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Bank of East Asia

Deacon Chiu family steers Far East Consortium group

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Kenneth Ko

FAR East Consortium (International), controlled by the family of Deacon Chiu Te-ken, is involved in property investment and development, share trading and manufacture of boiler products, cement, gas and air compressors.

The company was listed in 1972 through an initial public offer of 5.5 million shares under a different name.

In 1990, the company was incorporated under its present name in the Cayman Islands to become the new holding company.

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It was one of Hong Kong's top 30 capitalised companies before two key members of the Chiu family became embroiled in a marathon tussle with the law to clear their names of fraud charges.

About five years ago, Deacon Chiu and his son David were charged with conspiracy to falsify documents of the Far East Bank, where they were the major shareholders.

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In April last year, the High Court ruled that the senior Chiu would not be given a fair trial because he was suffering from a serious deterioration of his intellectual and memory functions.

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