Shares in Hong Kong - listed branded luggage maker Samsonite International plummeted by more than 11 per cent.
After being accused of “questionable accounting practises” and “poor corporate governance”, in a report.
Trading in the shares was halted at 11. 18am.
“We suspect Samsonite has concealed slowing growth through debt - fuelled acquisitions and that it has massaged earnings. "
“Samsonite should trade at a discount to its peers because of corporate governance concerns regarding its audit profile, ” it added. Questioned transactions between the company and Indian entities controlled by its CEO Ramesh Tainwala and his family.
Source: SCMP
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