and resolve all outstanding issues with employees, creditors and other stakeholders will commence immediately.