Antony Leung
Encyclopedia
Antony Leung Kam-chung GBS
JP
(born 29 January 1952 in Hong Kong with family roots in Shunde
, Guangdong) was the former Financial Secretary of the Hong Kong Special Administrative Region (HKSAR). He now serves as the chairman of Blackstone Group
's Asian office in Hong Kong.
Leung, a former banker and civil service outsider, took the top economic post in one of the world's key financial centres on 1 May 2001. Newspapers said Leung gave up a plump banker's package of more than HK$23 million (US$3 million) a year for a more modest HK$2.45 million.
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. But he was relocated to Singapore right before he resigned from the post.
Leung started his banking career as a currency trader and spent 23 years with Citicorp where he took up regional management positions in investment, corporate and private banking in Hong Kong, New York, Singapore and Manila
.
Before taking up the post, 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
following a scandal concerning the improper construction of housing estates under the Home Ownership Scheme
.
A successful commercial banker, Leung's soft-spoken manner contrasted markedly with his charismatic predecessor, Donald Tsang Yam-kuen
, who is now the Chief Executive. Although a more conservative figure than Tsang, he nevertheless had his share of media limelight.
Leung's marriage to Chinese Olympic diving queen Fu Mingxia
in July 2002 had Hong Kong's paparazzi
in a frenzy. This was Leung's second marriage and a baby, a girl, was born in February 2003. Fu, a three-times Olympic champion in her early 20s, is less than half Leung's age.
Leung was educated in Hong Kong. He received his secondary education in Ying Wa College
and holds a Bachelor of Social Sciences
degree, majoring in economics and statistics, from The University of Hong Kong. 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 the Harvard Business School
's Programme in Management Development in 1982 and the Advanced Management Programme in 1999. He received an honorary Doctor of Laws at The Hong Kong University of Science and Technology
in 1998.
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
" incident, he set up a 2-person commission, of which he was in charge, to investigate the incident.
Henry Tang
, 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,... [which] required us to grant it five years' custodial rights, I believe then financial secretary [Leung] thought 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) with China, which, it was believed, could help Hong Kong get out of a prolonged economic downturn.
, 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, 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
(POAS).
Leung denied that he was trying to avoid the new tax, which would have cost him an additional HK$50,000. (USD 6,400).
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, which Chief Executive of Hong Kong
Tung Chee-hwa refused to accept. 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
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.
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
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.
At the time of their resignations, Ip and Leung were seen as the most unpopular members of Tung's cabinet.
No specific reason was given for Leung's departure, but the car scandal was just one of the problems in his chequered tenure.
An interesting contrast between Leung and Ip after their departure from the government was highlighted by Beijing's apparent attitude towards them. Some central government officials invited Ip for what she called a "private visit to bid farewell". Leung, however, did not receive a similar invitation from the central government officials who used to work with him. Analysts said that this might hint at their respective chances of a political comeback. Ip eventually returned as a Legislative Councillor after the 2008 election. Leung was seen to be helping the poor in China. Henry Tang took over from Antony Leung as Financial Secretary.
Because of Leung's personal network, established when he worked in the commercial sector, misunderstandings and perceived conflicts of interest sometimes occurred. For example, he was seen hob-nobbing with Li Ka Shing
, the wealthiest tycoon in Hong Kong and Asia, on the golf course after he came to office. After being criticised for this, he declared that it was merely a social chat between friends.
Hong Kong honours system
The existing Hong Kong honours system was created after transfer of government of Hong Kong to the People's Republic of China as a special administrative region in 1997...
JP
Justice of the Peace
A justice of the peace is a puisne judicial officer elected or appointed by means of a commission to keep the peace. Depending on the jurisdiction, they might dispense summary justice or merely deal with local administrative applications in common law jurisdictions...
(born 29 January 1952 in Hong Kong with family roots in Shunde
Shunde
Shunde District is a district of Foshan prefecture-level city in the Pearl River Delta, Guangdong Province, southeast China.-Administration:Shunde was a county-level city until December 8, 2002, when it became a district of Foshan prefecture-level city...
, Guangdong) was the former Financial Secretary of the Hong Kong Special Administrative Region (HKSAR). He now serves as the chairman of Blackstone Group
Blackstone Group
The Blackstone Group L.P. is an American-based alternative asset management and financial services company that specializes in private equity, real estate, and credit and marketable alternative investment strategies, as well as financial advisory services, such as mergers and acquisitions ,...
's Asian office in Hong Kong.
Leung, a former banker and civil service outsider, took the top economic post in one of the world's key financial centres on 1 May 2001. Newspapers said Leung gave up a plump banker's package of more than HK$23 million (US$3 million) a year for a more modest HK$2.45 million.
Personal background
Before taking the government post on 1 May 2001, Leung served in senior management positions at big international banks in Hong Kong. He joined Chase Manhattan Corporation 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
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
investment firm J.P.Morgan in 2000. But he was relocated to Singapore right before he resigned from the post.
Leung started his banking career as a currency trader and spent 23 years with Citicorp where he took up regional management positions in investment, corporate and private banking in Hong Kong, New York, Singapore and Manila
Manila
Manila is the capital of the Philippines. It is one of the sixteen cities forming Metro Manila.Manila is located on the eastern shores of Manila Bay and is bordered by Navotas and Caloocan to the north, Quezon City to the northeast, San Juan and Mandaluyong to the east, Makati on the southeast,...
.
Before taking up the post, 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
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...
following a scandal concerning the improper construction of housing estates under the Home Ownership Scheme
Home Ownership Scheme
The Home Ownership Scheme is a subsidized-sale programme of public housing in Hong Kong managed by the Hong Kong Housing Authority...
.
A successful commercial banker, Leung's soft-spoken manner contrasted markedly with his charismatic predecessor, Donald Tsang Yam-kuen
Donald Tsang
Sir Donald Tsang Yam-kuen, GBM, KBE is the current Chief Executive and President of the Executive Council of the Government of Hong Kong....
, who is now the Chief Executive. Although a more conservative figure than Tsang, he nevertheless had his share of media limelight.
Leung's marriage to Chinese Olympic diving queen Fu Mingxia
Fu Mingxia
Fu Mingxia . She is a top female diver, multiple Olympic gold medalist and world champion. She is about 1.58m tall .-Early life and career:...
in July 2002 had Hong Kong's paparazzi
Paparazzi
Paparazzi is an Italian term used to refer to photojournalists who specialize in candid photography of celebrities, politicians, and other prominent people...
in a frenzy. This was Leung's second marriage and a baby, a girl, was born in February 2003. Fu, a three-times Olympic champion in her early 20s, is less than half Leung's age.
Leung was educated in Hong Kong. He received his secondary education in Ying Wa College
Ying Wa College
Ying Wa College , formerly known as Anglo-Chinese College, abbreviated YWC), is the world's first Anglo-Chinese school. It has thrived on the vision of its founding fathers and the good work of generations of devoted principals and teachers, whose educational approach is particularly apt for Hong...
and holds a Bachelor of Social Sciences
Social sciences
Social science is the field of study concerned with society. "Social science" is commonly used as an umbrella term to refer to a plurality of fields outside of the natural sciences usually exclusive of the administrative or managerial sciences...
degree, majoring in economics and statistics, from The University of Hong Kong. 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 the Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
's Programme in Management Development in 1982 and the Advanced Management Programme in 1999. He received an honorary Doctor of Laws at The Hong Kong University of Science and Technology
Hong Kong University of Science and Technology
The Hong Kong University of Science and Technology is a public university located in Hong Kong. Established in 1991 under Hong Kong Law Chapter 1141 , it is one of the nine universities in Hong Kong.Professor Tony F. Chan is the president of HKUST...
in 1998.
Tenure as Financial Secretary
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
Hong Kong dollar
The Hong Kong dollar is the currency of the jurisdiction. It is the eighth most traded currency in the world. In English, it is normally abbreviated with the dollar sign $, or alternatively HK$ to distinguish it from other dollar-denominated currencies...
notes were co-issued by the Hong Kong Monetary Authority
Hong Kong Monetary Authority
The Hong Kong Monetary Authority or HKMA is Hong Kong's central banking institution . It is a government authority founded on 1 April 1993 via the consolidation of "Office of the Exchange Fund" and the "Office of the Commissioner of Banking"...
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 stock
In the United States, penny stocks are common shares of small public companies that trade at less than $1.00. In some countries, similar shares of stock are known as cent stocks.-Concerns for investors:...
" incident, he set up a 2-person commission, of which he was in charge, 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
Henry Tang Ying-yen, GBM, GBS, JP was the Chief Secretary for Administration of Hong Kong until his resignation in September 2011. He is a candidate in the Hong Kong Chief Executive election of 2012, and believed to be preferred by Beijing....
, 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,... [which] required us to grant it five years' custodial rights, I believe then financial secretary [Leung] thought 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 ArrangementMainland and Hong Kong Closer Economic Partnership Arrangement
The Mainland and Hong Kong Closer Economic Partnership Arrangement, or Closer Economic Partnership Arrangement for short, is an economic agreement between the Government of the Hong Kong Special Administrative Region and the Central People's Government of the People's Republic of China, signed on...
(CEPA) with China, which, it was believed, could help Hong Kong get out of a prolonged economic downturn.
The "Lexusgate" scandal
Leung came under severe criticism in January 2003 when he bought a HK$790,000 (US$101,282) Lexus LS 430Lexus LS
The Lexus LS is a full-size luxury sedan that serves as the flagship model of Lexus, the luxury division of Toyota. Four generations of the sedan have been produced, all equipped with V8 engines and rear-wheel drive, although since 2006 all-wheel drive, hybrid, and long-wheelbase variants have also...
, 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, 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
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...
(POAS).
Leung denied that he was trying to avoid the new tax, which would have cost him an additional HK$50,000. (USD 6,400).
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, which Chief Executive of Hong Kong
Chief Executive of Hong Kong
The Chief Executive of Hong Kong is the President of the Executive Council of Hong Kong and head of the Government of the Hong Kong Special Administrative Region. The position was created to replace the Governor of Hong Kong, who was the head of the Hong Kong government during British rule...
Tung Chee-hwa refused to accept. 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
Department of Justice (Hong Kong)
The Department of Justice is the department responsible for the laws of Hong Kong headed by the Secretary for Justice. Before 1997, the names of the department and the position was the Legal Department and Attorney General respectively....
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.
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
Hong Kong Basic Law Article 23
Hong Kong Basic Law Article 23 is the basis of a security law proposed by the Government of Hong Kong. It states:On 24 September 2002 the government released its proposals for the anti-subversion law. It is the cause of considerable controversy and division in Hong Kong, which operates as a...
, 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
Regina Ip Lau Suk-yee, GBS JP is a member of the Legislative Council of Hong Kong , as well as the co-founder and current chairwoman of the New People's Party and Savantas Policy Institute....
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.
At the time of their resignations, Ip and Leung were seen as the most unpopular members of Tung's cabinet.
No specific reason was given for Leung's departure, but the car scandal was just one of the problems in his chequered tenure.
An interesting contrast between Leung and Ip after their departure from the government was highlighted by Beijing's apparent attitude towards them. Some central government officials invited Ip for what she called a "private visit to bid farewell". Leung, however, did not receive a similar invitation from the central government officials who used to work with him. Analysts said that this might hint at their respective chances of a political comeback. Ip eventually returned as a Legislative Councillor after the 2008 election. Leung was seen to be helping the poor in China. Henry Tang took over from Antony Leung as Financial Secretary.
Because of Leung's personal network, established when he worked in the commercial sector, misunderstandings and perceived conflicts of interest sometimes occurred. For example, he was seen hob-nobbing with Li Ka Shing
Li Ka Shing
Sir Ka-shing Li, GBM, KBE, JP is a Chinese business magnate based in Hong Kong. He is the richest person of East Asian descent in the world and the eleventh richest person in the world with an estimated wealth of US$26.0 billion on 10 March 2011...
, the wealthiest tycoon in Hong Kong and Asia, on the golf course after he came to office. After being criticised for this, he declared that it was merely a social chat between friends.
Quotations
When he was in office, his words sometimes were criticised by others.- "Call me 'Ah Chung'(「阿松」) instead of the job title," on the first day he came to office.
- "It is better for the public to know how to catch fish than for the government give fish away," when he was asked whether the government planned to utilise a HKD 40 billion reserve. http://as2.mingpao.com/mpweekly/htm/1810/bb01_11.htm (21 August 2001)
- "One day, when I was at my previous job, I discovered that somebody delivered Chinese soup to our office... We should promote creative industry."
- He concluded the economic situation in Hong Kong as "What goes up, must come down" after the announcement of a budget. However, his choice for a Chinese idiom with a somewhat equivalent meaning ("有咁耐風流,有咁耐折墮", which roughly translates to "You will suffer for as long as you have been enjoying life") was criticised as being in poor taste.
- "It was the best of times; it was the worst of times", he adopted Charles Dickens' words in the first statement in the Address of the financial budget 2003–04.