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Kong Jaw-sheng

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Kong Jaw-sheng
龔照勝
Chairperson of Financial Supervisory Commission
In office
1 July 2004 – 12 May 2006
Preceded byOffice created
Succeeded byLu Daung-yen (acting)
Shih Jun-ji
Personal details
Born(1955-03-29)29 March 1955
Guanshan, Taitung County, Taiwan
Died18 March 2016(2016-03-18) (aged 60)
Taipei, Taiwan

Kong Jaw-sheng (Chinese: 龔照勝; pinyin: Gōng Zhàoshèng; 29 March 1955 – 18 March 2016) was a Taiwanese banker. He served as the first chairman of the Financial Supervisory Commission from 2004 to 2006. He was born in Guanshan, Taitung.

Career

Kong worked for the Development Bank of Singapore from 1983 to 1987. In 1991, he joined UBS Taiwan, before leaving in 1995 to found the Taiwan branch of the Lehman Brothers. He then led the Taiwan sector of Donaldson Lufkin & Jenrette starting in 1999, which was acquired by Credit Suisse First Boston. Kong left CSFB in 2002, becoming a member of the board for both the Taiwan Tobacco and Liquor Corporation and the Taiwan Stock Exchange Corporation in 2003. He assumed the chairmanship of the Taiwan Sugar Corporation that same year. In June 2004, Chen Shui-bian named Kong the first leader of the Financial Supervisory Commission.[1][2] At the time of his appointment, Taiwan had roughly 50 banks and over 300 credit cooperatives. Under Kong's leadership the FSC was expected to merge or close the least profitable financial institutions, despite opposition from banks, the Legislative Yuan, and labor unions.[3][4] During Kong's tenure, limitations on Chinese banks were eased, allowing them to open branches in Taiwan for the first time.[5] He supported the removal of the restriction that barred locally traded stocks from fluctuating in value by more than seven percent daily.[6]

On 12 May 2006, Kong was suspended from his post as prosecutors investigated three separate corruption claims dating from his tenure at Taiwan Sugar.[7][8] He was released on NT$500,000 bail shortly after questioning later that week,[9][10] and filed an unsuccessful appeal to the Executive Yuan to regain his job.[11] Kong was charged with violating government purchase rules in August.[12][13] He rejected demands for his resignation,[14] which were amplified after a subordinate, Lee Chin-chen, resigned as a result of involvement in a separate scandal.[15] The Taipei District Court eventually acquitted Kong of corruption, and the ruling was upheld by the Taiwan High Court in March 2009.[16]

He died of a heart attack at the age of 60 in 2016.[17][18]

References

  1. ^ Huang, Joyce (26 July 2004). "'The Regulator' looks to the future". Taipei Times. Retrieved 20 March 2016.
  2. ^ Huang, Joyce (22 June 2004). "Kong Jaw-sheng named chief of FSB". Taipei Times. Retrieved 19 March 2016.
  3. ^ Huang, Joyce (19 November 2004). "Bankers verge on violence". Taipei Times. Retrieved 20 March 2016.
  4. ^ Kovac, Matt (19 September 2004). "Taking On Taiwan's Banks". Bloomberg Businessweek. Retrieved 19 March 2016.
  5. ^ "Taiwan poised to welcome Chinese banks for first time". Bloomberg Businessweek. 25 February 2005. Retrieved 19 March 2016 – via Taipei Times.
  6. ^ Huang, Joyce (1 January 2005). "Seven-percent limit has to go, FSC chairman says". Taipei Times. Retrieved 19 March 2016.
  7. ^ Hille, Kathrin (12 May 2006). "Taiwan's top financial regulator suspended in graft probe". Financial Times. Retrieved 19 March 2016.
  8. ^ "Taiwanese head vows to clear name". BBC News. 15 May 2006. Retrieved 19 March 2016.
  9. ^ "Cabinet suspends Kong as FSC head chairman". China Post. 13 May 2004. Retrieved 19 March 2016.
  10. ^ Chung, Amber (16 May 2006). "Kong claims innocence, says he will leave". Taipei Times. Retrieved 19 March 2016.
  11. ^ "Cabinet seeks to close job loophole employed by Kong". Taipei Times. Central News Agency. 3 July 2006. Retrieved 20 March 2016.
  12. ^ "Ex-chief of Taiwan regulator is charged". International Herald Tribune. 31 August 2006. Retrieved 19 March 2016 – via New York Times.
  13. ^ "Kong may face 7-year jail term for breach of trust". China Post. 1 September 2006. Retrieved 19 March 2016.
  14. ^ Lee, Perris (16 May 2006). "A Top Taiwan Regulator Denies Corruption Claims". Wall Street Journal. Retrieved 19 March 2016.
  15. ^ Chung, Amber; Ko, Shu-ling (27 October 2005). "FSC approves official's resignation". Taipei Times. Retrieved 19 March 2016.
  16. ^ Huang, Shelley (6 March 2009). "High Court acquits former FSC boss on jobbery charge". Taipei Times. Retrieved 19 March 2016.
  17. ^ Chen, Cheng-wei; Tasi, Yi-chu; Huang, Frances (19 March 2016). "Taiwan's former FSC chairman dies of heart attack". Central News Agency. Archived from the original on 20 March 2016. Retrieved 19 March 2016 – via China Post.
  18. ^ "Former FSC chairman dies, aged 61". Taipei Times. 20 March 2016. Retrieved 20 March 2016.
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