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.
Photo: Liu Hsin-de, Taipei Times
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.
Rainfall is expected to become more widespread and persistent across central and southern Taiwan over the next few days, with the effects of the weather patterns becoming most prominent between last night and tomorrow, the Central Weather Administration (CWA) said yesterday. Independent meteorologist Daniel Wu (吳德榮) said that based on the latest forecast models of the combination of a low-pressure system and southwesterly winds, rainfall and flooding are expected to continue in central and southern Taiwan from today to Sunday. The CWA also warned of flash floods, thunder and lightning, and strong gusts in these areas, as well as landslides and fallen
WAITING GAME: The US has so far only offered a ‘best rate tariff,’ which officials assume is about 15 percent, the same as Japan, a person familiar with the matter said Taiwan and the US have completed “technical consultations” regarding tariffs and a finalized rate is expected to be released soon, Executive Yuan spokeswoman Michelle Lee (李慧芝) told a news conference yesterday, as a 90-day pause on US President Donald Trump’s “reciprocal” tariffs is set to expire today. The two countries have reached a “certain degree of consensus” on issues such as tariffs, nontariff trade barriers, trade facilitation, supply chain resilience and economic security, Lee said. They also discussed opportunities for cooperation, investment and procurement, she said. A joint statement is still being negotiated and would be released once the US government has made
MASSIVE LOSS: If the next recall votes also fail, it would signal that the administration of President William Lai would continue to face strong resistance within the legislature The results of recall votes yesterday dealt a blow to the Democratic Progressive Party’s (DPP) efforts to overturn the opposition-controlled legislature, as all 24 Chinese Nationalist Party (KMT) lawmakers survived the recall bids. Backed by President William Lai’s (賴清德) DPP, civic groups led the recall drive, seeking to remove 31 out of 39 KMT lawmakers from the 113-seat legislature, in which the KMT and the Taiwan People’s Party (TPP) together hold a majority with 62 seats, while the DPP holds 51 seats. The scale of the recall elections was unprecedented, with another seven KMT lawmakers facing similar votes on Aug. 23. For a
SOUTH CHINA SEA? The Philippine president spoke of adding more classrooms and power plants, while skipping tensions with China over disputed areas Philippine President Ferdinand Marcos Jr yesterday blasted “useless and crumbling” flood control projects in a state of the nation address that focused on domestic issues after a months-long feud with his vice president. Addressing a joint session of congress after days of rain that left at least 31 dead, Marcos repeated his recent warning that the nation faced a climate change-driven “new normal,” while pledging to investigate publicly funded projects that had failed. “Let’s not pretend, the people know that these projects can breed corruption. Kickbacks ... for the boys,” he said, citing houses that were “swept away” by the floods. “Someone has
RSS