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Hong Kong Court Orders Liquidation of Deak-Perera Far East Ltd.

February 4, 1985

HONG KONG (AP) _ Hong Kong’s Supreme Court on Monday ordered the liquidation of Deak-Perera Far East Ltd., which has estimated total liabilities of about $25 million.

Meanwhile, the British colony’s attorney general said he was considering filing fraud charges against the company’s senior officials.

On the nearby Portuguese territory of Macau, the government is continuing a related investigation into a suspended monetary official, Jose Antonio Iglesias Tomas, who accepted the return of $80,000 from Deak-Perera International Banking Corp. on the same day that the company filed under Chapter 11 in the United States.

Officials in Hong Kong and Macao had accused Deak-Perera Far East of improperly accepting deposits worth more than $20 million on behalf of Deak & Co. Macau Ltd., a money changer in Macao. Neither company was licensed to accept deposits.

Several of Deak & Co.’s affiliates in this region shut down in early December after Deak & Co., Deak-Perera International Banking and Deak-Perera Wall Street Inc. of New York filed for court protection to reorganize under Chapter 11 of the U.S. Bankruptcy Code.

Hong Kong’s Registrar General, Noel M. Gleeson, said Deak-Perera Far East’s total liabilities are estimated at about $25 million. Company officials have said that more than $30 million in deposits became unavailable when Deak- Perera Far East shut down.

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