Andrew Oung Explained
Andrew Oung (4 June 1950 – 6 March 2015) also known by his Chinese name Oung Ta-ming,[1] [2] was a Taiwanese businessman whose family ran the Hualon Textile Corporation. Oung served in the Legislative Yuan from 1993 to 1996.
Career
Oung's father founded in 1967. At the height of his business career, Andrew Oung was responsible for nearly a third of all trading on the Taiwan Stock Exchange.[3] [4] In 1992, Oung was jailed in an insider trading and price manipulation scandal,[5] in part because the $22 million Hualon planned on investing in the stock market were never paid.[6] Oung was one of 38 people charged in the scandal.[7] He sought a seat in the Legislative Yuan later that year, hoping to secure political immunity and won as an independent.[8] However, the debts continued growing. When Oung declared bankruptcy in 1994, he owed various creditors over $152 million. He was again sent to prison in 2010 for fraud leading to the bankruptcy proceedings.[9] Oung served over half of a two-year sentence before being paroled in 2011. The next year, former employees at Hualon's Toufen factory organized protests, alleging that they were owed $22 million in lost wages and pensions due to Hualon's bankruptcy.[10] [11]
In 2014, James and Andrew's acquisition of Paladin was challenged by their nephew, the former CEO of Paladin.[12]
Andrew Oung died in of a heart attack in 2015, at his home in Taipei.[9]
Notes and References
- News: Robertson. Benjamin. HK$2.4b feud over Peak properties centres on power of attorney. 15 November 2015. South China Morning Post. 18 August 2014. https://web.archive.org/web/20150102170241/http://www.scmp.com/business/companies/article/1575702/hk24b-feud-over-peak-properties-centres-power-attorney. 2 January 2015.
- News: Peak property portfolio key to HK$1.6 billion takeover tussle. November 15, 2015. South China Morning Post. 31 July 2014. https://web.archive.org/web/20140802135258/http://scmp.com/business/companies/article/1563338/peak-property-portfolio-key-hk16-billion-takeover-tussle. 2 August 2014.
- News: Economic Roundup. 27 June 2016. Taiwan Today. 13 October 1992. https://web.archive.org/web/20160915105002/http://www.taiwantoday.tw/fp.asp?xItem=75310&CtNode=451. 15 September 2016. dead.
- News: Economic Roundup. 27 June 2016. Taiwan Today. 6 October 1992. https://web.archive.org/web/20160915103837/http://www.taiwantoday.tw/ct.asp?xItem=73380&ctNode=451. 15 September 2016. dead.
- News: Liu. Chien-pang. Lin. Chang-shun. Kuo. Chung-han. Former Hualon Group chief, lawmaker Oung Ta-ming dies. 21 May 2015. Central News Agency. 3 March 2015.
- News: Taiwan Stock Payment Defaults Are Being Investigated. 21 May 2015. Los Angeles Times. Reuters. 21 September 1992.
- News: Financial Focus. 27 June 2016. Taiwan Today. 28 October 1994. https://web.archive.org/web/20160915103628/http://www.taiwantoday.tw/fp.asp?xItem=59717&CtNode=451. 15 September 2016. dead.
- News: Pun. Allen. Fat cats deflated in election bids; voters reward enemies of graft. 27 June 2016. Taiwan Today. 22 December 1992. https://web.archive.org/web/20160915095249/http://www.taiwantoday.tw/fp.asp?xItem=77905&CtNode=451. 15 September 2016. dead.
- News: Tycoon Oung Da-ming dies at home. 21 May 2015. Taiwan News. 6 March 2015.
- News: Kao. Cameron. Hualon workers protest over pensions. 21 May 2015. The China Post. 26 June 2012.
- News: Former Hualon Group chief, lawmaker Oung Ta-ming dies. 21 May 2015. Central News Agency. 7 March 2015. https://web.archive.org/web/20150717032617/http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20150307000138&cid=1103. 17 July 2015. dead.
- News: Robertson. Benjamin. Oung brothers a step closer to cementing control of Paladin. 21 May 2015. South China Morning Post. 27 October 2014. https://web.archive.org/web/20151008150136/http://www.scmp.com/business/money/markets-investing/article/1625428/oung-brothers-step-closer-cementing-control-paladin. 8 October 2015.
