A fifth billionaire emerges from Malaysia’s glove-making industry. But the bloom may fade

-- Malaysia has long been a place where vast fortunes have been amassed over time. The Kuoks, Tehs and Queks are custodians of palm oil, property and banking empires that stretch back decades.

Glove companies were hammered last week when Russia’s president said his nation had cleared the world’s first Covid-19 vaccine for use, while Moderna Inc. and Johnson & Johnson are among those reaching deals with governments to supply their shots. Riverstone slumped 13% in its worst week since March and slipped another 2.2% by 9:25 a.m. in Singapore on Monday.

An employee handles latex gloves at an automated production line at a Top Glove Corp. factory in Selangor, Malaysia, on Feb. 18. The glove industry’s rise to global dominance has created a huge need for foreign workers, leading to controversy over their treatment. The U.S. last month barred imports of the products from two Top Glove units due to “reasonable evidence of forced labor.”

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