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Eugene Wu

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Eugene Wu (Chinese: 吳東進; pinyin: Wú Dōngjìn; born 1945) is a Taiwanese business executive. He led the Shin Kong Group and several affiliated subsidiaries.

Early life

Eugene Wu was born one of six children to Wu Ho-su [zh] and Wu Kuei-lan, and is the eldest of his brothers,[1][2] which include Eric and Thomas,[3][4] as well as Wu Tung-hsien [zh].[5] Eugene's eldest sister is Wu Ju-yueh.[6][7]

Wu earned a bachelor's degree from Waseda University.[8]

Career

After his father's death in 1986, Eugene Wu assumed control of several of his father's holdings.[2][9] Eugene partnered with construction magnate James Lin to build many buildings owned by the Shin Kong Group.[10] In June 2002, Thomas Wu proposed a merger between his Taishin Financial Holdings and Eugene's Shin Kong Financial Holding.[11] After eight days of formal consideration, Thomas withdrew the offer.[12] In August 2005, Eugene was indicted by the Taipei District Prosecutors' Office on charges of insider trading,[13][14] a violation of the Securities and Exchange Law related to the failed merger of 2002.[15][16][17] That October, Shin Kong Financial completed a merger with Macoto Bank to form Shin Kong Bank [zh].[18][19] That same year, Wu was targeted by the Financial Holding Company Act announced by the Financial Supervisory Commission,[20][21] which made it illegal for top executives at financial holding companies to hold equivalent leadership positions at other non-financial businesses.[22][23] In 2006, Wu expressed an interest in forming a partnership with a financial institution that had international reach.[24] Later that year, Wu's Shin Kong Financial Holding [zh] increased its investment in Shin Kong Bank.[25] Wu also considered acquiring First Financial Holding [zh].[19][26] In his later career, Eugene Wu focused on the acquisition and sale of real estate on behalf of Shin Kong Life Insurance [zh].[27][28][29] Notable investments include office space in the Neihu Science Park and in London.[30][31] As Shin Kong Life fell into debt, Shing Kong Group has sold buildings within the Shin Kong Mitsukoshi joint venture, home to the Shin Kong Mitsukoshi Department Store [zh] in Taiwan.[32][33] Eugene Wu announced in June 2020 that he was stepping down from his position as chair of Shin Kong Financial.[34] Wu was suspended from his post as chairman of Shin Kong Life Insurance on 15 September 2020, by the Financial Supervisory Commission.[35] The company was fined for a reckless investment, and Wu was suspended for poor supervision.[35] Wu is not permitted to rejoin the company board until his current term ends in June 2023.[36]

Personal life

Wu has spoken favorably regarding the economic influence of China on Taiwan.[37] He attended an annual forum organized by China's Taiwan Affairs Office in 2004.[38] Wu has served the Formosa Foundation as a board member and the General Association of Chinese Culture as an executive member.[39][40]

Fortune valued Wu's net worth at $1.8 billion in 1992.[9] Wu was ranked on Forbes list of Taiwanese billionaires in 2006, with a net worth of $1.9 billion.[41] By 2008, his net worth had risen to $2.3 billion, ranked eleventh.[42][43] Forbes reported that Wu lost one billion of his net worth in the 2009 rankings, placing twelfth in Taiwan.[44] In 2010, Wu's fortune was valued at $1.5 billion, and ranked fourteenth.[45] The next year, according to Forbes, Wu's net worth had recovered to a total of $2.2 billion, and he was listed thirteenth on the list of Taiwanese billionaires.[46] The 2017 Forbes rankings slid Wu to forty-first, with his fortune valued at $1.1 billion.[47] The 2020 list ranked Wu the thirty-seventh richest Taiwanese billionaire, and valued his net worth at $1.2 billion.[48]

Wu is married to Hsu Hsien-hsien,[49] the daughter of banker and politician Hsu Sheng-fa.[50] Wu and his wife raised three children. His eldest daughter, Cynthia Wu, married Tommy Lin, an executive at Hua Nan Securities, in 2010.[51] His middle child is Wu Hsin-ju.[52][53] Wu's youngest child and only son is Wu Yi-tung.[54][55]

Wu acquired the gorilla later named Bao Bao after he was smuggled to Taiwan in 1987, and donated the primate to the Taipei Zoo.[56]

References

  1. ^ "Will the rightful Shinkong Fibers chief stand up?". Taipei Times. 10 August 2004. Retrieved 1 September 2018.
  2. ^ a b Flannery, Russell (28 June 2017). "The Price Of Good Fortune: Trials Of Taiwan's Wealthy Wu Family". Forbes. Retrieved 8 September 2018.
  3. ^ Hsu, Crystal (22 October 2013). "Bank of Taipei to expand beyond Greater Taipei". Taipei Times. Retrieved 8 September 2018.
  4. ^ Huang, Joyce (12 October 2004). "FSC to launch probe into alleged insider trading by Wu brothers". Taipei Times. Retrieved 8 September 2018.
  5. ^ Huang, Joyce (23 November 2004). "Wu family ends chairmanship feud". Taipei Times. Retrieved 9 September 2018.
  6. ^ "Investigators solve burglary of Hsin Kuan Group heir". Taipei Times. 2 April 2000. Retrieved 1 September 2018.
  7. ^ Ko, Shu-ling (20 April 2000). "City police punished for Shin Kong theft debacle". Taipei Times. Retrieved 1 September 2018.
  8. ^ "Tung Chin Wu". Bloomberg. Retrieved 9 September 2018.
  9. ^ a b "The billionaires". Fortune. 7 September 1992.
  10. ^ "H. Rept. 105-829 - INVESTIGATION OF POLITICAL FUNDRAISING IMPROPRIETIES AND POSSIBLE VIOLATIONS OF LAW INTERIM REPORT". United States Congress. 5 November 1998. Retrieved 8 September 2018.
  11. ^ Chen, Kevin (26 June 2002). "Taishin and Shin Kong to merge holding firms". Taipei Times. Retrieved 8 September 2018.
  12. ^ Huang, Joyce (5 July 2002). "Merger plan's demise a wise decision, says economist". Taipei Times. Retrieved 8 September 2018.
  13. ^ "Executives indicted". Taipei Times. 13 August 2005.
  14. ^ Chang, Rich (14 August 2005). "Two indicted for insider trading". Taipei Times. Retrieved 8 September 2018.
  15. ^ Lin, Jackie (16 August 2005). "Indictment weighs down Shinkong". Taipei Times. Retrieved 8 September 2018.
  16. ^ Kathrin, Hille (4 September 2005). "Taiwan plans to tighten insider trading rules". Financial Times. Retrieved 8 September 2018.
  17. ^ Chung, Amber (23 August 2005). "Shinkong expects hedging costs to soar". Taipei Times. Retrieved 8 September 2018.
  18. ^ Lin, Jackie (4 October 2005). "Macoto Bank turns Shin Kong subsidiary in share-swap". Taipei Times. Retrieved 9 September 2018.
  19. ^ a b Chung, Amber; Lin, Jackie (6 October 2006). "Financial group expects steady profits this year". Taipei Times. Retrieved 9 September 2018.
  20. ^ Huang, Joyce (29 January 2005). "FSC rule on company heads draws flak". Taipei Times. Retrieved 8 September 2018.
  21. ^ Wang, Lisa; Lin, Jackie (16 August 2006). "Taiwan Mobile Co offers rosy outlook". Taipei Times. Retrieved 8 September 2018.
  22. ^ Wang, Lisa (23 February 2005). "Tsai backs FSC's restrictions on chairmanships". Taipei Times. Retrieved 8 September 2018.
  23. ^ Chung, Amber (31 December 2005). "Kong tapped as Fubon's new president". Taipei Times. Retrieved 9 September 2018.
  24. ^ Chung, Amber (12 April 2006). "Shinkong looking for a world-class strategic partner". Taipei Times. Retrieved 9 September 2018.
  25. ^ Chung, Amber (15 July 2006). "Shin Kong to inject funds into banking arm: TSE". Taipei Times. Retrieved 9 September 2018.
  26. ^ Chung, Amber (5 June 2007). "Mega Financial waiting for government to ask for help". Taipei Times. Retrieved 9 September 2018.
  27. ^ Chung, Amber (30 January 2007). "Consumers shy away from hot property market". Taipei Times. Retrieved 9 September 2018.
  28. ^ Huang, Joyce (25 February 2008). "Shin Kong Life eyes Agora Garden". Taipei Times. Retrieved 9 September 2018.
  29. ^ Chen, Kevin (11 October 2008). "Shin Kong Life shifts investments". Taipei Times. Retrieved 9 September 2018.
  30. ^ Chen, Kevin (13 December 2008). "Shin Kong Insurance buys Neihu Science Park office building". Taipei Times.
  31. ^ Chen, Ted (15 December 2015). "Shin Kong buys London office building for ￡136m". Taipei Times. Retrieved 9 September 2018.
  32. ^ Chen, Kevin (4 March 2009). "Shin Kong to sell Xinyi property to raise cash". Taipei Times. Retrieved 9 September 2018.
  33. ^ Hsu, Crystal (13 August 2015). "Shin Kong's Xinyi office building set for auction". Taipei Times. Retrieved 9 September 2018.
  34. ^ Kao, Shih-ching (20 June 2020). "Shin Kong Financial chair retires". Taipei Times. Retrieved 20 June 2020.
  35. ^ a b Kao, Shih-ching (16 September 2020). "FSC fines Shin Kong Life for reckless investment". Taipei Times. Retrieved 17 September 2020.
  36. ^ Kao, Shih-ching (18 September 2020). "Shin Kong Life names new head". Taipei Times. Retrieved 18 September 2020.
  37. ^ Chung, Amber (16 February 2007). "Property prices to keep rising, says local developer". Taipei Times. Retrieved 8 September 2018.
  38. ^ "Investors told to steer clear of independence". Taipei Times. 29 July 2004. Retrieved 8 September 2018.
  39. ^ Lowther, William (30 June 2014). "Students complete Ambassador Program". Taipei Times. Retrieved 8 September 2018.
  40. ^ Chen, Wei-han (22 November 2016). "GACC meeting canceled due to lack of quorum". Taipei Times. Retrieved 8 September 2018.
  41. ^ "`Forbes' lists 16 Taiwanese among region's richest". Taipei Times. 26 February 2006. Retrieved 8 September 2018.
  42. ^ "Taiwan's 40 Richest". Forbes. 6 June 2008. Retrieved 18 October 2020.
  43. ^ "#11 Eugene Wu & family". Forbes. 4 June 2008.
  44. ^ "#12 Eugene Wu". Forbes. 1 July 2009. Retrieved 8 September 2018.
  45. ^ "#14 Eugene Wu". Forbes. 31 March 2010. Retrieved 8 September 2018.
  46. ^ "#13 Eugene Wu". Forbes. 2011. Retrieved 8 September 2018.
  47. ^ "#41 Eugene Wu & family". Forbes. 28 June 2017. Retrieved 8 September 2018.
  48. ^ "#37 Eugene Wu". Forbes. 16 January 2020. Retrieved 18 October 2020.
  49. ^ Hsu, Crystal (19 August 2014). "School system drives up prices of Taipei studios". Taipei Times. Retrieved 8 September 2018.
  50. ^ Chung, Amber (12 May 2007). "Cosmos Bank says local and overseas investors secured". Taipei Times. Retrieved 8 September 2018.
  51. ^ Huang, Ching-Hsuan; Chang, Hsiang-Yi (16 December 2010). "The Grand Families of Taiwan". CommonWealth. Retrieved 8 September 2018.
  52. ^ 陳瑩欣 (3 July 2017). "吳欣盈豪爽強勢 吳欣儒低調沉穩". Apple Daily (in Chinese). Retrieved 8 September 2018.
  53. ^ 盧冠誠 (7 July 2017). "二公主接董事 2個女人無戰事". Liberty Times (in Chinese). Retrieved 8 September 2018.
  54. ^ 蔡靜紋 (18 August 2009). "新光少東吳昕東：30歲 再回去接班". United Daily News (in Chinese). Retrieved 8 September 2018.
  55. ^ 廖千瑩 (28 May 2018). "新光三代 吳東賢家族接班最快". Liberty Times (in Chinese). Retrieved 8 September 2018.
  56. ^ Hsiao, Sherry (12 February 2018). "Pao Pao the gorilla to go abroad for breeding". Taipei Times. Retrieved 8 September 2018.
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