# Barry Cheung

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{{Use British English|date=April 2015}}
{{Use dmy dates|date=May 2026}}
thumb|Barry Cheung
'''Barry Cheung Chun-yuen''', [GBS](/source/Gold_Bauhinia_Star), [JP](/source/Justice_of_the_Peace) ({{lang-zh|t=張震遠}}, born 15 February 1958<ref>{{cite web|url=http://webb-database.com/dbpub/natperson.asp?p=10909|title=Cheung, Barry Chun Yuen|publisher=Webb-site Who's Who|accessdate=7 May 2026}}</ref> in [British Hong Kong](/source/British_Hong_Kong)<ref>{{cite web|url=http://www.am730.com.hk/article-260312|title=公職王」曾任行會成員 商交所「爆煲」揭債務纏身(Chinese Version)|access-date=15 April 2015|archive-date=16 April 2015|archive-url=https://web.archive.org/web/20150416033718/http://www.am730.com.hk/article-260312|url-status=dead}} {{in lang|zh-hk}}</ref>) is a Hong Kong businessman. Cheung is a former Non-official member of the [Executive Council of Hong Kong](/source/Executive_Council_of_Hong_Kong), a chairman of [Hong Kong Mercantile Exchange](/source/Hong_Kong_Mercantile_Exchange) (HKMEx), and former chairman of the [Urban Renewal Authority](/source/Urban_Renewal_Authority).<ref>{{cite web|url=http://www.ura.org.hk/en/about-ura/corporate-governance/board-and-committees/ura-board/chairman/mr-barry-cheung-chun-yuen.aspx|title=Chairman, Mr Barry Cheung Chun-yuen, GBS, JP|date=July 2012|publisher=[Urban Renewal Authority](/source/Urban_Renewal_Authority)|accessdate=7 August 2012}}{{Dead link|date=May 2019 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

Cheung resigned from his official duties on 24 May 2013 amidst controversy and over the suspension of HKMEx by the securities regulator and allegations of possible irregularities at the exchange.  The HKMex was subsequently wound up.  Cheung was under criminal investigation by the [Independent Commission Against Corruption](/source/Independent_Commission_Against_Corruption_(Hong_Kong)) (ICAC), on whose advisory committee Cheung had himself served, for allegedly receiving a $70M loan from a developer while he was Chairman of the Urban Renewal Authority. As reported on 1 June 2013 in the ''South China Morning Post''. The government announced that Cheung was under investigation for criminal misconduct.<ref name=20130525bloomb>[https://www.bloomberg.com/news/2013-05-27/hong-kong-police-make-fifth-arrest-in-hkmex-investigation.html "Hong Kong Police Make Fifth Arrest in HKMEx Investigation"], Bloomberg, 25 May 2013</ref><ref>[http://www.thestandard.com.hk/news_detail.asp?art_id=134195&con_type=3 "Power Broker"] {{webarchive |url=https://web.archive.org/web/20150402193138/http://www.thestandard.com.hk/news_detail.asp?art_id=134195&con_type=3 |date=2 April 2015 }}. ''The Standard'', 31 May 2013.</ref> On 15 April 2015, Cheung was declared bankrupt in the High Court.<ref name=20150415hks/>

==Education and work==
Cheung holds a Bachelor of Science degree in Mathematics and Computer Science from the University of Sussex and an MBA from the Harvard Business School.

Cheung worked for the management consultancy [McKinsey & Company](/source/McKinsey_%26_Company); he was also a member of the Central Policy Unit of the Hong Kong government in 1993. In 1994, he left McKinsey to become chief executive of London Stock Exchange-listed [Fortune Oil](/source/Fortune_Oil), a commodity trading company operating in mainland China. The company initially fared well under Cheung's stewardship. It expanded into jet fuel supply at two airports. However, the Asian financial crisis in 1998 caused oil prices to fall by a third.<ref name=hks20130531power>[http://www.thestandard.com.hk/news_detail.asp?pp_cat=36&art_id=134195&sid=39742511&con_type=3&d_str=20130531&isSearch=1&sear_year=2013 "Power broker"] {{webarchive|url=https://web.archive.org/web/20150402154222/http://www.thestandard.com.hk/news_detail.asp?pp_cat=36&art_id=134195&sid=39742511&con_type=3&d_str=20130531&isSearch=1&sear_year=2013 |date=2 April 2015 }}. ''The Standard'', 31 May 2013</ref> In early 1999 Fortune announced a loss of US$59.9&nbsp;million. It had to seek $20&nbsp;million in extra funding. After the recapitalisation in 1999, Cheung left Fortune.<ref>[http://tools.morningstar.co.uk/uk/stockreport/default.aspx?tab=3&vw=story&SecurityToken=0P00007OBL%5D3%5D0%5DE0WWE$$ALL&Id=0P00007OBL&ClientFund=0&CurrencyId=GBP&story=7400228704134 "RNS No 9713f", Fortune Oil PLC]. [Morningstar, Inc.](/source/Morningstar%2C_Inc.), 30 March 1999.</ref> In 2004, Cheung was appointed chief executive of HKSE-listed 1192 Titan Petrochemicals Group, the Hong Kong subsidiary of Singapore-based Petro Titan, which invested in oil tankers.  By 2007, Titan Petrochemicals was under water and was required to restructure, and sold off assets in order to settle debts and increase cash flow.<ref>Poon, Aries; Ng, Jeffrey (26 June 2008). [https://www.wsj.com/articles/SB121442029765504167 "Titan Petrochemicals to sell a trading business, cut staff"]. ''The Wall Street Journal Asia''</ref> Cheung resigned in 2008.<ref name=hks20130531power/>

Cheung was recruited by Heidrich & Struggles to serve as an independent non-executive director ("INED") for UC Rusal. During Cheung's term as an INED for UC Rusal, Cheung retained his Chairmanship and equity ownership of 56% of the HKMex, as well as serving as the campaign manager for CY Leung.  During this time, Cheung divested 10% of the HKMex to a controlled investment vehicle of the Russian billionaire [Oleg Deripaska](/source/Oleg_Deripaska) EN+ [Oleg Deripaska](/source/Oleg_Deripaska) of which Cheung still served as an INED. Cheung did not resign from any of interested positions these transactions posed:  His INED position on UC Rusal,  chairmanship of the HKMex or divest his own equity ownership in the HKMex.<ref>{{cite web|url=http://www.rusal.ru/en/press-center/news_details.aspx?id%3D6677%26ibt%3D13 |title=UC RUSAL appoints Barry Cheung as new Chairman |accessdate=2015-03-08 |url-status=dead |archiveurl=https://web.archive.org/web/20150402111259/http://www.rusal.ru/en/press-center/news_details.aspx?id=6677&ibt=13 |archivedate=2 April 2015 |df=dmy }}.</ref> Cheung deepened this conflict of interest by accepting the chairmanship of Deripaska's aluminium company [United Company RUSAL](/source/United_Company_RUSAL), to which he was serving as the INED.  Cheung held chairmanships at both HKMex and UC Rusal, including equity ownership of 56% of the HKMex without regard to the conflict of interests this entanglement made. Cheung subsequently resigned when Hong Kong anti-corruption committee launched criminal investigations against Cheung.<ref>{{cite web|url=http://www.scmp.com/topics/barry-cheung-chun-yuen|title=Barry Cheung Chun-yuen |work=South China Morning Post}}</ref><ref>[https://blogs.wsj.com/moneybeat/2013/05/22/meet-hkmexs-chairman-barry-cheung/ Meet HKMEx’s Chairman Barry Cheung], ''The Wall Street Journal'' 22 May 2013 (retrieved 23 May 2013)</ref> He has also served as a non-executive director of Hong Kong life insurer [AIA](/source/American_International_Assurance), and was chairman of the newly built Harrow International School in Hong Kong.<ref name=hks20130531power/> In addition, Cheung serves as a director on the board of Gateway Energy & Resource Holding, a joint venture vehicle between [China Investment Corporation](/source/China_Investment_Corporation) (CIC), a Chinese government investment vehicle, and Washington D.C. based [EIG Global Energy Partners](/source/EIG_Global_Energy_Partners).<ref>{{Cite web |url=http://www.chinastock.com.hk/ewebeditor/uploadfile/20121217100744107.pdf |title=Archived copy |access-date=8 March 2015 |archive-date=2 April 2015 |archive-url=https://web.archive.org/web/20150402115921/http://www.chinastock.com.hk/ewebeditor/uploadfile/20121217100744107.pdf |url-status=dead }}</ref> It is unclear that Cheung has resigned this position.<ref>{{cite web|url=http://webb-database.com/dbpub/officers.asp?p=1853815.|title=Officers: Gateway Energy & Resource Holdings, Ltd. 貫維能源資源控股有限公司|publisher=webb-database.com}}</ref><ref>{{cite web|url=https://www.scmp.com/business/banking-finance/article/1132560/state-owned-cdb-teams-asset-manager|title=State-owned CDB teams up with asset manager|work=South China Morning Post|date=21 January 2013 }}</ref>

Cheung was appointed to the board of the Urban Renewal Authority (URA) in 2001, and became its chairman on 24 April 2007.<ref>[http://www.devb.gov.hk/en/publications_and_press_releases/press/t_index_id_2565.html "Appointment of Urban Renewal Authority Non-Executive Directors"]. (Press release), Development Bureau, Hong Kong, 24 April 2007</ref> Cheung was an early backer of [C Y Leung](/source/C_Y_Leung) when the latter declared his candidacy for Hong Kong chief executive; Cheung managed the [election campaign in 2012](/source/2012_Hong_Kong_Chief_Executive_election).<ref name=hks20130531power/> He became an executive councillor in the [CY Leung's first administration](/source/First_term_of_CY_Leung_as_Chief_Executive_of_Hong_Kong).<ref>[http://www.info.gov.hk/gia/general/201206/29/P201206290526.htm "ExCo Membership Announced"], Hong Kong Government, 29 June 2012</ref> The extension of his term as URA chairman in 2013, beyond the usual six-year limit on holding the same post, was alleged by the [Civic Party](/source/Civic_Party) to be a political reward.<ref>{{cite news|last1=Ng|first1=Joyce|title=New term for URA chief seen as reward|url=https://www.scmp.com/news/hong-kong/article/1224074/new-term-ura-chief-seen-reward|archive-url=https://web.archive.org/web/20210403062047/https://www.scmp.com/news/hong-kong/article/1224074/new-term-ura-chief-seen-reward|url-status=dead|archive-date=3 April 2021|accessdate=25 February 2015|work=South China Morning Post|date=27 April 2013}}</ref>

===HK Mercantile Exchange===
Cheung launched the [Hong Kong Mercantile Exchange](/source/Hong_Kong_Mercantile_Exchange) in June 2008 as a trading platform. He was the chairman and majority shareholder, with a 56% stake. The exchange has been persistently loss-making.<ref name=hks20130531power/> Competitive pressure got worse upon HKSE's acquisition of the [London Metal Exchange](/source/London_Metal_Exchange) in the second half of 2012. On 22 May 2013, Cheung took a leave of absence from his official duties after HKMEx folded and after the Securities and Futures Commission found "serious" suspected irregularities there that resulted in a police investigation and several arrests. Cheung has denied that the arrested persons were employees of HKMEx.<ref>[https://www.wsj.com/articles/SB10001424127887323975004578498920923388836 "Hong Kong Mercantile Exchange Being Probed"], ''The Wall Street Journal'', 23 May 2013 (retrieved 23 May 2013)</ref> Cheung resigned his RUSAL and AIA directorships following the announcement that he was under police investigation.<ref name=20130525bloomb/> He resigned from all his official positions, including his membership of the Executive Council and the URA, on 24 May 2013, when he became subject to a criminal investigation upon the collapse of the exchange.<ref>Siu, Beatrice (27 May 2013) [http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=134040&sid=39722514&con_type=3&d_str=20130527&isSearch=1&sear_year=2013 "Mainland woman held in HKMEx probe"] {{webarchive |url=https://web.archive.org/web/20150225110931/http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=134040&sid=39722514&con_type=3&d_str=20130527&isSearch=1&sear_year=2013 |date=25 February 2015 }}. ''The Standard''</ref> At a hearing in August 2014, businessman Leung Chi-hon and investor in CNQC International Holdings petitioned Cheung's bankruptcy due to the latter's inability to repay 4.7&nbsp;million owing to him.<ref>{{cite web|url=http://hk.apple.nextmedia.com/news/art/20140812/18829168|title=張震遠破產案 高院押後審理|work=Apple Daily |language=zh}}</ref> On 15 April, Cheung was declared bankrupt by the High Court.<ref name=20150415hks>[https://archive.today/20150415095002/http://www.thestandard.com.hk/breaking_news_detail.asp?id=59787&icid=3&d_str= "Barry Cheung declared bankrupt"] . ''The Standard'', 15 April 2015</ref>

In April 2015 the [Kowloon City Magistrates’ Court](/source/Magistrates'_Court_(Hong_Kong)) found Cheung guilty of failing to pay an employee $340,000 while chairman of the Hong Kong Mercantile Exchange, and then defaulting on a sum paid to the employee by the Labour Tribunal under the Employment Ordinance. He pleaded guilty to both charges and was sentenced to six months in prison. Cheung appealed and the sentence was reduced to 160 hours of community service.<ref>{{cite news|last1=Cheung|first1=Karen|title=Former ExCo Councillor sentenced to 160 hours of community service for failing to pay employees' wages|url=https://www.hongkongfp.com/2015/09/15/former-exco-councillor-sentenced-to-160-hours-of-community-service-for-failing-to-pay-employees-wages/|work=[Hong Kong Free Press](/source/Hong_Kong_Free_Press)|date=15 September 2015}}</ref>

==References==
{{reflist|colwidth=30em}}

{{s-start}}
{{s-prec}}
{{s-bef|before = [Carrie Yau](/source/Carrie_Yau)<br /><small>''Recipients of the Gold Bauhinia Star''</small>}}
{{s-ttl|title  = [Hong Kong order of precedence](/source/Hong_Kong_order_of_precedence)<br /><small>''Recipients of the Gold Bauhinia Star''</small>}}
{{s-aft|after  = [Chan Chun-yuen](/source/Chan_Chun-yuen)<br /><small>''Recipients of the Gold Bauhinia Star''</small>}}
{{end}}

{{DEFAULTSORT:Cheung, Barry}}
Category:1958 births
Category:Businesspeople in the oil industry
Category:People from Weifang
Category:Members of the Executive Council of Hong Kong
Category:Living people
Category:Alumni of the University of Sussex
Category:Harvard Business School alumni

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Adapted from the Wikipedia article [Barry Cheung](https://en.wikipedia.org/wiki/Barry_Cheung) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Barry_Cheung?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.