Shares in port operator Fairyoung Holdings jumped as much as 10 per cent at one stage yesterday on news that theft charges against former chairman John Chan Boon-ning had been dropped. The stock rose as much as eight cents before closing unchanged at 74 cents. On Thursday it rose 32 per cent. Mr Chan was arrested and charged in March with allegedly stealing $81 million through three cheques from Fairyoung's former associate, Pacific Ports. All charges against Mr Chan were cancelled in Eastern Magistrates Court on Thursday and his $1 million bail refunded after the police had failed to make sufficient progress in investigations. The prosecutor did not rule out laying charges on Mr Chan in the future. During the court hearing, Mr Chan's lawyer complained that Mr Chan had suffered because the prosecutor had delayed procedures. Mr Chan had been forced to step down as chairman of both Fairyoung and Pacific Ports.