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Asia Fashion comes under pressure

Shares fall 15% on subsidiary's involvement in compensation claims; chairman of audit board quits; PwC to review China units

Published Fri, Mar 28, 2014 · 10:00 PM

Singapore

THE share price of Asia Fashion Holdings, a maker of functional knitted fabrics, fell about 15 per cent to 5.3 cents yesterday on news that a subsidiary was the subject of arbitration proceedings for alleged non-fulfilment of obligations in an 86.5 million yuan (S$17.8 million) compensation settlement.

The fall was despite Asia Fashion saying that the settlement amount payable was already provided for in its financial statements.

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