Kong Jaw-sheng (; 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 Guanshan Township () is an urban township in northern Taitung County, Taiwan. History Formerly called ''Lilong'', which is from the Amis word meaning "red worms" and rendered in Hokkien as A-lí-lóng (阿里壟). By 1920, the town was calle ...

Career

Kong worked for the

Development Bank of Singapore DBS Bank Limited, often known as DBS, is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. The bank was previously known as The Dev ...

from 1983 to 1987. In 1991, he joined UBS Taiwan, before leaving in 1995 to found the Taiwan branch of the

Lehman Brothers Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before Bankruptcy of Lehman Brothers, filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Gol ...

. He then led the Taiwan sector of Donaldson Lufkin & Jenrette starting in 1999, which was acquired by

Credit Suisse First Boston Credit Suisse First Boston (also known as CSFB and CS First Boston) is the investment banking affiliate of Credit Suisse headquartered in New York. The company was created by the merger of First Boston, First Boston Corporation and Credit Suisse, ...

. Kong left CSFB in 2002, becoming a member of the board for both the

Taiwan Tobacco and Liquor Corporation Taiwan Tobacco and Liquor Corporation (TTL; ), is a state-owned manufacturer and distributor of cigarettes and alcohol, and also formerly (until 2002) a state-sanctioned alcohol beverage brewing and retailing monopoly, in Taiwan. Its most famou ...

and the

Taiwan Stock Exchange Corporation The Taiwan Stock Exchange Corporation (TWSE; ) is a financial institution, located in Taipei 101, in Taipei, Taiwan. The TWSE was established in 1961 and began operating as a stock exchange on 9 February 1962. It is regulated by the Financial ...

in 2003. He assumed the chairmanship of the

Taiwan Sugar Corporation Taiwan Sugar Corporation (TSC; ; pinyin: ''Táiwān Tángyè Gōngsī'') or Taisugar (; pinyin: ''Táitáng'') is a state-run enterprise of Taiwan, with headquarters in Tainan City. History The corporation was established on 1 May 1946 by the ...

that same year. In June 2004,

Chen Shui-bian Chen Shui-bian (; born 12 October 1950) is a retired Taiwanese politician and lawyer who served as the president of the Republic of China (Taiwan) from 2000 to 2008. Chen was the first president from the Democratic Progressive Party (DPP) whic ...

named Kong the first leader of the Financial Supervisory Commission. 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 The Legislative Yuan is the unicameral legislature of the Republic of China (Taiwan) located in Taipei. The Legislative Yuan is composed of 113 members, who are directly elected for 4-year terms by people of the Taiwan Area through a parallel v ...

, and labor unions. During Kong's tenure, limitations on Chinese banks were eased, allowing them to open branches in Taiwan for the first time. He supported the removal of the restriction that barred locally traded stocks from fluctuating in value by more than seven percent daily. On 12 May 2006, Kong was suspended from his post as prosecutors investigated three separate corruption claims dating from his tenure at Taiwan Sugar. He was released on NT$500,000 bail shortly after questioning later that week, and filed an unsuccessful appeal to the

Executive Yuan The Executive Yuan () is the executive branch of the government of the Republic of China (Taiwan). Its leader is the Premier, who is appointed by the President of the Republic of China, and requires confirmation by the Legislative Yuan. ...

to regain his job. Kong was charged with violating government purchase rules in August. He rejected demands for his resignation, which were amplified after a subordinate, Lee Chin-chen, resigned as a result of involvement in a separate scandal. The Taipei District Court eventually acquitted Kong of corruption, and the ruling was upheld by the Taiwan High Court in March 2009. He died of a heart attack at the age of 60 in 2016.

References

{{DEFAULTSORT:Kong, Jaw-sheng Taiwanese bankers 1955 births 2016 deaths Political office-holders in the Republic of China on Taiwan People from Taitung County Credit Suisse First Boston Credit Suisse people Lehman Brothers people UBS people DBS Bank people