David Li

From Wikipedia, the free encyclopedia

For the retired professor and author of books on the culture of China, see David H. Li
For the economist, see David Daokui Li
The Chinese surname is Li.

Sir David Li Kwok-po, GBM, GBS, OBE, JP (traditional Chinese: 李國寶) (born March 13, 1939 in London, England) is the current Chairman and Chief Executive of the Bank of East Asia in Hong Kong.

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[edit] Biography

His family roots in Heshan, Guangdong. Li's great-grandfather, Li Shek-tang, made his fortune bringing rice to Hong Kong from Vietnam. In 1918, Li's great uncle and his grandfather, Li Koon-chun, founded the Bank of East Asia, the first Chinese-owned bank in the territory.[1]

Li was educated at Uppingham School in the United Kingdom and read Law at Selwyn College, Cambridge.[citation needed] Li joined Bank of East Asia in 1969, became Chief Executive in 1981 and Chairman in 1997.

Li is currently a member of the Legislative Council, elected in the functional constituency of Finance in 2004. He is also the current Pro-Chancellor of The University of Hong Kong. He was also appointed member of the Executive Council in October 2005, after renouncing his British citizenship. He resigned from the post in February 2008.

Li's wife is Penny Li-Poon Kim Tsui (traditional Chinese: 李潘金翠). Arthur Li, ex-Secretary for Education and Manpower, is his younger brother.

[edit] Board memberships

Li is also a director several Hong Kong listed companies including fixed line phone carrier PCCW, SCMP Group Ltd. and The Hongkong and Shanghai Hotels, Limited. In addition, he is chairman of the Chinese Banks Association Ltd.[2]

[edit] Dow Jones insider trading incident

On 1 May 2007, News Corporation made a public announcement of its bid for Dow Jones & Company. The United States Securities and Exchange Commission filed an initial complaint seven days later naming Wong Kan-king and his wife Charlotte, both residents of Hong Kong, as defendants after its investigation of suspicious share price movements in the run-up to the announcement. The SEC alleged that the couple purchased 415,000 shares through a Merrill Lynch Hong Kong account between from April 13 to April 30,[3] and had reaped a US$8.2 million profit on disposal following announcement of the bid.[4]

The SEC later filed an amended complaint ("The First Amended Complaint") identifying the source of the information as David Li, who had obtained the information by being a board member of Dow Jones. The SEC alleged that Li had informed his close friend and business associate Michael Leung, who in turn told his daughter and son-in-law. The amended complaint added David Li and Michael Leung as co-defendants and details how Leung traded through the account of his daughter and son-in-law with their assistance.[3][5]

At the end of January 2008, a settlement was reached where Li was ordered to pay an $8.1 million civil penalty, Leung to pay $8.1 million in disgorgement and an $8.1 million penalty; K. K. Wong would pay $40,000 in disgorgement plus prejudgment interest and a $40,000 civil penalty.[3] Li would neither admit nor deny any wrongdoing[5]

Li's integrity is being questioned by Legislators, and corporate gadfly David Webb was the first to put Li under pressure to relinquish his position as a member of both the Legislative and the Executive Councils of Hong Kong because of his implication in the affair.[6] Several other legislators added to the pressure for Li to relinquish his cabinet (Exco) position,[7][2] although there are divergent views on his continued LegCo membership.[8] Li announced on 17 February that he would step down from Exco.[9]

[edit] Awards and recognition

Li was awarded an OBE.

In 2001, he was awarded the Gold Bauhinia Star by the Government of the Hong Kong Special Administrative Region. In the 2005 Queen's Birthday Honours, he was made a Knight Bachelor by the United Kingdom for his contributions to British education.[10]. He also received honorary doctorates from several universities, including the University of Cambridge, Imperial College[citation needed] and The University of Hong Kong.

Li was awarded the Grand Bauhinia Medal in 2007

[edit] See also

[edit] References

  1. ^ Keith Bradsher, "Dow Jones insider trading case goes global", International Herald Tribune, May 9, 2007
  2. ^ a b Nipa Piboontanasawat, "Hong Kong Banker David Li Quits City's Cabinet After SEC Payout", Bloomberg, 17 February 2008
  3. ^ a b c The News Corp-Dow Jones Insider Trading Case: A Significant Settlement, SEC Actions, 6 February 2008
  4. ^ Eric Dash and Andrew Ross Sorkin, "Inquiry expected into possible Dow Jones insider trading", International Herald Tribune, May 8, 2007
  5. ^ a b Benjamin Scent, "Li 'to pay $62m' to settle insider case", The Standard, January 29, 2008
  6. ^ Mary Ma, "Attack on Li way off the mark", The Standard, February 12, 2008
  7. ^ Bonnie Chen, "Li pressure mounts", The Standard, February 15, 2008
  8. ^ Staff reporter, "Li should not seek reelection, says Tien", The Standard, February 19, 2008
  9. ^ Bonnie Chen, "Friends and foes hail Li's `brave' Legco decision", The Standard, February 18, 2008
  10. ^ London Gazette: (Supplement) no. 57665, page 2, 11 June 2005. Retrieved on 2007-11-21. Li is still entitled to use "Sir" before his name even though he is no longer a British citizen

[edit] External links

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