Antony Leung Kam-chung
GBS OBE JP (born 29 January 1952 in Hong Kong with family roots in
Shunde
Shunde District, also known as Shuntak, is a district of the city of Foshan, Guangdong province, located in the Pearl River Delta. It had a population of 2,464,784 as of the 2010 census. Once a traditional agricultural county, it has become one ...
, Guangdong) is a businessman who served as Financial Secretary of the
Hong Kong Special Administrative Region
Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...
(HKSAR), from 29 May 2001 until his resignation on 16 July 2003.
He was embroiled in a financial scandal in early 2003 after it was revealed he had bought an expensive Lexus car shortly before imposing a new car tax, creating a controversy over conflict of interest that earned him the nickname "Lexus Leung" and which ultimately led to his resignation in July of that year.
Leung is currently the Chairman of Nan Fung Group and chairman and co-founder of New Frontier Group.
Education
Leung was educated in Hong Kong. He received his secondary education in
Ying Wa College
Ying Wa College (also referred to as YWC, Anglo-Chinese College, ) is a direct subsidised boys' secondary school in Kowloon, Hong Kong near Nam Cheong station. It was established (as the Anglo-Chinese College) in Malacca in 1818 by the first P ...
and holds a Bachelor of
Social Sciences
Social science is one of the branches of science, devoted to the study of societies and the relationships among individuals within those societies. The term was formerly used to refer to the field of sociology, the original "science of so ...
degree, majoring in economics and statistics, from
The University of Hong Kong
The University of Hong Kong (HKU) (Chinese: 香港大學) is a public research university in Hong Kong. Founded in 1887 as the Hong Kong College of Medicine for Chinese, it is the oldest tertiary institution in Hong Kong. HKU was also the fir ...
. During his university studies, he actively participated in student activities and was concerned with political issues. It had been a long-term goal of Leung to be Financial Secretary, according to some classmates. He completed
Harvard Business School's Programme in Management Development in 1982 and the six-week Advanced Management Programme in 1999. He received an honorary Doctor of Laws at
The Hong Kong University of Science and Technology
The Hong Kong University of Science and Technology (HKUST) is a public research university in Clear Water Bay Peninsula, New Territories, Hong Kong. Founded in 1991 by the British Hong Kong Government, it was the territory's third institutio ...
in 1998.
Career
Leung started his banking career as a currency trader and spent 23 years with
Citicorp
Citigroup Inc. or Citi (stylized as citi) is an American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomer ...
where he took up regional management positions in investment, corporate and private banking in Hong Kong, New York, Singapore and
Manila
Manila ( , ; fil, Maynila, ), officially the City of Manila ( fil, Lungsod ng Maynila, ), is the capital of the Philippines, and its second-most populous city. It is highly urbanized and, as of 2019, was the world's most densely populate ...
. Leung rose to senior management positions at big international banks in Hong Kong. He joined
Chase Manhattan Corporation
JPMorgan Chase Bank, N.A., Trade name, doing business as Chase Bank or often as Chase, is an American national bank headquartered in New York City, that constitutes the retail banking, consumer and commercial bank, commercial banking subsidiar ...
in 1996, where he rose to the rank of Asia-Pacific chairman. He oversaw the Asia-Pacific operation of
J.P. Morgan Chase & Co., which became the No.2 U.S. bank when commercial bank Chase Manhattan bought
Wall Street investment firm
J.P.Morgan in 2000. He relocated to Singapore shortly before he resigned from J.P.Morgan to become Financial Secretary.
Prior to becoming Financial Secretary, he was actively involved in public services. He was an unofficial member of the Executive Council (1997–2001 April) and was responsible for Education Reform when he was the Chairman of Education Commission (1998–2001 April). The Chair of the Commission was succeeded by
Dame Rosanna Wong Yick-ming, the former Chairperson of the Housing Authority who resigned before a vote of no confidence in the
Legislative Council of Hong Kong
The Legislative Council of the Hong Kong Special Administrative Region (LegCo) is the unicameral legislature of Hong Kong. It sits under China's " one country, two systems" constitutional arrangement, and is the power centre of Hong Ko ...
following a scandal concerning the improper construction of housing estates under the
Home Ownership Scheme
The Home Ownership Scheme (HOS) is a subsidised-sale public housing programme managed by the Hong Kong Housing Authority. It was instituted in the late 1970s as part of the government policy for public housing with two aims – to encourage b ...
.
Financial Secretary
Leung became Financial Secretary government post on 1 May 2001.
When in office, he proposed, in 2001, to cut the salaries of civil servants by 4.5%. However, in the face of strong opposition, the cut was reduced to 1.8–2.3% and enacted through legislation. After that, the government proposed a further 3% in salary cuts over the following 2 years, 2005 and 2006.
He also stated that the government should succeed in balancing the budget by the 2006–07 fiscal year due to the recovery of the economy and further cuts in government expenditure. He claimed that it was necessary to balance the budget as quickly as possible so as to maintain the stability of the economy. He suggested expenditure cuts in different sectors, including university funding.
In September 2002, new
HK$10 notes were co-issued by the
Hong Kong Monetary Authority and the Hong Kong government in response to the problem of fake 10-dollar coins. About 10 special features were applied to the new notes.
By the end of 2002, in response to the "
penny stock
Penny stocks are common shares of small public companies that trade for less than one dollar per share.
The U.S. Securities and Exchange Commission (SEC) uses the term "Penny stock" to refer to a security, a financial instrument which represents a ...
" incident, he set up a 2-person commission, which he was in charge of, to investigate the incident.
Harbour Fest
After the outbreak of SARS, Leung was responsible for taking action to reinvigorate Hong Kong's economy. After receiving funding of HKD 1 billion from the Legislative Council, Leung was able to launch several initiatives including the "Harbour Fest". Following his resignation, however, the Fest became mired in controversy regarding the chaotic arrangements made with overseas artists like the
Rolling Stones, and the financial relationship between the government and the American Chamber of Commerce in Hong Kong to which inexperienced body had been entrusted the Fest's organisation.
Henry Tang
Henry Tang Ying-yen (; born 6 September 1952) is a Hong Kong politician who served as the Chief Secretary of Hong Kong between 2007 and 2011. He held the position of Financial Secretary from 2003 to 2007. In 2012, he lost the Hong Kong Chief ...
, who became Financial Secretary after Leung, said in a TV interview on 29 October 2008 that the contracts between the government and AmCham were signed when Leung was still in office. "AmCham came up with this creative idea for a musical event,...
hich
Ij ( fa, ايج, also Romanized as Īj; also known as Hich and Īch) is a village in Golabar Rural District, in the Central District of Ijrud County, Zanjan Province, Iran
Iran, officially the Islamic Republic of Iran, and also ...
required us to grant it five years' custodial rights, I believe then financial secretary
eungthought it was reasonable."
Tang later clarified that the contracts were signed by Rowse and not Leung. Tang said Rowse was a civil servant and as such was not required to be held politically responsible.
CEPA
Before his resignation, he signed the
Closer Economic Partnership Arrangement (CEPA) with China, which, it was believed, could help Hong Kong get out of a prolonged economic downturn.
The "Lexusgate" scandal and resignation
Leung came under severe criticism in January 2003 when he bought a HK$790,000 (US$101,282)
Lexus LS 430, just weeks before he raised the tax on new vehicles in his March budget. Although Leung claimed that he had decided on the tax increase after buying the car, which he said his family needed because of the arrival of his first-born in February.
[ Leung denied that he was trying to avoid the new tax, which would have cost him an additional HK$180,000. (US$23,000). However, unlike other members of the Executive Council, Leung had failed to disclose the purchase to the council.][ News of the car purchase dealt a blow to the Hong Kong government's credibility as well as to the effectiveness of the newly introduced ]Principal Officials Accountability System
Principal Officials Accountability System, commonly referred to as the Ministerial system (), sometimes the Accountability System, was introduced in Hong Kong by chief executive Tung Chee Hwa in July 2002. It is a system whereby all principal ...
(POAS).[Ma, Ngok. ''Political Development in Hong Kong: State, Political Society, and Civil Society'', pp. 68–69. Hong Kong University Press (2007).]
In view of the public outcry, he tried to defuse the controversy by donating money to the Community Chest, a local charity. He also submitted his resignation in March, which Chief Executive of Hong Kong
The Chief Executive of the Hong Kong Special Administrative Region is the representative of the Hong Kong Special Administrative Region and head of the Government of Hong Kong. The position was created to replace the office of governor of ...
Tung Chee-hwa refused to accept at the time.[ The government's unwillingness to take action after the scandal broke brought into question the sincerity of Tung's commitment to establishing an accountable government.
Hong Kong's ]Department of Justice
A justice ministry, ministry of justice, or department of justice is a ministry or other government agency in charge of the administration of justice. The ministry or department is often headed by a minister of justice (minister for justice in a ...
said in July 2003, after receiving a report from the Independent Commission Against Corruption (ICAC), that it was considering whether to charge Leung over the car controversy, which came to be known as ''Lexusgate''.[Wong, Margaret (16 July 2003). "Hong Kong prosecutors study report into financial chief's tax-avoiding car purchase". Associated Press.]
On 16 July 2003 Leung resigned with immediate effect in the wake of mass protests over the government's handling of a controversial anti-subversion bill, having failed to reduce record high unemployment and revive battered consumer confidence. His resignation came just hours after Secretary for Security Regina Ip
Regina Ip Lau Suk-yee (; ' Lau; born 24 August 1950) is a Chinese politician. She is currently the Convenor of the Executive Council (ExCo) and a member of the Legislative Council of Hong Kong (LegCo), as well as the founder and current chair ...
said she was stepping down, for personal reasons.
On 15 December 2003, the Department of Justice announced that it was dropping the case against Leung.
Return to private sector
He served as the chairman of Blackstone Group
Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate bu ...
's Asian office in Hong Kong.[ He continues to serve as a senior adviser to Blackstone and a member of its international advisory board.
Leung has served as chairman at ]Nan Fung Group
Nan Fung Group () is a privately held group of companies carrying on the business of real estate development, property development as its core business in Greater China, including shipping, textiles and financial services. It is also one of the l ...
, the Hong Kong-based property and finance conglomerate, since February 2014.
Leung is currently the chairman and co-founder of New Frontier Group, an investment holding company with activities in healthcare, education and internet business.
He is also actively involved in charities, serving as chairman of the board of directors of Heifer International
Heifer International (also known as Heifer Project International) is a global nonprofit working to eradicate poverty and hunger through sustainable, values-based holistic community development. Heifer International distributes animals, along wit ...
's Hong Kong branch.
See also
* List of graduates of University of Hong Kong
* Politics of Hong Kong
The politics of Hong Kong takes place in a framework of a political system dominated by its constitutional document, the Hong Kong Basic Law, its own legislature, the Chief Executive as the head of government and of the Special Administrat ...
References
Sources
"How events unfolded"
''Hong Kong Standard
''The Standard'' is an English-language free newspaper in Hong Kong with a daily circulation of 200,450 in 2012. It was formerly called the ''Hongkong Standard'' and changed to ''HKiMail'' during the Internet boom but partially reverted to ''T ...
'', 16 December 2003.
{{DEFAULTSORT:Leung, Antony
1952 births
Living people
Alumni of the University of Hong Kong
Alumni of St. John's College, University of Hong Kong
Alumni of Ying Wa College
Financial Secretaries of Hong Kong
Government officials of Hong Kong
Hong Kong chief executives
Recipients of the Gold Bauhinia Star
Officers of the Order of the British Empire
Members of the Selection Committee of Hong Kong
Members of the Preparatory Committee for the Hong Kong Special Administrative Region
Hong Kong evangelicals