David Li
Encyclopedia
Sir David Li Kwok-po, GBM
, GBS
, OBE
, JP ' onMouseout='HidePop("96733")' href="/topics/London">London
, England
) is a Hong Kong
banker and politician
.
He is the current Chairman and Chief Executive of the Bank of East Asia
, member of the Legislative Council of Hong Kong
and former member of the Executive Council of Hong Kong
.
, Guangdong
. His 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.
in the United Kingdom
and read Law at Selwyn College
, University of Cambridge
. He received a 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 honourary doctorate of social sciences from Lingnan College. Li joined the Bank of East Asia in 1969, becoming Chief Executive in 1981 and Chairman in 1997.
David 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.
, former Secretary for Education and Manpower
, is his younger brother.
, SCMP Group
and Hongkong and Shanghai Hotels. In addition, he is chairman of the Chinese Banks Association Ltd.
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 13 April until 30 April, and had reaped a US$8.2 million profit on disposal following announcement of the bid.
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.
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. Li would neither admit nor deny any wrongdoing
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. Several other legislators added to the pressure for Li to relinquish his cabinet (Exco) position, although there are divergent views on his continued LegCo membership. On February 17, 2008, Li announced his resignation from Exco.
. 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. He also has honorary doctorates from University of Cambridge
, Imperial College and the University of Hong Kong
. Li was awarded the Grand Bauhinia Medal
in 2007.
Grand Bauhinia Medal
The Grand Bauhinia Medal the highest award under the Hong Kong honours and awards system, is to recognise the selected person's lifelong and highly significant contribution to the well-being of Hong Kong. The awardee is entitled to the postnominal letters GBM and the style "The Honorable"...
, GBS
Gold Bauhinia Star
The Gold Bauhinia Star is the highest rank in Order of the Bauhinia Star in Hong Kong, created in 1997 to replace the British honours system of the Order of the British Empire after the transfer of sovereignty to People's Republic of China and the establishment of the Hong Kong Special...
, OBE
Order of the British Empire
The Most Excellent Order of the British Empire is an order of chivalry established on 4 June 1917 by George V of the United Kingdom. The Order comprises five classes in civil and military divisions...
, JP ' onMouseout='HidePop("96733")' href="/topics/London">London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
) is a Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
banker and politician
Politician
A politician, political leader, or political figure is an individual who is involved in influencing public policy and decision making...
.
He is the current Chairman and Chief Executive of the Bank of East Asia
Bank of East Asia
The Bank of East Asia Limited often abbreviated to BEA, is the largest independent local bank and the third largest bank in Hong Kong. Its chairman and chief executive is Sir David Li...
, member of the Legislative Council of Hong Kong
Legislative Council of Hong Kong
The Legislative Council is the unicameral legislature of Hong Kong.-History:The Legislative Council of Hong Kong was set up in 1843 as a colonial legislature under British rule...
and former member of the Executive Council of Hong Kong
Executive Council of Hong Kong
The Executive Council of Hong Kong is a core policy-making organ in the executive branch of the government of Hong Kong.. The Chief Executive of Hong Kong serves as its President.The Executive Council normally meets once a week...
.
Biography
Li's family roots are in HeshanHeshan
Heshan also known as Hok San in Cantonese is a county-level city of Siyi prefecture administered from Jiangmen city in the southern part of Guangdong province of the People's Republic of China....
, Guangdong
Guangdong
Guangdong is a province on the South China Sea coast of the People's Republic of China. The province was previously often written with the alternative English name Kwangtung Province...
. His great-grandfather, Li Shek-tang, made his fortune bringing rice to Hong Kong from Vietnam
Vietnam
Vietnam – sometimes spelled Viet Nam , officially the Socialist Republic of Vietnam – is the easternmost country on the Indochina Peninsula in Southeast Asia. It is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, and the South China Sea –...
. In 1918, Li's great uncle and his grandfather, Li Koon-chun, founded the Bank of East Asia
Bank of East Asia
The Bank of East Asia Limited often abbreviated to BEA, is the largest independent local bank and the third largest bank in Hong Kong. Its chairman and chief executive is Sir David Li...
, the first Chinese-owned bank in the territory.
Education
Li was educated at Uppingham SchoolUppingham School
Uppingham School is a co-educational independent school of the English public school tradition, situated in the small town of Uppingham in Rutland, England...
in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and read Law at Selwyn College
Selwyn College, Cambridge
Selwyn College is a constituent college in the University of Cambridge in England, United Kingdom.The college was founded by the Selwyn Memorial Committee in memory of the Rt Reverend George Selwyn , who rowed on the Cambridge crew in the first Varsity Boat Race in 1829, and went on to become the...
, University of Cambridge
University of Cambridge
The University of Cambridge is a public research university located in Cambridge, United Kingdom. It is the second-oldest university in both the United Kingdom and the English-speaking world , and the seventh-oldest globally...
. He received a Honorary doctorate in law from the University of Warwick
University of Warwick
The University of Warwick is a public research university located in Coventry, United Kingdom...
in July 1994 and another one from the University of Hong Kong in March 1996. In November 1996, he received an honourary doctorate of social sciences from Lingnan College. Li joined the Bank of East Asia in 1969, becoming Chief Executive in 1981 and Chairman in 1997.
David Li is currently a member of the Legislative Council
Legislative Council of Hong Kong
The Legislative Council is the unicameral legislature of Hong Kong.-History:The Legislative Council of Hong Kong was set up in 1843 as a colonial legislature under British rule...
, elected in the functional constituency
Functional constituency
In the political systems of Hong Kong and Macau, a functional constituency is a professional or special interest group involved in the electoral process...
of Finance in 2004
Hong Kong legislative election, 2004
The 2004 Hong Kong legislative election for members of the Legislative Council of Hong Kong was held on 12 September 2004. The elections returned 30 members from directly elected geographical constituencies and 30 members from functional constituencies, of which 11 were unopposed.-General...
. He is also the current Pro-Chancellor
Chancellor (education)
A chancellor or vice-chancellor is the chief executive of a university. Other titles are sometimes used, such as president or rector....
of The University of Hong Kong. He was also appointed member of the Executive Council
Executive Council of Hong Kong
The Executive Council of Hong Kong is a core policy-making organ in the executive branch of the government of Hong Kong.. The Chief Executive of Hong Kong serves as its President.The Executive Council normally meets once a week...
in October 2005, after renouncing his British citizenship. He resigned from the post in February 2008.
Family
Li's wife is Penny Li-Poon Kim Tsui . Arthur LiArthur Li
Arthur Li Kwok-cheung GBS JP was a member of the Executive Council of the Hong Kong Special Administrative Region and Secretary for Education and Manpower from August 2002 to June 2007....
, former Secretary for Education and Manpower
Secretary for Education and Manpower
The Secretary for Education is a principal official in the Hong Kong Government, who heads the Education Bureau . The current office holder is Michael Suen.-History:...
, is his younger brother.
Board memberships
Li is also a director at several Hong Kong listed companies including fixed line phone carrier PCCWPCCW
PCCW Limited is the holding company of HKT Group Holdings Limited, Hong Kong's premier telecommunications provider in the Information and Communications Technologies industry. PCCW also holds a majority interest in Pacific Century Premium Developments Limited...
, SCMP Group
SCMP Group
The SCMP Group is a publishing group in Hong Kong. SCMP publishes:* South China Morning Post - a daily English-language newspaper in Hong Kong* Hong Kong edition of Cosmopolitan, CosmoGirl and Harpar's Bazaar* Automobile...
and Hongkong and Shanghai Hotels. In addition, he is chairman of the Chinese Banks Association Ltd.
Dow Jones insider trading incident
On 1 May 2007, News CorporationNews Corporation
News Corporation or News Corp. is an American multinational media conglomerate. It is the world's second-largest media conglomerate as of 2011 in terms of revenue, and the world's third largest in entertainment as of 2009, although the BBC remains the world's largest broadcaster...
made a public announcement of its bid for Dow Jones & Company
Dow Jones & Company
Dow Jones & Company is an American publishing and financial information firm.The company was founded in 1882 by three reporters: Charles Dow, Edward Jones, and Charles Bergstresser. Like The New York Times and the Washington Post, the company was in recent years publicly traded but privately...
. The United States Securities and Exchange Commission
United States Securities and Exchange Commission
The U.S. Securities and Exchange Commission is a federal agency which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the United States...
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
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
Hong Kong account between from 13 April until 30 April, and had reaped a US$8.2 million profit on disposal following announcement of the bid.
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.
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. Li would neither admit nor deny any wrongdoing
Li's integrity is being questioned by Legislators, and corporate gadfly David Webb
David Michael Webb
David Michael Webb , usually known as David Webb, is a well-known activist and share market analyst in Hong Kong. He is a retired Investment Banker, and now devotes much of his time to advocating solutions for better corporate and economic governance in Hong Kong...
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. Several other legislators added to the pressure for Li to relinquish his cabinet (Exco) position, although there are divergent views on his continued LegCo membership. On February 17, 2008, Li announced his resignation from Exco.
Awards and recognition
Li was appointed an Officer of the Order of the British Empire in the 1991 New Year HonoursNew Year Honours
The New Year Honours is a part of the British honours system, being a civic occasion on the New Year annually in which new members of most Commonwealth Realms honours are named. The awards are presented by the reigning monarch or head of state, currently Queen Elizabeth II...
. In 2001, he was awarded the Gold Bauhinia Star
Gold Bauhinia Star
The Gold Bauhinia Star is the highest rank in Order of the Bauhinia Star in Hong Kong, created in 1997 to replace the British honours system of the Order of the British Empire after the transfer of sovereignty to People's Republic of China and the establishment of the Hong Kong Special...
by the government of Hong Kong
Government of Hong Kong
The Government of the Hong Kong Special Administrative Region of the People's Republic of China, commonly the Hong Kong Government, is led by the Chief Executive as Head of the Government, who is also the head of the Hong Kong SAR...
.
In the 2005 Queen's Birthday Honours
Queen's Birthday Honours
The Queen's Birthday Honours is a part of the British honours system, being a civic occasion on the celebration of the Queen's Official Birthday in which new members of most Commonwealth Realms honours are named. The awards are presented by the reigning monarch or head of state, currently Queen...
, he was made a Knight Bachelor
Knight Bachelor
The rank of Knight Bachelor is a part of the British honours system. It is the most basic rank of a man who has been knighted by the monarch but not as a member of one of the organised Orders of Chivalry...
by the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
for his contributions to British education. He also has honorary doctorates from University of Cambridge
University of Cambridge
The University of Cambridge is a public research university located in Cambridge, United Kingdom. It is the second-oldest university in both the United Kingdom and the English-speaking world , and the seventh-oldest globally...
, Imperial College and the University of Hong Kong
The University of Hong Kong
The University of Hong Kong is the oldest tertiary institution in Hong Kong. Its motto is "Sapientia et Virtus" in Latin, meaning "wisdom and virtue", and "" in Chinese...
. Li was awarded the Grand Bauhinia Medal
Grand Bauhinia Medal
The Grand Bauhinia Medal the highest award under the Hong Kong honours and awards system, is to recognise the selected person's lifelong and highly significant contribution to the well-being of Hong Kong. The awardee is entitled to the postnominal letters GBM and the style "The Honorable"...
in 2007.