Deacon Chiu, former chairman of ATV and founder of Far East Asia Holdings, was found unconscious in his apartment. Chiu was immediately rushed to the hospital but was pronounced dead on arrival last March 16, Jaynestars News reports.

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Chiu was 90 years old.

Shanghai born Chiu arrived in Hong Kong in the 1950s to buy films for broadcast in Chinese Cinemas. He eventually owned more than ten cinemas in Hong Kong, becoming very successful that he decided to stay there for good.

Chiu also bought land there for development, setting up a bank to cater to the local residents. This bank became a precursor for today's Far East Bank.

In the 1980s, Chiu sold his 10 percent stake in TV and bought over a 50 percent stake that was known as Rediffusion Television.

 In 1982, upon acquiring a 100 percent stake of RTV, he renamed ATV and became a profitable television channel. Chiu was one of the brilliant Chairmen who made the now cash-strapped ATV more profitable way back.

When he was still serving as Chairman in ATV, Chiu was known for being 'stingy'. He once prohibited all employees with regards to toilet paper usage in restrooms. Two squares of toilet paper were allotted per bathroom usage. However, Chiu vouched that this was a 'necessary measure' since some employees keep stealing the rolls of toilet paper in the restroom.

In 1989, Chiu sold ATV to the Lim Por Yen family and New World Group.

In the gems of Chiu's success as a businessman, he was involved in a case of fraud, allegedly falsifying accounts. Chiu's legal representative established that he was afflicted with Alzheimer's disease at that time. Ironic enough, Chiu maintained his position in the Far East Holdings.

Frankie Choi, an ATV actor, expresses his sorrow for Chiu's death and remembers him as a nice and approachable man.

TagsATV, Deacon Chiu, Dies