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Boss out on bail over HK$61m theft charges
HK Standard, 8-Sep-2010
Note 28 of the 2007 accounts shows that Deacon Chiu owed the company $22.1m at 31-Dec-2007 and a maximum of $61.9m during the year, which had been fully settled by 25-Apr-2008, the date of the report. Shareholders' approval was not sought for this connected transaction under the Listing Rules, and hence it appears to have breached the Companies Ordinance too, which appears to be the substance of the charges.
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