David Li

{{Short description|Hong Kong banker and politician (born 1939)}}

{{Infobox officeholder

| honorific-prefix =

| name = Sir David Li

| native_name = {{nobold|李國寶}}

| native_name_lang = zh-hk

| honorific-suffix = GBM GBS OBE JP

| image = David K.P. Li, Chairman, Bank of East Asia.jpg

| caption = Sir David Li Kwok-po at Horasis Global China Business Meeting, 2009{{Cite web |url=http://www.horasis.org/event_all_2009.php |title=Official Website Global China Business Meeting 2009 |access-date=1 June 2010 |archive-date=28 December 2009 |archive-url=https://web.archive.org/web/20091228195227/http://www.horasis.org/event_all_2009.php |url-status=dead }}

| birth_name = David Li Kwok-po

| birth_date = {{birth date and age|1939|3|13|df=y}}

| birth_place = London, England, UK

| spouse = Penny Poon Kam-chui

| children = Adrian David Li Man-kiu
Brian David Li Man-bun

| occupation = Banker

| office = Chairman of the Bank of East Asia

| term_start = 9 April 1997

| term_end =

| office1 = Non-official Member of the Executive Council of Hong Kong

| term_start1 = 1 November 2005

| term_end1 = 16 February 2008

| appointed1 = Donald Tsang

| office2 = Member of the Legislative Council of Hong Kong

| constituency2 = Financial/Finance

| term_start2 = 30 October 1985

| term_end2 = 30 June 1997

| predecessor2 = New constituency

| successor2 = Replaced by Provisional Legislative Council

| term_start3 = 21 December 1996

| term_end3 = 30 June 1998
(Provisional Legislative Council)

| constituency4 = Finance

| term_start4 = 1 July 1998

| term_end4 = 30 September 2012

| predecessor4 = New parliament

| successor4 = Ng Leung-sing

| education = Imperial College London
Selwyn College, Cambridge

}}

{{Infobox Chinese

| order =

| showflag =

| t = 李國寶

| j = Lei⁵ Gwok³ bou²

| y = Léih Gwok bóu

}}

Sir David Li Kwok-po {{small|GBM GBS OBE JP}} ({{zh|t=李國寶}}; born 13 March 1939, London, England) is a Hong Kong banker and politician. He is the executive chairman of the Bank of East Asia and pro-chancellor of the University of Hong Kong. He was a member of the Legislative Council of Hong Kong and the Executive Council of Hong Kong in the 2000s.

Family background

The Li family with roots in Heshan, Jiangmen, Guangdong, China has long had a prominent position in Hong Kong. David Li's great-grandfather, Li Shek-tang, made his fortune bringing rice to Hong Kong from Vietnam. In 1918, Li's grandfather, Li Koon-chun, along with his great-uncle, founded the Bank of East Asia, the first Chinese-owned bank in the territory.Keith Bradsher, [http://www.iht.com/articles/2007/05/09/asia/09li.php "Dow Jones insider trading case goes global"], International Herald Tribune, 9 May 2007 His father, Li Fook-shu, was a director of the Bank of East Asia, an Unofficial member of the Legislative Council and council member of the Chinese University of Hong Kong. Li's younger brother is Arthur Li Kwok-cheung, former Secretary for Education and Manpower and Chairman of the Council of the University of Hong Kong. David's cousins include the Hong Kong Court of Final Appeal's first Chief Justice Andrew Li Kwok-nang. One of his uncles is the late Simon Li Fook-sean, a senior judge who ran in the first election for chief executive in 1996, whose daughter is prominent democrat, barrister Gladys Li, and another the late Ronald Li Fook-siu, the disgraced former chairman of the Hong Kong Stock Exchange.{{cite book|last=Ching|first=Frank|title=The Li Dynasty, Hong Kong Aristocrats|publisher=Oxford University Press|place=USA|date=1999|isbn=0195909046}}

Education

Li was educated at Uppingham School in the United Kingdom. He studied mathematics at Imperial College London, and then studied economics and law at Selwyn College, University of Cambridge.[http://www3.imperial.ac.uk/pls/portallive/docs/1/31249699.PDF Imperial College London: Asia Convocation 2007, programme, p.9]

He received an honorary doctorate in law from the University of Warwick in July 1994 and another one from the University of Hong Kong in March 1996. In November 1996, he received an honorary doctorate of social sciences from Lingnan College.[http://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personId=10184671&ric=0023.HK&previousCapId=416620&previousTitle=UBS%20AG Businessweek article on David Li Kwok-po]{{dead link|date=April 2023|bot=medic}}{{cbignore|bot=medic}} Li joined the Bank of East Asia in 1969, becoming Chief Executive in 1981 and Chairman in 1997.{{cite web|url=http://www3.hkexnews.hk/listedco/listconews/sehk/2001/0301/0023/f103.pdf|title=Corporate Information - extracted from Annual Report 2000|publisher=Bank of East Asia|access-date=2019-03-01|archive-date=1 March 2019|archive-url=https://web.archive.org/web/20190301140311/http://www3.hkexnews.hk/listedco/listconews/sehk/2001/0301/0023/f103.pdf|url-status=dead}}

Political and academic positions

Li was a member of the Legislative Council, elected unopposed in the Finance functional constituency in 2004 and 2008. From October 2005 until his resignation in February 2008, he was a member of the Executive Council, appointed after renouncing his British citizenship. He is currently Pro-Chancellor of the University of Hong Kong.

Board memberships

Li is also a director at several Hong Kong listed companies including fixed line phone carrier PCCW, SCMP Group and Hong Kong and Shanghai Hotels. In addition, he is chairman of the Chinese Banks Association Ltd.Nipa Piboontanasawat, [https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aTyK.eY0uykc "Hong Kong Banker David Li Quits City's Cabinet After SEC Payout"], Bloomberg, 17 February 2008

Legal issues

=Dow Jones=

On 1 May 2007, News Corporation made a public announcement of its bid for Dow Jones & Company. The United States Securities and Exchange Commission filed an initial complaint seven days later naming Wong Kan-king and his wife Charlotte, both residents of Hong Kong, as defendants after its investigation of suspicious share price movements in the run-up to the announcement. The SEC alleged that the couple purchased 415,000 shares through a Merrill Lynch Hong Kong account between 13 and 30 April,[https://www.secactions.com/?p=304 The News Corp-Dow Jones Insider Trading Case: A Significant Settlement],

SEC Actions, 6 February 2008 and had reaped a US$8.2 million profit on disposal following announcement of the bid.Eric Dash and Andrew Ross Sorkin, [http://www.iht.com/articles/2007/05/09/business/09insider.php "Inquiry expected into possible Dow Jones insider trading"], International Herald Tribune, 8 May 2007

The SEC later filed an amended complaint ("The First Amended Complaint") identifying the source of the information as David Li, who had obtained the information by being a board member of Dow Jones. The SEC alleged that Li had informed his close friend and business associate Michael Leung, who in turn told his daughter and son-in-law. The amended complaint added David Li and Michael Leung as co-defendants and details how Leung traded through the account of his daughter and son-in-law with their assistance.Benjamin Scent, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=2&art_id=60843&sid=17328233&con_type=1&d_str=20080129&sear_year=2008 "Li 'to pay $62m' to settle insider case"] {{webarchive|url=https://web.archive.org/web/20110628200722/http://www.thestandard.com.hk/news_detail.asp?pp_cat=2&art_id=60843&sid=17328233&con_type=1&d_str=20080129&sear_year=2008 |date=28 June 2011 }}, The Standard, 29 January 2008

At the end of January 2008, a settlement was reached where Li was ordered to pay an $8.1 million civil penalty, Leung to pay $8.1 million in disgorgement and an $8.1 million penalty; K. K. Wong would pay $40,000 in disgorgement plus prejudgment interest and a $40,000 civil penalty. Li would neither admit nor deny any wrongdoing.

Li's integrity is being questioned by Legislators, and corporate gadfly David Webb was the first to put Li under pressure to relinquish his position as a member of both the Legislative and the Executive Councils of Hong Kong because of his implication in the affair.Mary Ma, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=21&art_id=61394&sid=17552792&con_type=1&d_str=20080212&sear_year=2008 "Attack on Li way off the mark"] {{webarchive|url=https://web.archive.org/web/20110628200813/http://www.thestandard.com.hk/news_detail.asp?pp_cat=21&art_id=61394&sid=17552792&con_type=1&d_str=20080212&sear_year=2008 |date=28 June 2011 }}, The Standard, 12 February 2008 Several other legislators added to the pressure for Li to relinquish his cabinet (Exco) position,Bonnie Chen, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=12&art_id=61619&sid=17611767&con_type=3&d_str=20080215&sear_year=2008 "Li pressure mounts"] {{webarchive|url=https://web.archive.org/web/20110628200915/http://www.thestandard.com.hk/news_detail.asp?pp_cat=12&art_id=61619&sid=17611767&con_type=3&d_str=20080215&sear_year=2008 |date=28 June 2011 }}, The Standard, 15 February 2008 although there are divergent views on his continued LegCo membership.Staff reporter, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=11&art_id=61746&sid=17658882&con_type=1&d_str=20080219&sear_year=2008 "Li should not seek reelection, says Tien"] {{webarchive|url=https://web.archive.org/web/20110628200944/http://www.thestandard.com.hk/news_detail.asp?pp_cat=11&art_id=61746&sid=17658882&con_type=1&d_str=20080219&sear_year=2008 |date=28 June 2011 }}, The Standard, 19 February 2008 On 17 February 2008, Li announced his resignation from Exco.Bonnie Chen, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=61661&sid=17647473&con_type=1&d_str=20080218&sear_year=2008 "Friends and foes hail Li's `brave' Legco decision"] {{webarchive|url=https://web.archive.org/web/20110628201037/http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=61661&sid=17647473&con_type=1&d_str=20080218&sear_year=2008 |date=28 June 2011 }}, The Standard, 18 February 2008

=Donald Tsang Yam-kuen=

In January 2017, prosecutors claimed that, in July 2010, Li had assisted the then Chief Executive of the Hong Kong Special Administrative Region Donald Tsang Yam-kuen (through Tsang's wife) in the latter's attempt to cover up an alleged corrupt deal to secure a super-luxury apartment in Shenzhen, by drawing a HK$350,000 cash cheque and passing the money to Tsang's wife.{{cite news|url=http://www.thestandard.com.hk/breaking-news.php?id=83632|title=Prosecutor says Donald Tsang signed penthouse lease as smokescreen|newspaper=The Standard|date=12 January 2017|access-date=15 January 2017}}

Awards and recognition

Li was appointed an Officer of the Order of the British Empire in the 1991 New Year Honours.{{London Gazette|issue=52382|supp=y|pages=16–17|date=28 December 1990}} In 2001, he was awarded the Gold Bauhinia Star by the government of Hong Kong.

In the 2005 Queen's Birthday Honours, he was made a Knight Bachelor by the United Kingdom for his contributions to British education.{{London Gazette|issue=57665 |supp=y|page=2|date=11 June 2005}} Li is still entitled to use "Sir" before his name although he abandoned his British nationality a few months after being knighted. He also has honorary doctorates from the University of Cambridge, Imperial College London,[http://www.legco.gov.hk/general/english/members/yr08-12/lkp.htm "LegCo Members' Biographies"] {{webarchive|url=https://web.archive.org/web/20101228053142/http://legco.gov.hk/general/english/members/yr08-12/lkp.htm |date=28 December 2010 }} the University of Hong Kong and the Chinese University of Hong Kong. Li was awarded the Grand Bauhinia Medal in 2007.

References

External links

[https://web.archive.org/web/20101228053142/http://legco.gov.hk/general/english/members/yr08-12/lkp.htm David Li biodata at the Legislative Council of Hong Kong website]

{{s-ttl|title=Member of Legislative Council|district=Finance|years=1985–1997}}

{{s-ttl|title=Member of Provisional Legislative Council|years=1997–1998}}

{{s-ttl|title=Member of Legislative Council|district=Finance|years=1998–2012}}

{{s-ttl | title = Chairman of the Bank of East Asia

| years = 1997–present}}

{{s-bef|before=Rita Fan
Recipient of the Grand Bauhinia Medal}}

{{s-ttl|title=Hong Kong order of precedence
Recipient of the Grand Bauhinia Medal}}

{{s-aft|after=Lee Shau-kee
Recipient of the Grand Bauhinia Medal}}

Category:1939 births

Category:Alumni of Selwyn College, Cambridge

Category:Alumni of the University of Warwick

Category:Honorary Fellows of Selwyn College, Cambridge