Frederick Ma
Encyclopedia
Frederick Ma Si-hang is the chairman of a China Strategic Group . As a former Secretary for Commerce and Economic Development
of the Hong Kong Special Administrative Region, he was a popular figure with the public and with legislators of all parties. He is also the cousin of entertainer Eric Tsang
.
He graduated in 1973, dreaming of working for Cathay Pacific
. As he was due to attend a second interview with the airline, Chase Manhattan made an offer with a promised starting salary of HK$1,600. He accepted the job with the bank, and was relocated to New York three years later. At 27, he became Group Head of Chase Manhattan, in charge of institutional banking. After Chase, he became Chief Financial Officer of PCCW
. Giving up an annual salary of in excess of HK$
10 million, Ma joined the government as a 'cabinet-level' political appointee under the Principal Officials Accountability System
.
, and was appointed to Secretary for Commerce in July 2007; he was a member of the Executive Council of Hong Kong
. In the early weeks of his government tenure, Ma he weathered the resignation calls for the "penny stocks fiasco" in July 2002, but has since earned recognition as one of the more astute and popular politicians, according to opinion polls. Ma has been praised by the pan-democratic 'opposition' parties
for his even-handedness with all political parties. Ma's approval/disapproval rating stood at 55 percent/9 percent as at early July 2008.
As Secretary for Financial Services and the Treasury, one of Ma's jobs was to sell the Tsang administration's Goods and Services Tax
proposals, which were abandoned for lack of support in December 2006.
" (blood vessel tumours) in the brain. In October, Ma took up an honorary professorship at the School of Economics and Finance at the University of Hong Kong.
Ma declared himself to be a Christian, and was affectionately known in Hong Kong as "Fat Ma" because of his portly physique. During his time out, he took up a regime of exercise and lost 17 pounds, to finally weigh 180 pounds. In 2009, he was invited to the International Advisory Council of the Chinese sovereign wealth fund
China Investment Corporation
. It was announced in early November that Ma had been named the new non-executive chairman of China Strategic Holdings; Raymond Or
was named the company's vice-chairman and CEO. The company's shares, which were suspended pending the announcement, closed 78 percent higher when they were relisted.
Secretary for Commerce and Economic Development
The Secretary for Commerce and Economic Development , head of Commerce and Economic Development Bureau of the Hong Kong Government, is responsible for promoting the commerce and economic development in Hong Kong...
of the Hong Kong Special Administrative Region, he was a popular figure with the public and with legislators of all parties. He is also the cousin of entertainer Eric Tsang
Eric Tsang
Eric Tsang Chi-wai , MH is a prolific Hong Kong actor, film director, film producer and television host best known for hosting the Super Trio series on TVB over the course of 10 years.-Biography:Due to his popularity, he is often the MC in events organized by TVB, and is nicknamed "the Prize Master"...
.
Biography
Ma was born the eldest of four children, and his father died when Ma was in his teens. He attended New Method College in Tai Hang, where his academic results were "less than fantastic". However, whilst there, he won an inter-school project for Hong Kong tourism.He graduated in 1973, dreaming of working for Cathay Pacific
Cathay Pacific
Cathay Pacific is the flag carrier of Hong Kong, with its head office and main hub located at Hong Kong International Airport, although the airline's registered office is on the 33rd floor of One Pacific Place...
. As he was due to attend a second interview with the airline, Chase Manhattan made an offer with a promised starting salary of HK$1,600. He accepted the job with the bank, and was relocated to New York three years later. At 27, he became Group Head of Chase Manhattan, in charge of institutional banking. After Chase, he became Chief Financial Officer of PCCW
PCCW
PCCW Limited is the holding company of HKT Group Holdings Limited, Hong Kong's premier telecommunications provider in the Information and Communications Technologies industry. PCCW also holds a majority interest in Pacific Century Premium Developments Limited...
. Giving up an annual salary of in excess of HK$
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...
10 million, Ma joined the government as a 'cabinet-level' political appointee under the 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...
.
Government career
Ma entered the government in July 2002 as Secretary for Financial Services and the TreasurySecretary for Financial Services and the Treasury
The Secretary for Financial Services and the Treasury , head of Financial Services and the Treasury Bureau of the Hong Kong Government, is responsible for the monitoring of financial services sector and maintaining the assets of the government....
, and was appointed to Secretary for Commerce in July 2007; he was a 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...
. In the early weeks of his government tenure, Ma he weathered the resignation calls for the "penny stocks fiasco" in July 2002, but has since earned recognition as one of the more astute and popular politicians, according to opinion polls. Ma has been praised by the pan-democratic 'opposition' parties
Pro-democracy camp
Pro-democracy camp, pan-democracy camp or pan-democrats refer to the politicians and social activists in Hong Kong who support increased democracy and may work together in areas of common interest or by not fielding candidates against one another in elections.Democratic activists are usually...
for his even-handedness with all political parties. Ma's approval/disapproval rating stood at 55 percent/9 percent as at early July 2008.
As Secretary for Financial Services and the Treasury, one of Ma's jobs was to sell the Tsang administration's Goods and Services Tax
Goods and Services Tax (Hong Kong)
Goods and Services Tax was a proposed Value Added Tax in Hong Kong. Consultation over a period of nine months was launched on 2006-07-19 and stirred considerable controversy....
proposals, which were abandoned for lack of support in December 2006.
Post-resignation
On 24 June 2008, Ma resigned from the government for health reasons. He was diagnosed with "cavernous hemangioma" and "venous angiomaAngioma
Angiomas are benign tumors derived from cells of the vascular or lymphatic vessel walls or derived from cells of the tissues surrounding these vessels....
" (blood vessel tumours) in the brain. In October, Ma took up an honorary professorship at the School of Economics and Finance at the University of Hong Kong.
Ma declared himself to be a Christian, and was affectionately known in Hong Kong as "Fat Ma" because of his portly physique. During his time out, he took up a regime of exercise and lost 17 pounds, to finally weigh 180 pounds. In 2009, he was invited to the International Advisory Council of the Chinese sovereign wealth fund
Sovereign wealth fund
A sovereign wealth fund is a state-owned investment fund composed of financial assets such as stocks, bonds, property, precious metals or other financial instruments. Sovereign wealth funds invest globally. Some of them have grabbed attention making bad investments in several Wall Street financial...
China Investment Corporation
China Investment Corporation
China Investment Corporation is a sovereign wealth fund responsible for managing part of the People's Republic of China's foreign exchange reserves. CIC was established in 2007 with approximately US$200 billion of assets under management, making it one of the largest sovereign wealth funds...
. It was announced in early November that Ma had been named the new non-executive chairman of China Strategic Holdings; Raymond Or
Raymond Or
Raymond Or Ching-fai , SBS, JP is the Vice-Chairman of G-Resources Group Raymond Or Ching-fai , SBS, JP is the Vice-Chairman of G-Resources Group...
was named the company's vice-chairman and CEO. The company's shares, which were suspended pending the announcement, closed 78 percent higher when they were relisted.