Bank of Honolulu
chairman resigns

Sia faces millions of dollars
in Las Vegas gambling debts

Star-Bulletin staff

Sukamto Sia, who faces charges of bouncing millions of dollars in checks at Las Vegas casinos and international lawsuits for many more millions, is no longer chairman of Bank of Honolulu.

The bank's board of directors yesterday accepted the resignation of Sia, formerly known as Sukarman Sukamto. A bank spokesman today described Sia's resignation as voluntary.

Sia still owns the bank and remains a director.

Elected chairman was veteran Hawaii banker Takao Sato, who has been a director of the bank since 1992 and vice chairman and chief executive officer since 1993.

Sato, a graduate of the University of Hawaii, worked for five years as president of City Bank. He then became president and chief executive of Hawaii National Bank for 14 years before joining Bank of Honolulu.

The Federal Deposit Insurance Corp., which oversees state-chartered banks, said today it is keeping an eye on Bank of Honolulu. "Certainly we look to see what actions the institutions themselves take" when there are problems, said FDIC spokesman Steve Katsanos.

Sia, 39, who was born in Indonesia, got involved in Bank of Honolulu in 1987, when his Indonesian father-in-law, the rich and influential Atang Latief, bought 70 percent of the bank and Sia bought 30 percent. Latief later sold his interest to Sia.

Sia lived in Honolulu from the late 1980s until 1994 and had a number of business interests in Hawaii, including development of the Waikiki Landmark condominium and the sale of land to the state for the convention center.

He was arrested when he arrived in Las Vegas by private jet Oct. 16 to attend the opening of the Bellagio casino resort. He was charged with writing insufficient-funds checks totaling $6 million to the Rio and $2 million to Caesars Palace, jailed overnight and released on bail. Sia is expected to appear in court there on Nov. 10.

According to Asian newspapers, several banks have sued Sia in Singapore for a total of $63.4 million. Sato has said Sia has had no hand in the day-to-day operations of Bank of Honolulu, which has assets of $95 million.

The bank has five branches on Oahu.