David Li
Sir David Li Kwok-po | |
|---|---|
| Born | March 13, 1939 London, England |
| Occupation(s) | Banker, politician |
| Known for | Executive chairman of Bank of East Asia, pro-chancellor of the University of Hong Kong, member of Legislative Council of Hong Kong, member of Executive Council of Hong Kong |
Sir David Li Kwok-po (; born 13 March 1939 in London, England) is a prominent figure in Hong Kong’s banking sector and political arena. He holds the position of executive chairman at the Bank of East Asia and serves as the pro-chancellor of the University of Hong Kong. Throughout the 2000s, Li was also active in the Legislative Council of Hong Kong and the Executive Council of Hong Kong.
Family background
The Li family, with roots tracing back to Heshan, Jiangmen, Guangdong, China, has played a significant role in shaping Hong Kong’s commercial environment. David Li’s great-grandfather, Li Shek-tang, accumulated wealth by importing rice from Vietnam to Hong Kong. In 1918, his grandfather Li Koon-chun alongside his great-uncle established the Bank of East Asia, notable as Hong Kong’s first bank owned by Chinese interests. His father, Li Fook-shu, was both a bank director and an Unofficial member of the Legislative Council. David’s brother, Arthur Li Kwok-cheung, has held influential positions within government and academia. Among other distinguished relatives are cousin Andrew Li Kwok-nang, who served as the inaugural Chief Justice of the Hong Kong Court of Final Appeal, and uncles including the late judge Simon Li Fook-sean, a candidate for Chief Executive in 1996, and the late Ronald Li Fook-siu, former chairman of the Hong Kong Stock Exchange.
Education
David Li received his early education at Uppingham School in the United Kingdom before studying mathematics at Imperial College London. He then advanced his studies in economics and law at Selwyn College, part of the University of Cambridge. His academic achievements have been recognized through honorary doctorates awarded by the University of Warwick (law, 1994), the University of Hong Kong (1996), and Lingnan College (social sciences, 1996). Li began his career at the Bank of East Asia in 1969, ascending to Chief Executive in 1981 and later becoming Chairman in 1997.
Political and academic positions
Li was elected without opposition to the Legislative Council representing the Finance functional constituency in both the 2004 and 2008 elections. Between October 2005 and February 2008, he served on the Executive Council, an appointment that followed his relinquishment of British citizenship. Presently, he holds the title of Pro-Chancellor at the University of Hong Kong.
Board memberships
In addition to his banking leadership, Li is a director on several publicly traded companies in Hong Kong, including telecommunications provider PCCW, media firm SCMP Group, and hospitality group Hong Kong and Shanghai Hotels. Moreover, he chairs the Chinese Banks Association Ltd.
Dow Jones
On 1 May 2007, News Corporation declared its intention to acquire Dow Jones & Company. The following week, the United States Securities and Exchange Commission filed charges naming Wong Kan-king and his wife Charlotte after investigating unusual trading activity preceding this announcement. The SEC alleged that between 13 and 30 April, they bought 415,000 shares through a Merrill Lynch account in Hong Kong,[1] realizing profits amounting to US$8.2 million once the bid was publicized.
A revised complaint implicated David Li—then a Dow Jones board member—as providing confidential information. According to the SEC, Li passed insider details to Michael Leung, who subsequently involved his daughter and son-in-law in executing trades via their personal accounts.[1][2]
In January 2008, Li reached a settlement by agreeing to pay an $8.1 million civil penalty; Leung was ordered to disgorge $8.1 million plus an additional $8.1 million penalty; Wong paid $40,000 along with accrued interest and penalties.[1] Li neither admitted nor denied any misconduct.[2]
Following these events, legislators and corporate governance advocate David Webb questioned Li’s ethical standing and called for his resignation from both Legislative and Executive Councils due to allegations related to insider trading.[3] The pressure intensified for him to leave Exco,[4][5] though opinions differed regarding his continued membership in the Legislative Council.[6] On 17 February 2008, Li stepped down from his position on Exco.[7]
Donald Tsang Yam-kuen
In January 2017, legal authorities accused Li of aiding then Chief Executive Donald Tsang Yam-kuen in July 2010, through Tsang's spouse, to obscure a corrupt transaction involving a luxury apartment in Shenzhen. This allegedly involved issuing a HK$350,000 cash cheque made out to Tsang's wife as part of the concealment effort.
Awards and recognition
Li was honored as an Officer of the Order of the British Empire during the 1991 New Year Honours and was presented with the Gold Bauhinia Star by the government of Hong Kong in 2001. Subsequently, in the 2005 Queen's Birthday Honours, he received a knighthood as a Knight Bachelor for his services to British education; he continues to use this title despite having relinquished his British citizenship soon afterward. Li has been granted honorary doctorates from prestigious institutions including the University of Cambridge, Imperial College London, University of Hong Kong, and Chinese University of Hong Kong. Additionally, he was awarded the Grand Bauhinia Medal in 2007.
See also
External links
- ↑ 1.0 1.1 1.2 Cite error: Invalid
<ref>tag; no text was provided for refs namedsecactions - ↑ 2.0 2.1 Cite error: Invalid
<ref>tag; no text was provided for refs namedsettle - ↑ Mary Ma, "Attack on Li way off the mark", The Standard, 12 February 2008
- ↑ Cite error: Invalid
<ref>tag; no text was provided for refs namedquits - ↑ Bonnie Chen, "Li pressure mounts", The Standard, 15 February 2008
- ↑ Staff reporter, "Li should not seek reelection, says Tien", The Standard, 19 February 2008
- ↑ Bonnie Chen, "Friends and foes hail Li's `brave' Legco decision", The Standard, 18 February 2008