Eugene Wu Explained

Eugene Wu should not be confused with Eugene Wen-chin Wu.

Eugene Wu (; 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 and Wu Kuei-lan, and is the eldest of his brothers,[1] [2] which include Eric and Thomas,[3] [4] as well as .[5] Eugene's eldest sister is Wu Ju-yueh.[6] [7]

Wu earned a bachelor's degree from Waseda University.[8]

Career

After his father's death in 1986, Eugene Wu assumed control of several of his father's holdings.[2] Eugene partnered with construction magnate James Lin to build many buildings owned by the Shin Kong Group.[9] In June 2002, Thomas Wu proposed a merger between his Taishin Financial Holdings and Eugene's Shin Kong Financial Holding.[10] After eight days of formal consideration, Thomas withdrew the offer.[11] In August 2005, Eugene was indicted by the Taipei District Prosecutors' Office on charges of insider trading,[12] [13] a violation of the Securities and Exchange Law related to the failed merger of 2002.[14] [15] [16] That October, Shin Kong Financial completed a merger with Macoto Bank to form .[17] [18] That same year, Wu was targeted by the Financial Holding Company Act announced by the Financial Supervisory Commission,[19] [20] which made it illegal for top executives at financial holding companies to hold equivalent leadership positions at other non-financial businesses.[21] [22] In 2006, Wu expressed an interest in forming a partnership with a financial institution that had international reach.[23] Later that year, Wu's increased its investment in Shin Kong Bank.[24] Wu also considered acquiring .[18] [25] In his later career, Eugene Wu focused on the acquisition and sale of real estate on behalf of .[26] [27] [28] Notable investments include office space in the Neihu Science Park and in London.[29] [30] As Shin Kong Life fell into debt, Shing Kong Group has sold buildings within the Shin Kong Mitsukoshi joint venture, home to the in Taiwan.[31] [32] Eugene Wu announced in June 2020 that he was stepping down from his position as chair of Shin Kong Financial.[33] Wu was suspended from his post as chairman of Shin Kong Life Insurance on 15 September 2020, by the Financial Supervisory Commission.[34] The company was fined for a reckless investment, and Wu was suspended for poor supervision.[34] Wu is not permitted to rejoin the company board until his current term ends in June 2023.[35]

Personal life

Wu has spoken favorably regarding the economic influence of China on Taiwan.[36] He attended an annual forum organized by China's Taiwan Affairs Office in 2004.[37] Wu has served the Formosa Foundation as a board member and the as an executive member.[38] [39]

Fortune valued Wu's net worth at $1.8 billion in 1992.[40] Wu was ranked on Forbes list of Taiwanese billionaires in 2006, with a net worth of $1.9 billion.[41] By 2008, his net worth had risen to $2.3 billion, ranked eleventh.[42] [43] Forbes reported that Wu lost one billion of his net worth in the 2009 rankings, placing twelfth in Taiwan.[44] In 2010, Wu's fortune was valued at $1.5 billion, and ranked fourteenth.[45] 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.[46] The 2017 Forbes rankings slid Wu to forty-first, with his fortune valued at $1.1 billion.[47] The 2020 list ranked Wu the thirty-seventh richest Taiwanese billionaire, and valued his net worth at $1.2 billion.[48]

Wu is married to Hsu Hsien-hsien,[49] the daughter of banker and politician Hsu Sheng-fa.[50] Wu and his wife raised three children. His eldest daughter, Cynthia Wu, married, an executive at Hua Nan Securities, in 2010.[51] His middle child is Wu Hsin-ju.[52] [53] Wu's youngest child and only son is Wu Yi-tung.[54] [55]

Wu acquired the gorilla later named Bao Bao after he was smuggled to Taiwan in 1987, and donated the primate to the Taipei Zoo.[56]

Notes and References

  1. News: Will the rightful Shinkong Fibers chief stand up? . 1 September 2018 . Taipei Times . 10 August 2004.
  2. News: Flannery . Russell . The Price Of Good Fortune: Trials Of Taiwan's Wealthy Wu Family . 8 September 2018 . Forbes . 28 June 2017.
  3. News: Hsu . Crystal . Bank of Taipei to expand beyond Greater Taipei . 8 September 2018 . Taipei Times . 22 October 2013.
  4. News: Huang . Joyce . FSC to launch probe into alleged insider trading by Wu brothers . 8 September 2018 . Taipei Times . 12 October 2004.
  5. News: Huang . Joyce . Wu family ends chairmanship feud . 9 September 2018 . Taipei Times . 23 November 2004.
  6. News: Investigators solve burglary of Hsin Kuan Group heir . 1 September 2018 . Taipei Times . 2 April 2000.
  7. News: Ko . Shu-ling . City police punished for Shin Kong theft debacle . 1 September 2018 . Taipei Times . 20 April 2000.
  8. News: Tung Chin Wu . 9 September 2018 . Bloomberg.
  9. News: H. Rept. 105-829 - INVESTIGATION OF POLITICAL FUNDRAISING IMPROPRIETIES AND POSSIBLE VIOLATIONS OF LAW INTERIM REPORT . 8 September 2018 . United States Congress . 5 November 1998.
  10. News: Chen . Kevin . Taishin and Shin Kong to merge holding firms . 8 September 2018 . Taipei Times . 26 June 2002.
  11. News: Huang . Joyce . Merger plan's demise a wise decision, says economist . 8 September 2018 . Taipei Times . 5 July 2002.
  12. News: Executives indicted . Taipei Times . 13 August 2005.
  13. News: Chang . Rich . Two indicted for insider trading . 8 September 2018 . Taipei Times . 14 August 2005.
  14. News: Lin . Jackie . Indictment weighs down Shinkong . 8 September 2018 . Taipei Times . 16 August 2005.
  15. News: Kathrin . Hille . Taiwan plans to tighten insider trading rules . 8 September 2018 . Financial Times . 4 September 2005.
  16. News: Chung . Amber . Shinkong expects hedging costs to soar . 8 September 2018 . Taipei Times . 23 August 2005.
  17. News: Lin . Jackie . Macoto Bank turns Shin Kong subsidiary in share-swap . 9 September 2018 . Taipei Times . 4 October 2005.
  18. News: Chung . Amber . Lin . Jackie . Financial group expects steady profits this year . 9 September 2018 . Taipei Times . 6 October 2006.
  19. News: Huang . Joyce . FSC rule on company heads draws flak . 8 September 2018 . Taipei Times . 29 January 2005.
  20. News: Wang . Lisa . Lin . Jackie . Taiwan Mobile Co offers rosy outlook . 8 September 2018 . Taipei Times . 16 August 2006.
  21. News: Wang . Lisa . Tsai backs FSC's restrictions on chairmanships . 8 September 2018 . Taipei Times . 23 February 2005.
  22. News: Chung . Amber . Kong tapped as Fubon's new president . 9 September 2018 . Taipei Times . 31 December 2005.
  23. News: Chung . Amber . Shinkong looking for a world-class strategic partner . 9 September 2018 . Taipei Times . 12 April 2006.
  24. News: Chung . Amber . Shin Kong to inject funds into banking arm: TSE . 9 September 2018 . Taipei Times . 15 July 2006.
  25. News: Chung . Amber . Mega Financial waiting for government to ask for help . 9 September 2018 . Taipei Times . 5 June 2007.
  26. News: Chung . Amber . Consumers shy away from hot property market . 9 September 2018 . Taipei Times . 30 January 2007.
  27. News: Huang . Joyce . Shin Kong Life eyes Agora Garden . 9 September 2018 . Taipei Times . 25 February 2008.
  28. News: Chen . Kevin . Shin Kong Life shifts investments . 9 September 2018 . Taipei Times . 11 October 2008.
  29. News: Chen . Kevin . Shin Kong Insurance buys Neihu Science Park office building . Taipei Times . 13 December 2008.
  30. News: Chen . Ted . Shin Kong buys London office building for ￡136m . 9 September 2018 . Taipei Times . 15 December 2015.
  31. News: Chen . Kevin . Shin Kong to sell Xinyi property to raise cash . 9 September 2018 . Taipei Times . 4 March 2009.
  32. News: Hsu . Crystal . Shin Kong's Xinyi office building set for auction . 9 September 2018 . Taipei Times . 13 August 2015.
  33. News: Kao . Shih-ching . Shin Kong Financial chair retires . 20 June 2020 . Taipei Times . 20 June 2020.
  34. News: Kao . Shih-ching . FSC fines Shin Kong Life for reckless investment . 17 September 2020 . Taipei Times . 16 September 2020.
  35. News: Kao . Shih-ching . Shin Kong Life names new head . 18 September 2020 . Taipei Times . 18 September 2020.
  36. News: Chung . Amber . Property prices to keep rising, says local developer . 8 September 2018 . Taipei Times . 16 February 2007.
  37. News: Investors told to steer clear of independence . 8 September 2018 . Taipei Times . 29 July 2004.
  38. News: Lowther . William . Students complete Ambassador Program . 8 September 2018 . Taipei Times . 30 June 2014.
  39. News: Chen . Wei-han . GACC meeting canceled due to lack of quorum . 8 September 2018 . Taipei Times . 22 November 2016.
  40. News: The billionaires . Fortune . 7 September 1992.
  41. News: 'Forbes' lists 16 Taiwanese among region's richest . 8 September 2018 . Taipei Times . 26 February 2006.
  42. News: Taiwan's 40 Richest . 18 October 2020 . Forbes . 6 June 2008.
  43. News: #11 Eugene Wu & family . Forbes . 4 June 2008.
  44. News: #12 Eugene Wu . 8 September 2018 . Forbes . 1 July 2009.
  45. News: #14 Eugene Wu . 8 September 2018 . Forbes . 31 March 2010.
  46. News: #13 Eugene Wu . 8 September 2018 . Forbes . 2011.
  47. News: #41 Eugene Wu & family . 8 September 2018 . Forbes . 28 June 2017.
  48. News: #37 Eugene Wu . 18 October 2020 . Forbes . 16 January 2020.
  49. News: Hsu . Crystal . School system drives up prices of Taipei studios . 8 September 2018 . Taipei Times . 19 August 2014.
  50. News: Chung . Amber . Cosmos Bank says local and overseas investors secured . 8 September 2018 . Taipei Times . 12 May 2007.
  51. News: Huang . Ching-Hsuan . Chang . Hsiang-Yi . The Grand Families of Taiwan . 8 September 2018 . CommonWealth . 16 December 2010.
  52. News: 陳瑩欣 . 吳欣盈豪爽強勢 吳欣儒低調沉穩 . 8 September 2018 . Apple Daily . 3 July 2017 . zh.
  53. News: 盧冠誠 . 二公主接董事 2個女人無戰事 . 8 September 2018 . Liberty Times . 7 July 2017 . zh.
  54. News: 蔡靜紋 . 新光少東吳昕東：30歲 再回去接班 . 8 September 2018 . United Daily News . 18 August 2009 . zh.
  55. News: 廖千瑩 . 新光三代 吳東賢家族接班最快 . 8 September 2018 . Liberty Times . 28 May 2018 . zh.
  56. News: Hsiao . Sherry . Pao Pao the gorilla to go abroad for breeding . 8 September 2018 . Taipei Times . 12 February 2018.

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