Son of former ATV head arrested
Businessman Duncan Chiu, managing director and chief executive officer of Far East Holdings International, has been arrested for allegedly breaching the Theft Ordinance and the Companies Ordinance, a person familiar with the case said.
Chiu is the seventh and youngest son of chairman Deacon Chiu Te-ken, a former owner of ATV. Two other employees were also arrested. All three were released on police bail.
In a statement to the Stock Exchange last night Far East did not specify the nature of the alleged crimes or the names of those charged. Section 157H (2)(a) of the Companies Ordinance states that a company shall not, directly or indirectly, make a loan to one of its directors or its holding company.
A police spokesman said three personnel from the management of a locally listed company were arrested on Friday for alleged offences to the Theft Ordinance and the Companies Ordinance. The trio, two men and a woman aged 36 to 51, had been charged and would appear in Eastern Court today.
The company suspended trading on Friday afternoon. It also suspended trading yesterday at 77 HK cents per share. Trading will resume today.
The firm's board comprises nine directors. It has three executive directors - Deacon Chiu, Duncan Chiu, and Dennis Chiu - and three non-executive directors: David Chiu, Derek Chiu and Desmond Chiu.
Deacon Chiu was born in Shanghai in 1924 and came to Hong Kong in 1949. In 1972 he founded and chaired Far East Consortium, focusing on property developments. It was listed in the same year. Its sister company, Far East Holdings International, which concentrates on investment in Greater China, was listed in 1973.
Chiu became famous for buying Rediffusion Television and turning it into ATV. It was a profitable company under his chairmanship, which ended in 1989 when he sold it.
Far East Hotel and Entertainment was listed in 1979. It focused on hotel operations, property rental, securities trading and investment holding.
