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Thomas Wu

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Thomas Wu
吳東亮
man in white shirt with mask
Born (1950-04-11) 11 April 1950 (age 74)
NationalityRepublic of China
EducationFu Jen Catholic University (BA)
University of California, Los Angeles (MBA)
SpouseSylvia Peng (彭雪芬)
Children2
Parents
  • Wu Ho-su (father)
  • Wu Kuei-lan (mother)

Thomas Wu (Chinese: 吳東亮; pinyin: Wú Dōngliàng; born 11 April 1950) is a Taiwanese business executive.

Personal life and education

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Thomas Wu is the fourth of six children born to entrepreneur Wu Ho-su [zh] and his wife Wu Kuei-lan.[1][2] He earned a bachelor's degree in chemistry from Fu Jen Catholic University in 1972, and completed a master's in business administration from the Anderson School of Management at University of California, Los Angeles in 1975.[3] In 1990, Wu was kidnapped by Hu Gwan-bao. Wu was freed on 18 December 1990 upon payment of a NT$100 million ransom,[4][5] delivered directly to Wu's captor by Wu's wife.[6] Hu was arrested days later by Hou You-yi,[7] and executed in 1991.[8][9]

Wu is married to Sylvia Peng [zh].[10][11] Peng retired from acting in 1984, aged 24, to marry him.[12] The couple raised two sons, Wu Hsin-wei, known as Peter, and Wu Hsin-hao.[13] Wu Shu-jen disclosed in February 2009 that she had received a sum of money from Thomas Wu.[14] Thomas Wu was questioned by the Supreme Prosecutors Office a year later, as part of ongoing investigation into corruption charges against Chen Shui-bian, Wu Shu-jen's husband.[15] Wu made his first appearance on The World's Billionaires in March 2015.[16]

Business career

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Wu founded Taishin International Bank via merger in 1992, divesting from his father's textiles company to do so.[3][17] In February 2002, Wu's Taishin Financial Holdings began business operations.[18] Months after its establishment, Taishin Financial announced a planned merger with Taiwan Securities Company and Taishin Bills Finance Corporation [zh].[19] Later that year, Taishin Financial broke ground on a new office building, the Taishin Tower.[20] Wu also explored merging with Shin Kong Financial Holding [zh], held by his brother Eugene.[21] Plans for the merger were called off after days of consideration.[22] In 2003, Taishin Bank launched the Visa Infinite card throughout Asia.[23] The next year, Wu considered a merger with First Financial Holding [zh].[24] In March 2004, Wu stated that Taishin Financial had partnered with Test Rite International to securitize Time Plaza, and that the site was the first property-backed securitization project targeting pre-sold housing units.[25][26]

In August 2004, Thomas Wu terminated several Taishin Financial board members close to his brother Eric.[27] Later that month, the board of directors of Shinkong Synthetic Fibers Corporation elected Thomas to serve as company chairman. Their mother made it known that she preferred Eric take the position, and asked Thomas to step down.[1] Eric and his mother contested Thomas's election, because members of the board were to be reselected prior to the vote that installed Thomas as chairman.[28] As the business chairmanship dispute continued, Thomas and Eric were suspected of insider trading and investigated by the Financial Supervisory Commission.[29][30] In November 2004, the conflict was resolved. Thomas yielded the chairmanship of Shinkong Synthetic Fibers Corporation to Eric, and was named to the same position at Taishin Financial Holdings.[31][32] In turn, Eric ceded his proxy votes on the Taishin Financial board to Thomas,[33] and secured Taishin Investment Trust Company's independence from Taishin Financial.[34] The FSC ruled in December 2004 that there were no financial gains, and therefore no insider trading, but that Taiwan Securities Company had not sought final approval to trade shares in Shinkong Synthetic Fibers.[35] As a result, Taiwan Securities Company was fined NT$2.5 million.[35] With the leadership dispute resolved, Taishin Financial share price rose to NT$29.40 in early December 2004.[36]

Thomas Wu expressed support for the Financial Supervisory Commission as the agency announced criteria for the merger of financial holding companies in December 2004.[37] The next year, Wu began considering plans for merger and acquisition.[38] Wu stated in March 2005 that Bank SinoPac had elected to considered a merger with the International Bank of Taipei instead of Taishin Financial.[39] SinoPac chairman Richard Hong said, "The talks with Taishin did not collapse," and that a final decision would be made in May.[40] Taishin charged two SinoPac employees with libel in May, for distributing an email to SinoPac shareholders including incorrect information regarding Taishin.[41] After SinoPac apologized for the miscommunication, the charges were withdrawn.[42] After the merger with SinoPac fell through, Taishin Financial bid NT$36.6 billion for a controlling stake in Chang Hwa Commercial Bank.[43][44] In December 2005, Taishin Financial sought to acquire a larger share of Chang Hwa.[45] By October 2006, the financial institutions were proposing a share swap.[46] Taishin Financial and Aegon N.V. formed a joint venture in insurance in June 2007. The deal also included a 2.5% stake of Chang Hwa changing hands.[47] Wu announced in July that the merger between Chang Hwa and Taishin Financial would be complete by the end of the year.[48] However, the Executive Yuan stalled the merger, necessitating the sale of Taishin Securities Company to the Koos Group.[49][50] A Taishin Financial shareholders' meeting in June 2013 saw the passage of a resolution permitting Wu to pursue legal action to merge Taishin International Bank and Chang Hwa Bank.[51][52] Days later, Chang Hwa executives also formally backed the merger.[53]

References

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  1. ^ a b "Will the rightful Shinkong Fibers chief stand up?". Taipei Times. 10 August 2004. Retrieved 1 September 2018.
  2. ^ Flannery, Russell (28 June 2017). "The Price Of Good Fortune: Trials Of Taiwan's Wealthy Wu Family". Forbes. Retrieved 2 September 2018.
  3. ^ a b "Thomas Wu | "Inspirational 100" Alumnus". UCLA Anderson School of Management. Retrieved 2 September 2018.
  4. ^ Chang, Rich (11 April 2009). "FEATURE : Retired prosecutor pans use of capital punishment". Taipei Times. Retrieved 7 September 2018.
  5. ^ Chuang, Jimmy (30 September 2004). "'Tipster' says he's still waiting for his reward money". Taipei Times. Retrieved 2 September 2018.
  6. ^ "吳東亮 關關難過 關關過". Apple Daily (in Chinese). 2008-10-02.
  7. ^ Chuang, Jimmy (23 June 2003). "Super cop shines as new commissioner". Taipei Times. Retrieved 2 September 2018.
  8. ^ "【法網專題】民國72年最狡猾罪犯 胡關寶的不歸路" (in Chinese). CTS News and Info. 2010-12-20. Archived from the original on 2018-10-29. Retrieved 2018-10-29.
  9. ^ "死刑犯百百／胡關寶 賣關子最狡猾". Liberty Times (in Chinese). 2012-07-20. Archived from the original on 2018-10-29. Retrieved 2018-10-29.
  10. ^ "Executive's China trip confirmed". Taipei Times. 13 January 2007. Retrieved 7 September 2018.
  11. ^ Chen, Ted (18 May 2018). "New rules to address conflicts of interest on boards". Taipei Times. Retrieved 7 September 2018.
  12. ^ "24歲跟富豪私奔，30歲隻身救下被綁丈夫 她是..." China Times (in Chinese). 2015-10-21. Archived from the original on 2018-10-28. Retrieved 2018-10-28.
  13. ^ "【台新少主接班2】愛時尚更勝2兆家業 吳東亮長子在法國做自己" (in Chinese). Mirror Media. 3 March 2020. Retrieved 28 May 2021.
  14. ^ Chang, Rich (19 February 2009). "SIP confirms Wu Shu-jen submitted donation list". Taipei Times. Retrieved 7 September 2018.
  15. ^ "Prosecutors release Taishin chief". Taipei Times. 7 February 2010. Retrieved 7 September 2018.
  16. ^ Lowther, William (4 March 2015). "Nation has 38 billionaires on latest 'Forbes' rich list". Taipei Times. Retrieved 7 September 2018.
  17. ^ "#1650 Thomas Wu". Forbes. Retrieved 2 September 2018.
  18. ^ Huang, Joyce (30 January 2002). "Holding companies may soon dwindle in number". Taipei Times. Retrieved 2 September 2018.
  19. ^ "Taishin to complete merger Jan.1". Taipei Times. 14 May 2002. Retrieved 2 September 2018.
  20. ^ Huang, Joyce (18 July 2002). "Taipei eyesore about to be replaced by complex". Taipei Times. Retrieved 2 September 2018.
  21. ^ Chen, Kevin (26 June 2002). "Taishin and Shin Kong to merge holding firms". Taipei Times. Retrieved 2 September 2018.
  22. ^ Huang, Joyce (5 July 2002). "Merger plan's demise a wise decision, says economist". Taipei Times. Retrieved 2 September 2018.
  23. ^ Huang, Joyce (27 February 2003). "Taishin bank fights for high-end clients with Infinite card". Taipei Times. Retrieved 2 September 2018.
  24. ^ "Hua Nan Financial pursues big merger". Taipei Times. 29 February 2004. Retrieved 2 September 2018.
  25. ^ Huang, Joyce (17 March 2004). "Taishin, Test Rite upbeat about their securitization issue". Taipei Times. Retrieved 2 September 2018.
  26. ^ Huang, Joyce (30 March 2004). "Taishin offers securities supported by mortgages". Taipei Times. Retrieved 2 September 2018.
  27. ^ Ho, Jessie (4 August 2004). "Taishin Financial says earnings up in first half 2004". Taipei Times. Retrieved 2 September 2018.
  28. ^ Huang, Joyce (8 October 2004). "Shinkong Synthetic's fight over leadership continues". Taipei Times. Retrieved 1 September 2018.
  29. ^ Huang, Joyce (12 October 2004). "FSC to launch probe into alleged insider trading by Wu brothers". Taipei Times. Retrieved 7 September 2018.
  30. ^ "Family feud at Taishin". Taipei Times. 20 October 2004. Retrieved 7 September 2018.
  31. ^ Huang, Joyce (23 November 2004). "Wu family ends chairmanship feud". Taipei Times. Retrieved 1 September 2018.
  32. ^ Huang, Joyce (4 December 2004). "Thomas Wu apologizes for family spat". Taipei Times. Retrieved 1 September 2018.
  33. ^ Huang, Joyce (22 December 2004). "Wu brothers feud over control of fiber firm's board". Taipei Times. Retrieved 1 September 2018.
  34. ^ Huang, Joyce (16 December 2004). "Taishin Investment Trust Co to retain independence". Taipei Times. Retrieved 7 September 2018.
  35. ^ a b Huang, Joyce (10 December 2004). "FSC fines Taiwan Securities NT$2.5m". Taipei Times. Retrieved 1 September 2018.
  36. ^ "TAIEX rises on possible government intervention". Taipei Times. 7 December 2004. Retrieved 7 September 2018.
  37. ^ Huang, Joyce (9 December 2004). "MOF to back FSC consolidation plan". Taipei Times. Retrieved 7 September 2018.
  38. ^ Huang, Joyce (22 February 2005). "Taishin's targeting another good year". Taipei Times. Retrieved 7 September 2018.
  39. ^ "Taishin says SinoPac wants different merger". Taipei Times. 29 March 2005. Retrieved 7 September 2018.
  40. ^ Ho, Jessie (2 April 2005). "SinoPac, Taishin merger makes a comeback". Taipei Times. Retrieved 7 September 2018.
  41. ^ Chung, Amber (5 May 2005). "Taishin Financial plans to sue two SinoPac execs". Taipei Times. Retrieved 7 September 2018.
  42. ^ Chung, Amber (25 May 2005). "SinoPac to finalize IBT merger deal". Taipei Times. Retrieved 7 September 2018.
  43. ^ Chung, Amber (23 July 2005). "Taishin Financial shocks market with Chang Hwa bid size". Taipei Times. Retrieved 7 September 2018.
  44. ^ Chung, Amber (2 August 2005). "Temasek's bid boosts Chang Hwa". Taipei Times. Retrieved 7 September 2018.
  45. ^ "Taishin Financial plans NT$35bn share disposal". Taipei Times. 3 December 2005. Retrieved 7 September 2018.
  46. ^ Chung, Amber (16 October 2006). "Taishin, Chang Hwa to seek advisers". Taipei Times. Retrieved 7 September 2018.
  47. ^ Lin, Jackie (9 June 2007). "Taishin Financial agrees to form venture with Aegon". Taipei Times. Retrieved 7 September 2018.
  48. ^ Chung, Amber (4 July 2007). "Taishin to speed up Chang Hwa merger process". Taipei Times. Retrieved 7 September 2018.
  49. ^ Huang, Joyce (27 June 2009). "Chinatrust to bid for Nan Shan Life". Taipei Times. Retrieved 7 September 2018.
  50. ^ Hsu, Crystal; Su, Amy (21 February 2013). "Taishin pushes Chang Hwa merger". Taipei Times. Retrieved 7 September 2018.
  51. ^ Hsu, Crystal (22 June 2013). "Shareholders demand bold action". Taipei Times. Retrieved 7 September 2018.
  52. ^ Hsu, Crystal (21 August 2013). "Taishin urges service sector boost". Taipei Times. Retrieved 7 September 2018.
  53. ^ Hsu, Crystal; Su, Amy (29 June 2013). "Chang Hwa Bank executive directors approve merger with Taishin Bank". Taipei Times. Retrieved 7 September 2018.
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