image

Bank of East Asia

Deacon Chiu family steers Far East Consortium group

PUBLISHED : Monday, 04 July, 1994, 12:00am
UPDATED : Monday, 04 July, 1994, 12:00am

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.


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.


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.


A month later, David Chiu was acquitted of the fraud charges. After his acquittal, he resolved to re-build the fortunes of Far East Consortium.


The group is expanding its industrial operations in China, and property projects in Southeast Asian countries.


In January this year, it confirmed discussions with a China company to sell a seven per cent stake, with an option for a further 4.5 per cent, in Far East Holdings.


The group first acquired a 34 per cent stake in Far East Holdings from the Chiu family in 1986. The shareholding is now about 32 per cent.


It also owns a minor stake in Far East Hotels and Entertainment.