Eugene Wu
{{Short description|Taiwanese businessman}}
{{distinguish|Eugene Wen-chin Wu}}
{{Other people}}
Eugene Wu ({{zh|c=吳東進|p=Wú Dōngjìn}}; born 1945) is a Taiwanese business executive. He led the Shin Kong Group and several affiliated subsidiaries.
Early life
Eugene Wu was born one of six children to {{ill|Wu Ho-su|zh|吳火獅}} and Wu Kuei-lan, and is the eldest of his brothers,{{cite news |title=Will the rightful Shinkong Fibers chief stand up? |url=http://www.taipeitimes.com/News/biz/archives/2004/08/10/2003198204 |accessdate=1 September 2018 |work=Taipei Times |date=10 August 2004}}{{cite news |last1=Flannery |first1=Russell |title=The Price Of Good Fortune: Trials Of Taiwan's Wealthy Wu Family |url=https://www.forbes.com/sites/russellflannery/2017/06/28/wealthy-taiwan-family-adds-to-fortune-despite-tensions/#5faf1f554364 |accessdate=8 September 2018 |work=Forbes |date=28 June 2017}} which include Eric and Thomas,{{cite news |last1=Hsu |first1=Crystal |title=Bank of Taipei to expand beyond Greater Taipei |url=http://www.taipeitimes.com/News/biz/archives/2013/10/22/2003575061 |accessdate=8 September 2018 |work=Taipei Times |date=22 October 2013}}{{cite news |last1=Huang |first1=Joyce |title=FSC to launch probe into alleged insider trading by Wu brothers |url=http://www.taipeitimes.com/News/biz/archives/2004/10/12/2003206599 |accessdate=8 September 2018 |work=Taipei Times |date=12 October 2004}} as well as {{ill|Wu Tung-hsien|zh|吳東賢}}.{{cite news |last1=Huang |first1=Joyce |title=Wu family ends chairmanship feud |url=http://www.taipeitimes.com/News/biz/archives/2004/11/23/2003212258 |accessdate=9 September 2018 |work=Taipei Times |date=23 November 2004}} Eugene's eldest sister is Wu Ju-yueh.{{cite news |title=Investigators solve burglary of Hsin Kuan Group heir |url=http://www.taipeitimes.com/News/local/archives/2000/04/02/0000030715 |accessdate=1 September 2018 |work=Taipei Times |date=2 April 2000}}{{cite news |last1=Ko |first1=Shu-ling |title=City police punished for Shin Kong theft debacle |url=http://www.taipeitimes.com/News/local/archives/2000/04/20/0000032964 |accessdate=1 September 2018 |work=Taipei Times |date=20 April 2000}}
Wu earned a bachelor's degree from Waseda University.{{cite news |title=Tung Chin Wu |url=https://www.bloomberg.com/research/stocks/people/person.asp?personId=42681884&capId=9220624&previousCapId=9220624&previousTitle=SHIN%20KONG%20FINANCIAL%20HOLDING |accessdate=9 September 2018 |work=Bloomberg}}
Career
After his father's death in 1986, Eugene Wu assumed control of several of his father's holdings. Eugene partnered with construction magnate James Lin to build many buildings owned by the Shin Kong Group.{{cite news |title=H. Rept. 105-829 - INVESTIGATION OF POLITICAL FUNDRAISING IMPROPRIETIES AND POSSIBLE VIOLATIONS OF LAW INTERIM REPORT |url=https://www.congress.gov/congressional-report/105th-congress/house-report/829/2 |accessdate=8 September 2018 |publisher=United States Congress |date=5 November 1998}} In June 2002, Thomas Wu proposed a merger between his Taishin Financial Holdings and Eugene's Shin Kong Financial Holding.{{cite news |last1=Chen |first1=Kevin |title=Taishin and Shin Kong to merge holding firms |url=http://www.taipeitimes.com/News/biz/archives/2002/06/26/0000141894 |accessdate=8 September 2018 |work=Taipei Times |date=26 June 2002}} After eight days of formal consideration, Thomas withdrew the offer.{{cite news |last1=Huang |first1=Joyce |title=Merger plan's demise a wise decision, says economist |url=http://www.taipeitimes.com/News/biz/archives/2002/07/05/0000147103 |accessdate=8 September 2018 |work=Taipei Times |date=5 July 2002}} In August 2005, Eugene was indicted by the Taipei District Prosecutors' Office on charges of insider trading,{{cite news |title=Executives indicted |url=http://www.taipeitimes.com/News/biz/archives/2005/08/13/2003267594 |work=Taipei Times |date=13 August 2005}}{{cite news |last1=Chang |first1=Rich |title=Two indicted for insider trading |url=http://www.taipeitimes.com/News/taiwan/archives/2005/08/14/2003267664 |accessdate=8 September 2018 |work=Taipei Times |date=14 August 2005}} a violation of the Securities and Exchange Law related to the failed merger of 2002.{{cite news |last1=Lin |first1=Jackie |title=Indictment weighs down Shinkong |url=http://www.taipeitimes.com/News/biz/archives/2005/08/16/2003267967 |accessdate=8 September 2018 |work=Taipei Times |date=16 August 2005}}{{cite news |last1=Kathrin |first1=Hille |title=Taiwan plans to tighten insider trading rules |url=https://www.ft.com/content/4e2aed6a-1d7c-11da-b40b-00000e2511c8 |accessdate=8 September 2018 |work=Financial Times |date=4 September 2005}}{{cite news |last1=Chung |first1=Amber |title=Shinkong expects hedging costs to soar |url=http://www.taipeitimes.com/News/biz/archives/2005/08/23/2003268866 |accessdate=8 September 2018 |work=Taipei Times |date=23 August 2005}} That October, Shin Kong Financial completed a merger with Macoto Bank to form {{ill|Shin Kong Bank|zh|新光銀行}}.{{cite news |last1=Lin |first1=Jackie |title=Macoto Bank turns Shin Kong subsidiary in share-swap |url=http://www.taipeitimes.com/News/biz/archives/2005/10/04/2003274437 |accessdate=9 September 2018 |work=Taipei Times |date=4 October 2005}}{{cite news |last1=Chung |first1=Amber |last2=Lin |first2=Jackie |title=Financial group expects steady profits this year |url=http://www.taipeitimes.com/News/biz/archives/2006/10/06/2003330657 |accessdate=9 September 2018 |work=Taipei Times |date=6 October 2006}} That same year, Wu was targeted by the Financial Holding Company Act announced by the Financial Supervisory Commission,{{cite news |last1=Huang |first1=Joyce |title=FSC rule on company heads draws flak |url=http://www.taipeitimes.com/News/biz/archives/2005/01/29/2003221438 |accessdate=8 September 2018 |work=Taipei Times |date=29 January 2005}}{{cite news |last1=Wang |first1=Lisa |last2=Lin |first2=Jackie |title=Taiwan Mobile Co offers rosy outlook |url=http://www.taipeitimes.com/News/biz/archives/2006/08/16/2003323450 |accessdate=8 September 2018 |work=Taipei Times |date=16 August 2006}} which made it illegal for top executives at financial holding companies to hold equivalent leadership positions at other non-financial businesses.{{cite news |last1=Wang |first1=Lisa |title=Tsai backs FSC's restrictions on chairmanships |url=http://www.taipeitimes.com/News/biz/archives/2005/02/23/2003224283 |accessdate=8 September 2018 |work=Taipei Times |date=23 February 2005}}{{cite news |last1=Chung |first1=Amber |title=Kong tapped as Fubon's new president |url=http://www.taipeitimes.com/News/biz/archives/2005/12/31/2003286814 |accessdate=9 September 2018 |work=Taipei Times |date=31 December 2005}} In 2006, Wu expressed an interest in forming a partnership with a financial institution that had international reach.{{cite news |last1=Chung |first1=Amber |title=Shinkong looking for a world-class strategic partner |url=http://www.taipeitimes.com/News/biz/archives/2006/04/12/2003302346 |accessdate=9 September 2018 |work=Taipei Times |date=12 April 2006}} Later that year, Wu's {{ill|Shin Kong Financial Holding|zh|新光金控}} increased its investment in Shin Kong Bank.{{cite news |last1=Chung |first1=Amber |title=Shin Kong to inject funds into banking arm: TSE |url=http://www.taipeitimes.com/News/biz/archives/2006/07/15/2003318943 |accessdate=9 September 2018 |work=Taipei Times |date=15 July 2006}} Wu also considered acquiring {{ill|First Financial Holding|zh|第一金控}}.{{cite news |last1=Chung |first1=Amber |title=Mega Financial waiting for government to ask for help |url=http://www.taipeitimes.com/News/biz/archives/2007/06/05/2003363972 |accessdate=9 September 2018 |work=Taipei Times |date=5 June 2007}} In his later career, Eugene Wu focused on the acquisition and sale of real estate on behalf of {{ill|Shin Kong Life Insurance|zh|新光人壽}}.{{cite news |last1=Chung |first1=Amber |title=Consumers shy away from hot property market |url=http://www.taipeitimes.com/News/biz/archives/2007/01/30/2003346987 |accessdate=9 September 2018 |work=Taipei Times |date=30 January 2007}}{{cite news |last1=Huang |first1=Joyce |title=Shin Kong Life eyes Agora Garden |url=http://www.taipeitimes.com/News/biz/archives/2008/02/25/2003402813 |accessdate=9 September 2018 |work=Taipei Times |date=25 February 2008}}{{cite news |last1=Chen |first1=Kevin |title=Shin Kong Life shifts investments |url=http://www.taipeitimes.com/News/biz/archives/2008/10/11/2003425580 |accessdate=9 September 2018 |work=Taipei Times |date=11 October 2008}} Notable investments include office space in the Neihu Science Park and in London.{{cite news |last1=Chen |first1=Kevin |title=Shin Kong Insurance buys Neihu Science Park office building |url=http://www.taipeitimes.com/News/biz/archives/2008/12/13/2003431012 |work=Taipei Times |date=13 December 2008}}{{cite news |last1=Chen |first1=Ted |title=Shin Kong buys London office building for ￡136m |url=http://www.taipeitimes.com/News/biz/archives/2015/12/15/2003634808 |accessdate=9 September 2018 |work=Taipei Times |date=15 December 2015}} As Shin Kong Life fell into debt, Shing Kong Group has sold buildings within the Shin Kong Mitsukoshi joint venture, home to the {{ill|Shin Kong Mitsukoshi Department Store|zh|新光三越百貨}} in Taiwan.{{cite news |last1=Chen |first1=Kevin |title=Shin Kong to sell Xinyi property to raise cash |url=http://www.taipeitimes.com/News/biz/archives/2009/03/04/2003437562 |accessdate=9 September 2018 |work=Taipei Times |date=4 March 2009}}{{cite news |last1=Hsu |first1=Crystal |title=Shin Kong's Xinyi office building set for auction |url=http://www.taipeitimes.com/News/biz/archives/2015/08/13/2003625205 |accessdate=9 September 2018 |work=Taipei Times |date=13 August 2015}} Eugene Wu announced in June 2020 that he was stepping down from his position as chair of Shin Kong Financial.{{cite news |last1=Kao |first1=Shih-ching |title=Shin Kong Financial chair retires |url=https://www.taipeitimes.com/News/biz/archives/2020/06/20/2003738509 |accessdate=20 June 2020 |work=Taipei Times |date=20 June 2020}} Wu was suspended from his post as chairman of Shin Kong Life Insurance on 15 September 2020, by the Financial Supervisory Commission.{{cite news |last1=Kao |first1=Shih-ching |title=FSC fines Shin Kong Life for reckless investment |url=https://www.taipeitimes.com/News/biz/archives/2020/09/16/2003743473 |accessdate=17 September 2020 |work=Taipei Times |date=16 September 2020}} The company was fined for a reckless investment, and Wu was suspended for poor supervision. Wu was barred from rejoining the company board until his term ended in June 2023.{{cite news |last1=Kao |first1=Shih-ching |title=Shin Kong Life names new head |url=https://www.taipeitimes.com/News/biz/archives/2020/09/18/2003743608 |accessdate=18 September 2020 |work=Taipei Times |date=18 September 2020}}
Personal life
Wu has spoken favorably regarding the economic influence of China on Taiwan.{{cite news |last1=Chung |first1=Amber |title=Property prices to keep rising, says local developer |url=http://www.taipeitimes.com/News/biz/archives/2007/02/16/2003349291 |accessdate=8 September 2018 |work=Taipei Times |date=16 February 2007}} He attended an annual forum organized by China's Taiwan Affairs Office in 2004.{{cite news |title=Investors told to steer clear of independence |url=http://www.taipeitimes.com/News/taiwan/archives/2004/07/29/2003180878 |accessdate=8 September 2018 |work=Taipei Times |date=29 July 2004}} Wu has served the Formosa Foundation as a board member and the {{ill|General Association of Chinese Culture|zh|中華文化總會}} as an executive member.{{cite news |last1=Lowther |first1=William |title=Students complete Ambassador Program |url=http://www.taipeitimes.com/News/taiwan/archives/2014/06/30/2003594016 |accessdate=8 September 2018 |work=Taipei Times |date=30 June 2014}}{{cite news |last1=Chen |first1=Wei-han |title=GACC meeting canceled due to lack of quorum |url=http://www.taipeitimes.com/News/taiwan/archives/2016/11/22/2003659765 |accessdate=8 September 2018 |work=Taipei Times |date=22 November 2016}}
Fortune valued Wu's net worth at $1.8 billion in 1992.{{cite news |title=The billionaires |url=https://money.cnn.com/magazines/fortune/fortune_archive/1992/09/07/76826/index.htm |work=Fortune |date=7 September 1992}} Wu was ranked on Forbes list of Taiwanese billionaires in 2006, with a net worth of $1.9 billion.{{cite news |title='Forbes' lists 16 Taiwanese among region's richest |url=http://www.taipeitimes.com/News/biz/archives/2006/02/26/2003294770 |accessdate=8 September 2018 |work=Taipei Times |date=26 February 2006}} By 2008, his net worth had risen to $2.3 billion, ranked eleventh.{{cite news |title=Taiwan's 40 Richest |url=https://www.forbes.com/global/2008/0616/037.html#3ccf786e21db |accessdate=18 October 2020 |work=Forbes |date=6 June 2008}}{{cite news |title=#11 Eugene Wu & family |url=https://www.forbes.com/lists/2008/87/biz_taiwanrichest08_Eugene-Wu-family_6TKA.html |work=Forbes |date=4 June 2008}} Forbes reported that Wu lost one billion of his net worth in the 2009 rankings, placing twelfth in Taiwan.{{cite news |title=#12 Eugene Wu |url=https://www.forbes.com/lists/2009/87/taiwan-billionaires-09_Eugene-Wu_6TKA.html |accessdate=8 September 2018 |work=Forbes |date=1 July 2009}} In 2010, Wu's fortune was valued at $1.5 billion, and ranked fourteenth.{{cite news |title=#14 Eugene Wu |url=https://www.forbes.com/lists/2010/87/taiwan-rich-list-10_Eugene-Wu_6TKA.html |accessdate=8 September 2018 |work=Forbes |date=31 March 2010}} The next year, according to Forbes, Wu's net worth had recovered to a total of $2.2 billion, and he was listed thirteenth on the list of Taiwanese billionaires.{{cite news |title=#13 Eugene Wu |url=https://www.forbes.com/lists/2011/87/taiwan-billionaires-11_Eugene-Wu_6TKA.html |accessdate=8 September 2018 |work=Forbes |date=2011}} The 2017 Forbes rankings slid Wu to forty-first, with his fortune valued at $1.1 billion.{{cite news |title=#41 Eugene Wu & family |url=https://www.forbes.com/profile/eugene-wu/#2e0f200a7254 |accessdate=8 September 2018 |work=Forbes |date=28 June 2017}} The 2020 list ranked Wu the thirty-seventh richest Taiwanese billionaire, and valued his net worth at $1.2 billion.{{cite news |title=#37 Eugene Wu |url=https://www.forbes.com/profile/eugene-wu/#5c446ed47254 |accessdate=18 October 2020 |work=Forbes |date=16 January 2020}}
Wu is married to Hsu Hsien-hsien,{{cite news |last1=Hsu |first1=Crystal |title=School system drives up prices of Taipei studios |url=http://www.taipeitimes.com/News/biz/archives/2014/08/19/2003597717 |accessdate=8 September 2018 |work=Taipei Times |date=19 August 2014}} the daughter of banker and politician Hsu Sheng-fa.{{cite news |last1=Chung |first1=Amber |title=Cosmos Bank says local and overseas investors secured |url=http://www.taipeitimes.com/News/biz/archives/2007/05/12/2003360579 |accessdate=8 September 2018 |work=Taipei Times |date=12 May 2007}} Wu and his wife raised three children. His eldest daughter, Cynthia Wu, married {{ill|Tommy Lin|zh|林知延}}, an executive at Hua Nan Securities, in 2010.{{cite news |last1=Huang |first1=Ching-Hsuan |last2=Chang |first2=Hsiang-Yi |title=The Grand Families of Taiwan |url=https://english.cw.com.tw/article/article.action?id=923 |accessdate=8 September 2018 |work=CommonWealth |date=16 December 2010}} His middle child is Wu Hsin-ju.{{cite news |author1=陳瑩欣 |title=吳欣盈豪爽強勢 吳欣儒低調沉穩 |url=https://tw.appledaily.com/finance/daily/20170703/37702637 |accessdate=8 September 2018 |work=Apple Daily |date=3 July 2017 |language=zh}}{{cite news |author1=盧冠誠 |title=二公主接董事 2個女人無戰事 |url=http://news.ltn.com.tw/news/focus/paper/1116736 |accessdate=8 September 2018 |work=Liberty Times |date=7 July 2017 |language=zh}} Wu's youngest child and only son is Wu Yi-tung.{{cite news |author1=蔡靜紋 |title=新光少東吳昕東：30歲 再回去接班 |url=https://theme.udn.com/theme/story/6538/221217 |accessdate=8 September 2018 |work=United Daily News |date=18 August 2009 |language=zh}}{{cite news |author1=廖千瑩 |title=新光三代 吳東賢家族接班最快 |url=http://ec.ltn.com.tw/article/paper/1204212 |accessdate=8 September 2018 |work=Liberty Times |date=28 May 2018 |language=zh}}
Wu acquired the gorilla later named Bao Bao after he was smuggled to Taiwan in 1987, and donated the primate to the Taipei Zoo.{{cite news |last1=Hsiao |first1=Sherry |title=Pao Pao the gorilla to go abroad for breeding |url=http://www.taipeitimes.com/News/taiwan/archives/2018/02/12/2003687519 |accessdate=8 September 2018 |work=Taipei Times |date=12 February 2018}}
References
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Category:20th-century Taiwanese businesspeople
Category:21st-century Taiwanese businesspeople
Category:Businesspeople in insurance
Category:Taiwanese billionaires