Sun, Mar 20, 2016 - Page 1 News List

Former FSC chairman dies, aged 61

Staff writer, with CNA

Former Financial Supervisory Commission chairman Kong Jaw-sheng speaks at a media event in an undated photograph.

Photo: Liu Hsin-de, Taipei Times

Former Financial Supervisory Commission (FSC) chairman Kong Jaw-sheng (龔照勝) died of a heart attack on Friday night, aged 61.

Kong suffered a myocardial infarction and fell into a coma while having dinner with friends. Emergency treatment by a doctor who happened to be in the same restaurant failed to save his life.

Kong chaired the nation’s top financial regulator from 2004 to 2006 under then-president Chen Shui-bian (陳水扁) of the Democratic Progressive Party.

Chinese Nationalist Party (KMT) Legislator-at-large and former FSC chairman William Tseng (曾銘宗) said he was stunned by Kong’s death.

Kung seemed to be in good health and regularly took part in outdoor activities, such as mountain climbing, Tseng said, adding that he was an easygoing person.

As the first chairman of the FSC, Kong made tremendous contributions to the commission, Tseng said.

Kong played a critical role in setting up a monitoring system for the local financial market as he had a thorough understanding of international financial markets, Tseng added.

Kong used to work for foreign banks operating in Taiwan, such as Credit Suisse First Boston.

Tseng said that Kong’s English proficiency and experience of foreign banking made him capable of heading the commission.

During his term as FSC chairman, Kong often led delegations overseas, helping Taiwanese financial institutions navigate foreign markets, Tseng said, adding that Kong’s presence had boosted the global visibility of Taiwan’s capital market.

The FSC was established in July 2004 and is responsibile for supervising banking, securities and insurance markets in Taiwan.

Tseng said that, as the head of the commission, Kong always listened to the opinions of local financial firms, adding that during his tenure, the nation’s financial market remained stable.

FSC Vice Chairman Huang Tien-mu (黃天牧) said that Kong was a good supervisor who took care of his colleagues in the commission and was respected by his subordinates.

In 2006, Kung was charged by prosecutors with alleged involvement in three corruption scandals while he served as chairman of state-owned Taiwan Sugar Corp (Taisugar, 台糖) in 2003.

He was later acquitted, but was impeached by the Control Yuan, a branch of government responsible for ensuring ethical conduct on the part of officials.

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