David Li

{{Short description|Hong Kong banker and politician (born 1939)}} {{Other people}} {{family name hatnote|[[Li (surname 李)|Li]]|David Li|Li Kwok-po|lang=Hong Kong}} {{Use British English|date=April 2012}} {{Use dmy dates|date=May 2020}} {{Infobox officeholder | honorific_prefix = | name = Sir David Li | native_name = {{nobold|李國寶}} | native_name_lang = zh-hk | honorific_suffix = [[Grand Bauhinia Medal|GBM]] [[Gold Bauhinia Star|GBS]] [[Order of the British Empire|OBE]] [[Justice of Peace|JP]] | image = David K.P. Li, Chairman, Bank of East Asia.jpg | caption = Sir David Li Kwok-po at [[Horasis]] Global China Business Meeting, 2009<ref>{{Cite web |url=http://www.horasis.org/event_all_2009.php |title=Official Website Global China Business Meeting 2009 |access-date=1 June 2010 |archive-date=28 December 2009 |archive-url=https://web.archive.org/web/20091228195227/http://www.horasis.org/event_all_2009.php |url-status=dead }}</ref> | birth_name = David Li Kwok-po | birth_date = {{birth date and age|1939|3|13|df=y}} | birth_place = [[London]], [[England]], [[United Kingdom|UK]] | spouse = Penny Poon Kam-chui | children = Adrian David Li Man-kiu Brian David Li Man-bun | occupation = Banker | office = Chairman of the [[Bank of East Asia]] | term_start = 9 April 1997 | term_end = | office1 = Non-official Member of the [[Executive Council of Hong Kong]] | term_start1 = 1 November 2005 | term_end1 = 16 February 2008 | appointer1 = [[Donald Tsang]] | office2 = Member of the [[Legislative Council of Hong Kong]] | constituency2 = [[Finance (constituency)|Financial/Finance]] | term_start2 = 30 October 1985 | term_end2 = 30 June 1997 | predecessor2 = ''New constituency'' | successor2 = ''Replaced by [[Provisional Legislative Council]]'' | term_start3 = 21 December 1996 | term_end3 = 30 June 1998 ([[Provisional Legislative Council]]) | constituency4 = [[Finance (constituency)|Finance]] | term_start4 = 1 July 1998 | term_end4 = 30 September 2012 | predecessor4 = ''New parliament'' | successor4 = [[Ng Leung-sing]] | education = [[Imperial College London]] [[Selwyn College, Cambridge]] }} {{Infobox Chinese | order = | showflag = | t = 李國寶 | j = Lei5 Gwok3 bou2 | y = Léih Gwok bóu }}

'''Sir David Li Kwok-po''' {{small|[[Grand Bauhinia Medal|GBM]] [[Gold Bauhinia Star|GBS]] [[Order of the British Empire|OBE]] [[Justice of Peace|JP]]}} ({{lang-zh|t=李國寶}}; born 13 March 1939, London, England) is a Hong Kong banker and politician. He is the executive chairman of the [[Bank of East Asia]] and [[pro-chancellor]] of the [[University of Hong Kong]]. He was a member of the [[Legislative Council of Hong Kong]] and the [[Executive Council of Hong Kong]] in the 2000s.

==Family background== The [[Four big families of Hong Kong#Li family notables|Li family]] with roots in [[Heshan, Guangdong|Heshan]], [[Jiangmen]], [[Guangdong]], [[Mainland China|China]] has long had a prominent position in Hong Kong. David Li's great-grandfather, Li Shek-tang, made his fortune bringing rice to Hong Kong from [[Vietnam]]. In 1918, Li's grandfather, [[Li Koon-chun]], along with his great-uncle, founded the [[Bank of East Asia]], the first Chinese-owned bank in the territory.<ref>Keith Bradsher, [http://www.iht.com/articles/2007/05/09/asia/09li.php "Dow Jones insider trading case goes global"], ''[[International Herald Tribune]]'', 9 May 2007</ref> His father, [[Li Fook-shu]], was a director of the [[Bank of East Asia]], an Unofficial member of the [[Legislative Council of Hong Kong|Legislative Council]] and council member of the [[Chinese University of Hong Kong]]. Li's younger brother is [[Arthur Li|Arthur Li Kwok-cheung]], former [[Secretary for Education and Manpower]] and Chairman of the Council of the University of Hong Kong. David's cousins include the Hong Kong Court of Final Appeal's first Chief Justice [[Andrew Li Kwok-nang]]. One of his uncles is the late [[Simon Li Fook-sean]], a senior judge who ran in the [[1996 Hong Kong Chief Executive election|first election for chief executive]] in 1996, whose daughter is prominent democrat, barrister [[Gladys Li]], and another the late [[Ronald Li|Ronald Li Fook-siu]], the disgraced former chairman of the [[Hong Kong Stock Exchange]].<ref>{{cite book|last=Ching|first=Frank|title=The Li Dynasty, Hong Kong Aristocrats|publisher=Oxford University Press|place=USA|date=1999|isbn=0195909046}}</ref>

==Education== Li was educated at [[Uppingham School]] in the United Kingdom. He studied mathematics at [[Imperial College London]], and then studied economics and law at [[Selwyn College, Cambridge|Selwyn College]], [[University of Cambridge]].<ref>[http://www3.imperial.ac.uk/pls/portallive/docs/1/31249699.PDF Imperial College London: Asia Convocation 2007, programme, p.9]</ref>

He received an honorary doctorate in law from the [[University of Warwick]] in July 1994 and another one from the [[University of Hong Kong]] in March 1996. In November 1996, he received an honorary doctorate of social sciences from [[Lingnan College]].<ref>[http://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personId=10184671&ric=0023.HK&previousCapId=416620&previousTitle=UBS%20AG ''Businessweek'' article on David Li Kwok-po]{{dead link|date=April 2023|bot=medic}}{{cbignore|bot=medic}}</ref> Li joined the Bank of East Asia in 1969, becoming Chief Executive in 1981 and Chairman in 1997.<ref>{{cite web|url=http://www3.hkexnews.hk/listedco/listconews/sehk/2001/0301/0023/f103.pdf|title=Corporate Information - extracted from Annual Report 2000|publisher=Bank of East Asia|access-date=2019-03-01|archive-date=1 March 2019|archive-url=https://web.archive.org/web/20190301140311/http://www3.hkexnews.hk/listedco/listconews/sehk/2001/0301/0023/f103.pdf|url-status=dead}}</ref>

==Political and academic positions== Li was a member of the [[Legislative Council of Hong Kong|Legislative Council]], elected unopposed in the Finance [[Functional constituency (Hong Kong)|functional constituency]] in [[2004 Hong Kong legislative election|2004]] and [[2008 Hong Kong legislative election|2008]]. From October 2005 until his resignation in February 2008, he was a member of the [[Executive Council of Hong Kong|Executive Council]], appointed after renouncing his [[British nationality law|British citizenship]]. He is currently [[Pro-Chancellor]] of the [[University of Hong Kong]].

==Board memberships== Li is also a director at several Hong Kong listed companies including fixed line phone carrier [[PCCW]], [[SCMP Group]] and Hong Kong and Shanghai Hotels. In addition, he is chairman of the Chinese Banks Association Ltd.<ref name=quits>Nipa Piboontanasawat, [https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aTyK.eY0uykc "Hong Kong Banker David Li Quits City's Cabinet After SEC Payout"], Bloomberg, 17 February 2008</ref>

==Legal issues== ===Dow Jones=== On 1 May 2007, [[News Corporation (1980–2013)|News Corporation]] made a public announcement of its bid for [[Dow Jones & Company]]. The [[United States Securities and Exchange Commission]] filed an initial complaint seven days later naming Wong Kan-king and his wife Charlotte, both residents of Hong Kong, as defendants after its investigation of suspicious share price movements in the run-up to the announcement. The SEC alleged that the couple purchased 415,000 shares through a [[Merrill Lynch]] Hong Kong account between 13 and 30 April,<ref name=secactions>[https://www.secactions.com/?p=304 The News Corp-Dow Jones Insider Trading Case: A Significant Settlement], ''SEC Actions'', 6 February 2008</ref> and [[insider trading|had reaped]] a US$8.2 million profit on disposal following announcement of the bid.<ref name=inquiry>Eric Dash and Andrew Ross Sorkin, [http://www.iht.com/articles/2007/05/09/business/09insider.php "Inquiry expected into possible Dow Jones insider trading"], ''[[International Herald Tribune]]'', 8 May 2007</ref>

The SEC later filed an amended complaint ("The First Amended Complaint") identifying the source of the information as David Li, who had obtained the information by being a board member of Dow Jones. The SEC alleged that Li had informed his close friend and business associate Michael Leung, who in turn told his daughter and son-in-law. The amended complaint added David Li and Michael Leung as co-defendants and details how Leung traded through the account of his daughter and son-in-law with their assistance.<ref name=secactions/><ref name=settle>Benjamin Scent, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=2&art_id=60843&sid=17328233&con_type=1&d_str=20080129&sear_year=2008 "Li 'to pay $62m' to settle insider case"] {{webarchive|url=https://web.archive.org/web/20110628200722/http://www.thestandard.com.hk/news_detail.asp?pp_cat=2&art_id=60843&sid=17328233&con_type=1&d_str=20080129&sear_year=2008 |date=28 June 2011 }}, ''[[The Standard (Hong Kong)|The Standard]]'', 29 January 2008</ref>

At the end of January 2008, a settlement was reached where Li was ordered to pay an $8.1 million civil penalty, Leung to pay $8.1 million in [[disgorgement]] and an $8.1 million penalty; K. K. Wong would pay $40,000 in disgorgement plus prejudgment interest and a $40,000 civil penalty.<ref name=secactions/> Li would neither admit nor deny any wrongdoing.<ref name=settle/>

Li's integrity is being questioned by Legislators, and corporate gadfly [[David Michael Webb|David Webb]] was the first to put Li under pressure to relinquish his position as a member of both the Legislative and the Executive Councils of Hong Kong because of his implication in the affair.<ref>Mary Ma, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=21&art_id=61394&sid=17552792&con_type=1&d_str=20080212&sear_year=2008 "Attack on Li way off the mark"] {{webarchive|url=https://web.archive.org/web/20110628200813/http://www.thestandard.com.hk/news_detail.asp?pp_cat=21&art_id=61394&sid=17552792&con_type=1&d_str=20080212&sear_year=2008 |date=28 June 2011 }}, ''The Standard'', 12 February 2008</ref> Several other legislators added to the pressure for Li to relinquish his cabinet (Exco) position,<ref name=quits/><ref>Bonnie Chen, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=12&art_id=61619&sid=17611767&con_type=3&d_str=20080215&sear_year=2008 "Li pressure mounts"] {{webarchive|url=https://web.archive.org/web/20110628200915/http://www.thestandard.com.hk/news_detail.asp?pp_cat=12&art_id=61619&sid=17611767&con_type=3&d_str=20080215&sear_year=2008 |date=28 June 2011 }}, ''The Standard'', 15 February 2008</ref> although there are divergent views on his continued LegCo membership.<ref>Staff reporter, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=11&art_id=61746&sid=17658882&con_type=1&d_str=20080219&sear_year=2008 "Li should not seek reelection, says Tien"] {{webarchive|url=https://web.archive.org/web/20110628200944/http://www.thestandard.com.hk/news_detail.asp?pp_cat=11&art_id=61746&sid=17658882&con_type=1&d_str=20080219&sear_year=2008 |date=28 June 2011 }}, ''The Standard'', 19 February 2008</ref> On 17 February 2008, Li announced his resignation from Exco.<ref>Bonnie Chen, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=61661&sid=17647473&con_type=1&d_str=20080218&sear_year=2008 "Friends and foes hail Li's `brave' Legco decision"] {{webarchive|url=https://web.archive.org/web/20110628201037/http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=61661&sid=17647473&con_type=1&d_str=20080218&sear_year=2008 |date=28 June 2011 }}, ''The Standard'', 18 February 2008</ref>

===Donald Tsang Yam-kuen=== In January 2017, prosecutors claimed that, in July 2010, Li had assisted the then [[Chief Executive of Hong Kong|Chief Executive of the Hong Kong Special Administrative Region]] [[Donald Tsang]] Yam-kuen (through Tsang's wife) in the latter's attempt to cover up an alleged corrupt deal to secure a super-luxury apartment in Shenzhen, by drawing a HK$350,000 cash cheque and passing the money to Tsang's wife.<ref>{{cite news|url=http://www.thestandard.com.hk/breaking-news.php?id=83632|title=Prosecutor says Donald Tsang signed penthouse lease as smokescreen|newspaper=The Standard|date=12 January 2017|access-date=15 January 2017}}</ref>

==Awards and recognition== Li was appointed an [[Officer of the Order of the British Empire]] in the 1991 [[New Year Honours]].<ref>{{London Gazette|issue=52382|supp=y|pages=16–17|date=28 December 1990}}</ref> In 2001, he was awarded the [[Gold Bauhinia Star]] by the [[government of Hong Kong]].

In the 2005 [[Queen's Birthday Honours]], he was made a [[Knight Bachelor]] by the United Kingdom for his contributions to British education.<ref>{{London Gazette|issue=57665 |supp=y|page=2|date=11 June 2005}} Li is still entitled to use "Sir" before his name although he abandoned his British nationality a few months after being knighted.</ref> He also has [[honorary doctorate]]s from the [[University of Cambridge]], [[Imperial College London]],<ref>[http://www.legco.gov.hk/general/english/members/yr08-12/lkp.htm "LegCo Members' Biographies"] {{webarchive|url=https://web.archive.org/web/20101228053142/http://legco.gov.hk/general/english/members/yr08-12/lkp.htm |date=28 December 2010 }}</ref> [[the University of Hong Kong]] and [[the Chinese University of Hong Kong]]. Li was awarded the [[Grand Bauhinia Medal]] in 2007.

==See also== {{Portal|Banks}} *[[Bank of East Asia]] *[[Legislative Council of Hong Kong]]

==References== {{reflist}}

==External links== *[https://web.archive.org/web/20101228053142/http://legco.gov.hk/general/english/members/yr08-12/lkp.htm David Li biodata at the Legislative Council of Hong Kong website]

{{s-start}} {{s-par|hk}} {{s-new|constituency}} {{s-ttl|title=Member of [[Legislative Council of Hong Kong|Legislative Council]]|district=[[Finance (constituency)|Finance]]|years=1985–1997}} {{s-non|reason=Replaced by [[Provisional Legislative Council]]}} {{s-new|parliament|rows=2}} {{s-ttl|title=Member of [[Provisional Legislative Council]]|years=1997–1998}} {{s-non|reason=Replaced by Legislative Council}} {{s-break}} {{s-ttl|title=Member of Legislative Council|district=[[Finance (constituency)|Finance]]|years=1998–2012}} {{s-aft|after=[[Ng Leung-sing]]}} {{s-bus}} {{s-bef|before=[[Li Fook-wo]]}} {{s-ttl | title = Chairman of the [[Bank of East Asia]] | years = 1997–present}} {{s-inc}} {{s-prec}} {{s-bef|before=[[Rita Fan]] ''Recipient of the Grand Bauhinia Medal''}} {{s-ttl|title=[[Hong Kong order of precedence]] ''Recipient of the Grand Bauhinia Medal''}} {{s-aft|after=[[Andrew Li]] ''Recipient of the Grand Bauhinia Medal''}} {{end}}

{{DEFAULTSORT:Li, David}} [[Category:1939 births]] [[Category:Alumni of Selwyn College, Cambridge]] [[Category:Alumni of the University of Warwick]] [[Category:Honorary Fellows of Selwyn College, Cambridge]] [[Category:Hong Kong billionaires]] [[Category:Hong Kong bankers]] [[Category:Hong Kong chief executives]] [[Category:Knights Bachelor]] [[Category:Living people]] [[Category:Members of the Executive Council of Hong Kong]] [[Category:Officers of the Order of the British Empire]] [[Category:People educated at Uppingham School]] [[Category:Recipients of the Gold Bauhinia Star]] [[Category:Recipients of the Grand Bauhinia Medal]] [[Category:Bankers from London]] [[Category:Members of the Provisional Legislative Council]] [[Category:Hong Kong Anglicans]] [[Category:HK LegCo Members 1985–1988]] [[Category:HK LegCo Members 1988–1991]] [[Category:HK LegCo Members 1991–1995]] [[Category:HK LegCo Members 1995–1997]] [[Category:HK LegCo Members 1998–2000]] [[Category:HK LegCo Members 2000–2004]] [[Category:HK LegCo Members 2004–2008]] [[Category:HK LegCo Members 2008–2012]] [[Category:Members of the Preparatory Committee for the Hong Kong Special Administrative Region]] [[Category:Hong Kong Basic Law Drafting Committee members]] [[Category:Hong Kong Affairs Advisors]] [[Category:Members of the Selection Committee of Hong Kong]] [[Category:Li family (Hong Kong)]] [[Category:Hong Kong justices of the peace]] [[Category:21st-century Hong Kong businesspeople]] [[Category:Hong Kong chairpersons of corporations]] [[Category:Businesspeople awarded knighthoods]]