David Li
Sir David Kwok-po Li GBM GBS OBE JP (Chinese: 李國寶; born 13 March 1939, London, England) is a British-Hong Kong banker and politician. He is the current Chairman and Chief Executive of the Bank of East Asia, and a former member of the Legislative Council of Hong Kong and the Executive Council of Hong Kong.
Dr the Honourable Sir David Li | |
|---|---|
李國寶 | |
 | |
| Chairman of the Bank of East Asia | |
| Assumed office 9 April 1997 | |
| Non-official Member of the Executive Council of Hong Kong | |
| In office 1 November 2005 – 16 February 2008 | |
| Appointed by | Donald Tsang |
| Member of the Legislative Council of Hong Kong | |
| In office 30 October 1985 – 30 June 1997 | |
| Preceded by | New constituency |
| Succeeded by | Replaced by Provisional Legislative Council |
| Constituency | Financial/Finance |
| In office 21 December 1996 – 30 June 1998 (Provisional Legislative Council) | |
| In office 1 July 1998 – 30 September 2012 | |
| Preceded by | New parliament |
| Succeeded by | Ng Leung-sing |
| Constituency | Finance |
| Personal details | |
| Born | David Kwok-po Li 13 March 1939 London, England, UK |
| Spouse(s) | Penny Poon Kam-chui |
| Children | Adrian David Li Man-kiu Brian David Li Man-bun |
| Alma mater | University of Cambridge Selwyn College, Cambridge Imperial College London |
| Occupation | Banker |
| David Li | |||||||||
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| Traditional Chinese | 李國寶 | ||||||||
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Family background
The Li family with roots in Heshan, Jiangmen, Guangdong, China has long had a prominent position in Hong Kong. David Li's great-grandfather, Li Shek-tang, made his fortune bringing rice to Hong Kong from Vietnam. In 1918, Li's grandfather, Li Koon-chun, along with his great-uncle, founded the Bank of East Asia, the first Chinese-owned bank in the territory.[2] His father, F S Li, was a director of the Bank of East Asia, an Unofficial member of the Legislative Council and council member of the Chinese University of Hong Kong. Li's younger brother is Arthur Li Kwok-cheung, former Secretary for Education and Manpower and Chairman of the Council of the University of Hong Kong. David's cousins include the Hong Kong Court of Final Appeal's first Chief Justice Andrew Li Kwok-nang. One of his uncles is the late Simon Li Fook-sean, a senior judge who ran in the first election for chief executive in 1996, whose daughter is prominent democrat, barrister Gladys Li, and another the late Ronald Li Fook-siu, the disgraced former chairman of the Hong Kong Stock Exchange.[3]
Education
Li was educated at Uppingham School in the United Kingdom. He studied mathematics at Imperial College London, and then studied economics and law at Selwyn College, University of Cambridge.[4]
He received an honorary doctorate in law from the University of Warwick in July 1994 and another one from the University of Hong Kong in March 1996. In November 1996, he received an honorary doctorate of social sciences from Lingnan College.[5] Li joined the Bank of East Asia in 1969, becoming Chief Executive in 1981 and Chairman in 1997.[6]
Political and other positions
David Li was a member of the Legislative Council, elected unopposed in the Finance functional constituency in 2004 and 2008. He is currently Pro-Chancellor of the University of Hong Kong.
From October 2005 until his resignation in February 2008, he was a member of the Executive Council, appointed after renouncing his British citizenship.
Board memberships
Li is also a director at several Hong Kong listed companies including fixed line phone carrier PCCW, SCMP Group and Hong Kong and Shanghai Hotels. In addition, he is chairman of the Chinese Banks Association Ltd.[7]
Insider trading and corruption
Dow Jones
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 13 to 30 April,[8] and had reaped a US$8.2 million profit on disposal following announcement of the bid.[9]
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.[8][10]
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.[8] Li would neither admit nor deny any wrongdoing[10]
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.[11] Several other legislators added to the pressure for Li to relinquish his cabinet (Exco) position,[7][12] although there are divergent views on his continued LegCo membership.[13] On 17 February 2008, Li announced his resignation from Exco.[14]
Donald Tsang Yam-kuen
In January 2017, prosecutors claimed that, in July 2010, Li had assisted the then Chief Executive of the Hong Kong Special Administrative Region Donald Tsang Yam-kuen (through Tsang's wife) in the latter's attempt to cover up an alleged corrupt deal to secure a super-luxury apartment in Shenzhen, by drawing a HK$350,000 cash cheque and passing the money to Tsang's wife.[15]
Awards and recognition
Li was appointed an Officer of the Order of the British Empire in the 1991 New Year Honours.[16] In 2001, he was awarded the Gold Bauhinia Star by the government of Hong Kong.
In the 2005 Queen's Birthday Honours, he was made a Knight Bachelor by the United Kingdom for his contributions to British education.[17] He also has honorary doctorates from the University of Cambridge, Imperial College London,[18] the University of Hong Kong and the Chinese University of Hong Kong. Li was awarded the Grand Bauhinia Medal in 2007.
References
- Official Website Global China Business Meeting 2009
- Keith Bradsher, "Dow Jones insider trading case goes global", International Herald Tribune, 9 May 2007
- Ching, Frank (1999). The Li Dynasty, Hong Kong Aristocrats. USA: Oxford University Press. ISBN 0195909046.
- Imperial College London: Asia Convocation 2007, programme, p.9
- Businessweek article on David Li Kwok-po
- "Corporate Information - extracted from Annual Report 2000" (PDF). Bank of East Asia. Retrieved 1 March 2019.
- Nipa Piboontanasawat, "Hong Kong Banker David Li Quits City's Cabinet After SEC Payout", Bloomberg, 17 February 2008
- The News Corp-Dow Jones Insider Trading Case: A Significant Settlement, SEC Actions, 6 February 2008
- Eric Dash and Andrew Ross Sorkin, "Inquiry expected into possible Dow Jones insider trading", International Herald Tribune, 8 May 2007
- Benjamin Scent, "Li 'to pay $62m' to settle insider case" Archived 28 June 2011 at the Wayback Machine, The Standard, 29 January 2008
- Mary Ma, "Attack on Li way off the mark" Archived 28 June 2011 at the Wayback Machine, The Standard, 12 February 2008
- Bonnie Chen, "Li pressure mounts" Archived 28 June 2011 at the Wayback Machine, The Standard, 15 February 2008
- Staff reporter, "Li should not seek reelection, says Tien" Archived 28 June 2011 at the Wayback Machine, The Standard, 19 February 2008
- Bonnie Chen, "Friends and foes hail Li's `brave' Legco decision" Archived 28 June 2011 at the Wayback Machine, The Standard, 18 February 2008
- "Prosecutor says Donald Tsang signed penthouse lease as smokescreen". The Standard. 12 January 2017. Retrieved 15 January 2017.
- "No. 52382". The London Gazette (Supplement). 28 December 1990. pp. 16–17.
- "No. 57665". The London Gazette (Supplement). 11 June 2005. p. 2. Li is still entitled to use "Sir" before his name although he abandoned his British nationality a few months after being knighted.
- "LegCo Members' Biographies" Archived 28 December 2010 at the Wayback Machine
External links
| Legislative Council of Hong Kong | ||
|---|---|---|
| New constituency | Member of Legislative Council Representative for Finance 1985–1997 |
Replaced by Provisional Legislative Council |
| New parliament | Member of Provisional Legislative Council 1997–1998 |
Replaced by Legislative Council |
| Member of Legislative Council Representative for Finance 1998–2012 |
Succeeded by Ng Leung-sing | |
| Business positions | ||
| Preceded by Li Fook-wo |
Chairman of the Bank of East Asia 1997–present |
Incumbent |
| Order of precedence | ||
| Preceded by Rafael Hui Recipient of the Grand Bauhinia Medal |
Hong Kong order of precedence Recipient of the Grand Bauhinia Medal |
Succeeded by Lee Shau-kee Recipient of the Grand Bauhinia Medal |