Antony Leung: Difference between revisions

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{{Short description|Hong Kong politician and businessman}}

'''Antony Leung''' (梁錦松) (born [[1952]] in [[Hong Kong]]) is the former Financial Secretary of Hong Kong [[SAR]].

{{similar names|Tony Leung (disambiguation){{!}}Tony Leung}}

{{EngvarB|date=June 2021}}

{{Use dmy dates|date=June 2021}}

{{family name hatnote|[[Liang (surname)|Leung]]|Antony Leung|Leung Kam-chung|lang=Hong Kong}}

{{Infobox officeholder

| name = Antony Leung Kam-chung

| native_name = {{nobold|梁錦松}}

| native_name_lang = zh-hk

| honorific-suffix = GBS, OBE, JP

| image = Antony Leung - Annual Meeting of the New Champions Dalian 2009.jpg

| office = 2nd [[Financial Secretary (Hong Kong)|Financial Secretary of Hong Kong]]

| term_start = 29 May 2001

| term_end = 16 July 2003

| predecessor = [[Donald Tsang]]

| successor = [[Henry Tang]]

| birth_date = {{birth date and age|df=yes|1952|1|29}}<ref>{{cite web|url=http://cablenews.i-cable.com/reference/people/ref-people-gov-0012.html|title=Τ 絬 糴 繵 i-CABLE|work=i-cable.com|access-date=15 May 2011|archive-date=27 March 2020|archive-url=https://web.archive.org/web/20200327222255/http://cablenews.i-cable.com/reference/people/ref-people-gov-0012.html|url-status=dead}}</ref>

| birth_place = [[British Hong Kong]]

| occupation = Politician, investment banker

| spouse = [[Fu Mingxia]]

| alma_mater = [[Ying Wa College]]<br>[[University of Hong Kong]]

| signature = Antony Leung signature.svg

}}

{{Chinese|t=梁錦松|s=梁锦松|p=Liáng Jǐnsōng|j=Loeng4 Gam2 Cung4}}

'''Antony Leung Kam-chung''' <small>[[Hong Kong honours system|GBS]] [[Officer of the Order of the British Empire|OBE]] [[justice of the peace|JP]]</small> (born 29 January 1952 in Hong Kong with family roots in [[Shunde]], Guangdong) is a businessman who served as Financial Secretary of the [[Hong Kong Special Administrative Region]] (HKSAR), from 29 May 2001 until his resignation on 16 July 2003.

Leung, a former banker and civil service outsider, took the top economic post in one of the world's key financial centers on [[May 1]], [[2001]]. He has come in for severe criticism since January [[2003]], when he bought a US$100,000 luxury car just weeks before he raised the tax on new vehicles in his March budget.

He was embroiled in a financial scandal in early 2003 after it was revealed he had bought an expensive Lexus car shortly before imposing a new car tax, creating a controversy over conflict of interest that earned him the nickname "Lexus Leung" and which ultimately led to his resignation in July of that year.<ref>{{cite web|url=http://www.scmp.com/comment/insight-opinion/article/1382819/its-too-early-care-about-whether-antony-leung-runs-chief|title=It's too early to care about whether Antony Leung runs for chief executive|date=16 December 2013|work=South China Morning Post}}</ref><ref name=financeasia>{{cite web|url=http://www.financeasia.com/News/71084,lexus-leung-resurfaces-at-blackstone-in-hong-kong.aspx|title="Lexus" Leung resurfaces at Blackstone in Hong Kong|work=FinanceAsia}}</ref>

Although Leung claimed that he had decided on the tax increase after buying the HK$ 790,000 (US$ 101,282) [[Lexus]] 430 luxury car, which he said his family needed because of the arrival of his first born, a daughter, news of the car purchase deal a blow to the Hong Kong government's credibility as well as the effectiveness of the newly introduced [[Principal Officials Accountability System]] (POAS).

Leung is currently the Chairman of Nan Fung Group and chairman and co-founder of New Frontier Group.

Leung denied he was trying to avoid the new tax, which would have cost him an additional HK$50,000.

==Education==

In view of the public outcry, he tried to diffuse the controversy by donating money to the [[Community Chest]], a local charity;he asked for resignation but the [[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 Tung's commitment to establish an accountable government.

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 [[University of Hong Kong|The University of Hong Kong]]. During his university studies, he actively participated in student activities and was concerned with political issues. He was also a resident of St. John's College. It had been a long-term goal of Leung to be Financial Secretary, according to some classmates. He completed [[Harvard Business School]]'s Programme in Management Development in 1982 and the six-week Advanced Management Programme in 1999.<ref>{{Cite web |url = http://www.chinadaily.com.cn/a/201812/27/WS5c242468a310d91214051245.html |title = The banker who helped build Greater Bay Area}}</ref> He received an honorary Doctor of Laws at [[Hong Kong University of Science and Technology|The Hong Kong University of Science and Technology]] in 1998.

==Career==

Hong Kong's [[Justice Department]] said on July 2003 after receiving a report from the [[Independent Commission Against Corruption]], it was considering whether to charge him over the car controversy, which came to be known as "[[Lexusgate]]".

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]]. Leung rose to 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]] investment firm [[J.P.Morgan]] in 2000. He relocated to Singapore shortly before he resigned from J.P.Morgan to become Financial Secretary.

Prior to becoming Financial Secretary, 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 [[Rosanna Wong|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]].

On [[July 16]], [[2003]] Leung resigned with immediate effect in the wake of mass protests over the government's handling of a [[Hong Kong Basic Law Article 23|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, citing personal reasons.

==Financial Secretary==

At the time of their resignations, Ip and Leung were seen as the most umpopular members of Chief Executive Tung Chee-hwa's cabinet.

Leung became the Financial Secretary on 1 May 2001.

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.

No reason was given for Leung's departure, but the car scandal was just one of the problems in Leung's chequered tenure.

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.

An interesting comparison between Leung and Ip after their departure from the Government was about Beijing's attitude towards them. Some central government officials invited Ip for what she called a private visit to bid farewell. Leung did not receive similar invitation from central government officials who used to work with him. Analysts said it might give hints on their respective chances of a comeback to politics.

In September 2002, new [[Hong Kong dollar|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.

Before taking the government post on May 1,2001, 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.

By the end of 2002, in response to the "[[penny stock]]" incident, he set up a 2-person commission, which he was in charge of, to investigate the incident.

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]].

===Harbour Fest===

Earlier, he had spent 23 years with [[Citicorp]] where he took regional management positions in investment banking, corporate and private banking in Hong Kong, [[New York]], [[Singapore]] and [[Manila]].

{{main|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&nbsp;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]], 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."

A successful commercial banker, Leung's soft-spoken manner contrasted markedly with his charismatic predecessor, the bow-tied [[Donald Tsang]] who is the [[Chief Secretary of Hong Kong]].

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.<ref>{{cite web|author=Cannix Yau |url=http://www.thestandard.com.hk/news_detail.asp?pp_cat=&art_id=30713&sid=&con_type=1&d_str=20031031&sear_year=2003 |title=Leung 'not to blame for Fest contracts' |work=The Standard |___location=Hong Kong |date=31 October 2003 |url-status=dead |archiveurl=https://web.archive.org/web/20110522071146/http://www.thestandard.com.hk/news_detail.asp?pp_cat=&art_id=30713&sid=&con_type=1&d_str=20031031&sear_year=2003 |archivedate=22 May 2011 }}</ref>

But although a more conservative figure than Tsang, he had his share of media limelight.

===CEPA===

Leung's marriage to Chinese Olympic diving queen [[Fu Ming Xia]] on July 2002 had Hong Kong's paparazzi in a frenzy. Their first baby girl was born in February 2003.

Before his resignation, he signed the [[Mainland and Hong Kong Closer Economic Partnership Arrangement|Closer Economic Partnership Arrangement]] (CEPA) with China, which, it was believed, could help Hong Kong get out of a prolonged economic downturn.

===The "Lexusgate" scandal and resignation===

Fu, a three-time Olympic champion in her early 20s, is less than half the age of Leung.

Leung came under severe criticism in January 2003 when he bought a HK$790,000 (US$101,282) [[Lexus LS]] 430, 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.<ref name=20030716AP/><ref>Carroll, John M. ''A Concise History of Hong Kong'', Page 233. Rowman & Littlefield Publishers (2007)</ref><ref>Ma, Mary (31 October 2012). [https://archive.today/20150126064836/http://www.thestandard.com.hk/news_print.asp?art_id=127859&sid=38067882 "A taxing tempest in a teapot"]. ''The Standard ''</ref> Leung denied that he was trying to avoid the new tax, which would have cost him an additional HK$180,000. (US$23,000). However, unlike other members of the Executive Council, Leung had failed to disclose the purchase to the council.<ref>{{cite news|title=Yeoh car purchase revelation new blow to Leung |url=http://www.thestandard.com.hk/news_detail.asp?pp_cat=&art_id=14400&sid=&con_type=1&d_str=20030319&sear_year=2003 |author=Fanny Fung & Cannix Yau |work=The Standard |date=19 March 2003 |accessdate=24 July 2008 |url-status=dead |archiveurl=https://web.archive.org/web/20110522072336/http://www.thestandard.com.hk/news_detail.asp?pp_cat=&art_id=14400&sid=&con_type=1&d_str=20030319&sear_year=2003 |archivedate=22 May 2011 }}</ref><ref>{{cite news

|title=Leung kept quiet as trio told of new cars

|url=http://www.thestandard.com.hk/news_detail.asp?pp_cat=&art_id=14620&sid=&con_type=1&d_str=20030321&sear_year=2003

|work=The Standard

|date=21 March 2003 |accessdate=24 July 2008 |url-status=dead

|archiveurl=https://web.archive.org/web/20110522072436/http://www.thestandard.com.hk/news_detail.asp?pp_cat=&art_id=14620&sid=&con_type=1&d_str=20030321&sear_year=2003

|archivedate=22 May 2011 }}</ref><ref name=mangok/> 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).<ref name=mangok>Ma, Ngok. ''Political Development in Hong Kong: State, Political Society, and Civil Society'', pp. 68–69. Hong Kong University Press (2007).</ref>

In view of the public outcry, he tried to defuse the controversy by donating money to the [[Community Chest (Hong Kong organisation)|Community Chest]], a local charity. He also submitted his resignation in March, which [[Chief Executive of Hong Kong]] [[Tung Chee-hwa]] refused to accept at the time.<ref name=20030716AP/><ref name=mangok/> 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.

Leung was educated in Hong Kong and holds a Bachelor of Social Sciences degree majoring in economics and statistics, from the [[University of Hong Kong]].

He completed the [[Harvard Business School]]'s Programme for Management Development in [[1982]] and Advanced Management Programme in [[1999]]. He received an honorary Doctor of Laws at the [[Hong Kong University of Science and Technology]] in 1998.

Hong Kong's [[Department of Justice (Hong Kong)|Department of Justice]] said in July 2003, after receiving a report from the [[Independent Commission Against Corruption of Hong Kong|Independent Commission Against Corruption]] (ICAC), that it was considering whether to charge Leung over the car controversy, which came to be known as ''Lexusgate''.<ref name=20030716AP>Wong, Margaret (16 July 2003). "Hong Kong prosecutors study report into financial chief's tax-avoiding car purchase". Associated Press.</ref>

[[Henry Tang]] (born 1953) took over from Antony Leung as Financial Secretary. Tang comes from the family of a textile tycoon, who came to Hong Kong fleeing Communism on the [[Mainland China|Mainland]] in the late 1940s. Tang is previously Hong Kong's Secretary for Commerce, Industry and Technology.

On 16 July 2003 Leung resigned with immediate effect in the wake of mass protests over the government's handling of a [[Hong Kong Basic Law Article 23|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.<ref>"Hong Kong's Financial Secretary Resigns". Associated Press. 16 July 2003</ref>

See also: [[Politics of Hong Kong]]

On 15 December 2003, the Department of Justice announced that it was dropping the case against Leung.<ref>Beveridge, Dirk (15 December 2003) [https://apnews.com/cc15915346698f06c9f7f1785d3d3402 "Hong Kong Won't File Charges in Scandal"]. Associated Press.</ref>

==Return to private sector==

He served as the chairman of [[Blackstone Group]]'s Asian office in Hong Kong.<ref name=financeasia/> He continues to serve as a senior adviser to Blackstone and a member of its international advisory board.

Leung has served as chairman at [[Nan Fung Group]], the Hong Kong-based property and finance conglomerate, since February 2014.<ref>Ma, Mary (21 November 2013). [http://www.thestandard.com.hk/news_print.asp?art_id=139823&sid=40936868 "Antony Leung back in reckoning "] {{webarchive |url=https://web.archive.org/web/20150203125602/http://www.thestandard.com.hk/news_print.asp?art_id=139823&sid=40936868 |date=3 February 2015 }}. ''The Standard ''</ref>

Leung is currently the chairman and co-founder of New Frontier Group,<ref>{{Cite news|url=http://www.new-frontier.com/en/nf-team/antony-leung/|title=Antony Leung – New Frontier|work=New Frontier|access-date=15 May 2018|language=en-US}}</ref> an investment holding company with activities in healthcare,<ref>{{Cite news|url=http://www.scmp.com/news/hong-kong/health-environment/article/2106635/hong-kong-experts-train-mainland-chinese-health|title=Former Hong Kong minister aims to improve China’s health care|work=South China Morning Post|access-date=15 May 2018|language=en}}</ref> education<ref>{{Cite news|url=http://www.new-frontier.com/en/nf-education|title=New Frontier Education – New Frontier|work=New Frontier|access-date=15 May 2018|language=en-US}}</ref> and internet business.<ref>{{Cite news|url=http://www.scmp.com/business/companies/article/2025420/hong-kongs-path-tech-hub-status-through-attracting-talent-says|title=Hong Kong’s path to tech hub status is through attracting talent, says former financial secretary|work=South China Morning Post|access-date=15 May 2018|language=en}}</ref>

He is also actively involved in charities, serving as chairman of the board of directors of [[Heifer International]]'s Hong Kong branch.

==See also==

* [[List of graduates of University of Hong Kong]]

* [[Politics of Hong Kong]]

==References==

{{Reflist}}

==Sources==

*[https://web.archive.org/web/20110522031146/http://www.thestandard.com.hk/news_detail.asp?pp_cat=&art_id=33684&sid=&con_type=1&d_str=20031216&sear_year=2003 "How events unfolded"], ''[[Hong Kong Standard]]'', 16 December 2003.

{{s-start}}

{{s-off}}

{{s-bef|before = [[Donald Tsang]]}}

{{s-ttl|title = [[Financial Secretary (Hong Kong)|Financial Secretary of Hong Kong]]| years = 2001–2003}}

{{s-aft|after = [[Henry Tang]]}}

{{s-prec}}

{{s-bef|before = [[John B. Mortimer]]<br><small>''Recipients of the Gold Bauhinia Star''</small>}}

{{s-ttl|title = [[Hong Kong order of precedence]]<br><small>''Recipients of the Gold Bauhinia Star''</small>}}

{{s-aft|after = [[John Chan (businessman)|John Chan]]<br><small>''Recipients of the Gold Bauhinia Star''</small>}}

{{s-end}}

{{Financial Secretary (Hong Kong)}}

{{DEFAULTSORT:Leung, Antony}}

[[Category:1952 births]]

[[Category:Living people]]

[[Category:Alumni of the University of Hong Kong]]

[[Category:Alumni of St. John's College, University of Hong Kong]]

[[Category:Alumni of Ying Wa College]]

[[Category:Financial secretaries of Hong Kong]]

[[Category:Government officials of Hong Kong]]

[[Category:Hong Kong chief executives]]

[[Category:Recipients of the Gold Bauhinia Star]]

[[Category:Officers of the Order of the British Empire]]

[[Category:Members of the Selection Committee of Hong Kong]]

[[Category:Members of the Preparatory Committee for the Hong Kong Special Administrative Region]]

[[Category:Hong Kong evangelicals]]