Retail in Asia

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Loan scandal sees Ports tumble 43pc

It was an ugly scene as high-end fashion group Ports Design plunged a record 43 per cent yesterday after its chairman quit for failing to disclose connected transactions.

The company said in a filing on Monday night that chairman Edward Tan had received interest-free advances from a company unit between January 2010 and this month that should have been announced as "disclosable transactions and connected transactions".

"This has dealt a blow to investors’ confidence in the company’s corporate governance," said Wendy Huang, head of research at SinoPac Securities (Asia).

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