Eric Wu

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Eric Wu
Wu Tung-sheng
吳東昇
Wu during his tenure on the Fifth Legislative Yuan
Member of the Legislative Yuan
In office
1 February 2002 – 31 January 2005
ConstituencyRepublic of China
In office
1 February 1993 – 31 January 1996
ConstituencyHsinchu County
Member of the National Assembly
In office
20 May 1996 – 19 May 2000
Personal details
Born (1953-07-14) 14 July 1953 (age 70)
Taipei, Taiwan
NationalityRepublic of China
Political partyTaiwan Solidarity Union (since 2001)
Other political
affiliations		Kuomintang (until 2001)
RelationsEugene Wu Thomas Wu (brothers)
Parents
Alma materNational Taiwan University
Harvard University
Occupationpolitician

Eric Wu (Chinese: 吳東昇; born 14 July 1953) is a Taiwanese business executive and politician.

Education and early career[edit]

Wu obtained a bachelor's degree in law from National Taiwan University, and continued his legal studies at Harvard Law School while earning a master's in business administration from Harvard University.[1][2] Wu became a lawyer in New York before returning to Taiwan, where he taught at Soochow University and led the Taiwan Securities Company [zh], a subsidiary of Taishin Financial Holdings, as chairman.[1][2] Wu retained his business leadership positions while serving on the Legislative Yuan.[3] Wu's elder brothers Thomas and Eugene are also businessmen.[4][5] Eric Wu's sister Wu Ju-yueh is the eldest of his siblings.[6][7] For a time, Eric Wu rented the residence of entrepreneur Chiang A-hsin, and established the Chin Kuang Fu Foundation in 1995 to maintain the property.[8]

Political career[edit]

Wu was elected to the second Legislative Yuan from Hsinchu County as a member of the Kuomintang, serving from 1993 to 1996.[9] He subsequently sat on the third convocation of the National Assembly, between 1996 and 2000.[1] Wu was expelled from the Kuomintang in October 2001, after accepting a legislative nomination from the Taiwan Solidarity Union earlier that year.[10] He won election as a party list member of the Legislative Yuan in December 2001.[11] A month into his second term as legislator, the TSU nominated Wu to join the ROC-US Parliamentary Amity Association.[12] He participated in overseas trips to Russia and Japan to further Taiwan's bilateral foreign relations.[13][14] As a legislator with extensive business experience, Wu frequently commented on trade,[15][16] economics,[17] and industry.[18] In June 2002, Wu explained that he and the TSU were not opposed to the three links between Taiwan and China. Rather, the party simply sought the continued implementation of Chen Shui-bian's "no haste, be patient" policy.[19] In July 2003, he warned against Chinese investment in Taiwan, stating that Cross-Strait capital should be monitored to prevent politically motivated economic manipulation.[20] As the 2003 SARS outbreak hit Taiwan, Wu and fellow TSU members Liao Pen-yen, Lo Chih-ming, Huang Chung-yuan, and Huang Cheng-che formed a working group to confront the issue.[21] Fredrick Chien consulted Wu, among several others, when asked to form a committee to probe the 3-19 shooting incident, which injured Chen Shui-bian and Annette Lu.[22][23] In October 2004, Wu withdrew from consideration as a TSU candidate for the legislative elections planned in December, and consequently was not nominated for another term.[24] Weeks before his second Legislative Yuan term ended, Wu considered attending the second inauguration of US President George W. Bush.[25]

Later business career[edit]

Eric Wu in 2018

In August 2004, Thomas Wu was elected by the board of directors of Shinkong Synthetic Fibers Corporation to serve as company chairman. Their mother made it known that she preferred Eric take the position, and asked Thomas to step down.[26] 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.[27] As the chairmanship dispute unfolded, Eric and Thomas Wu were investigated by the Financial Supervisory Commission on suspicions of insider trading.[28][29] 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.[30][31] In turn, Eric ceded his proxy votes on the Taishin Financial board to Thomas.[32] 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.[33] As a result, Taiwan Securities Company was fined NT$2.5 million.[33] Additionally, Taishin Financial divested from Taishin Investment Trust, the latter of which was chaired by Eric.[34][35]

Eric Wu attempted to diversify his holdings in later years, exploring the potential acquisition of Taiwan Television Enterprise in December 2005,[36] and bidding on Idee Department Store [zh] in November 2007.[37] In September 2009, the Control Yuan voted to impeach prosecutor Lin Sheng-lin on charges of corruption. Lin had worked with Wu to establish a legal aid foundation, but was found to have extorted money, and divulged information pertinent to ongoing investigations.[38]

Under Wu's leadership, Shinkong Synthetic Fibers pursued a 4G telecommunications license in 2013.[39] This was followed in 2014 by an increased investment in a joint venture with Invista, as well as another investment valued at NT$3 billion, in TacBright Optronics Corp, a subsidiary of Shinkong Synthetic Fibers.[40] In 2017, Wu planned to increase the production of engineering plastics made by Shinkong Synthetic Fibers.[41]

References[edit]

  1. ^ a b c "Wu Tung-sheng (5)". Legislative Yuan. Retrieved 1 September 2018.
  2. ^ a b Ko, Shu-ling (20 May 2000). "Annette Lu favors a unified Asia". Taipei Times. Retrieved 1 September 2018.
  3. ^ Huang, Joyce (26 November 2002). "Financial-sector reforms must go on". Taipei Times. Retrieved 1 September 2018.
  4. ^ Hsu, Crystal (22 October 2013). "Bank of Taipei to expand beyond Greater Taipei". Taipei Times. Retrieved 1 September 2018.
  5. ^ Ho, Jessie (4 August 2004). "Taishin Financial says earnings up in first half 2004". Taipei Times. Retrieved 1 September 2018.
  6. ^ "Investigators solve burglary of Hsin Kuan Group heir". Taipei Times. 2 April 2000. Retrieved 1 September 2018.
  7. ^ Ko, Shu-ling (20 April 2000). "City police punished for Shin Kong theft debacle". Taipei Times. Retrieved 1 September 2018.
  8. ^ Liao, Hsueh-ju; Chung, Jake (25 November 2015). "Family has big plans for Beipu house". Taipei Times. Retrieved 1 September 2018.
  9. ^ "Wu Tung-sheng (2)". Legislative Yuan. Retrieved 1 September 2018.
  10. ^ Low, Stephanie (13 October 2001). "KMT kicks out seven, punishes four members". Taipei Times. Retrieved 1 September 2018.
  11. ^ Lin, Miao-Jung (16 December 2001). "New Hakka group pledges to unify, not divide". Taipei Times. Retrieved 1 September 2018.
  12. ^ "Trong Chai elected head of ROC-US association". Taipei Times. 14 March 2002. Retrieved 1 September 2018.
  13. ^ "TSU group seeks friendship in Russia". Taipei Times. 9 September 2002. Retrieved 1 September 2018.
  14. ^ Huang, Sandy (25 September 2002). "Japanese official presses for Taipei-Tokyo relations". Taipei Times. Retrieved 1 September 2018.
  15. ^ "Legislator pushes the government to enter trade pacts". Taipei Times. 7 April 2002. Retrieved 1 September 2018.
  16. ^ "US officials tell TSU that trade agreement hinges on the WTO". Taipei Times. 26 May 2002. Retrieved 1 September 2018.
  17. ^ "NT dollar called overvalued". Taipei Times. 8 November 2002. Retrieved 1 September 2018.
  18. ^ "TSU demands more state support for big industry". Taipei Times. 10 April 2002. Retrieved 1 September 2018.
  19. ^ "TSU says critics oversimplify party's position on cross-strait investment". Taipei Times. 16 June 2002. Retrieved 1 September 2018.
  20. ^ Huang, Joyce (9 July 2003). "TSU wants market protections". Taipei Times. Retrieved 1 September 2018.
  21. ^ Chang, Yun-ping (2 May 2003). "TSU proposes voucher plan to save tourism". Taipei Times. Retrieved 1 September 2018.
  22. ^ Wu, Debby (8 July 2004). "March 19 committee progressing". Taipei Times. Retrieved 1 September 2018.
  23. ^ Ko, Shu-ling (5 October 2004). "Legislature to ignore court hearing on injunction bid". Taipei Times. Retrieved 1 September 2018.
  24. ^ "TSU names candidates, too". Taipei Times. 6 October 2004. Retrieved 1 September 2018.
  25. ^ "US briefs envoy on China talks". Taipei Times. 10 January 2005. Retrieved 1 September 2018.
  26. ^ "Will the rightful Shinkong Fibers chief stand up?". Taipei Times. 10 August 2004. Retrieved 1 September 2018.
  27. ^ Huang, Joyce (8 October 2004). "Shinkong Synthetic's fight over leadership continues". Taipei Times. Retrieved 1 September 2018.
  28. ^ Huang, Joyce (12 October 2004). "FSC to launch probe into alleged insider trading by Wu brothers". Taipei Times. Retrieved 1 September 2018.
  29. ^ "Family feud at Taishin". Taipei Times. 20 October 2004. Retrieved 1 September 2018.
  30. ^ Huang, Joyce (23 November 2004). "Wu family ends chairmanship feud". Taipei Times. Retrieved 1 September 2018.
  31. ^ Huang, Joyce (4 December 2004). "Thomas Wu apologizes for family spat". Taipei Times. Retrieved 1 September 2018.
  32. ^ Huang, Joyce (22 December 2004). "Wu brothers feud over control of fiber firm's board". Taipei Times. Retrieved 1 September 2018.
  33. ^ a b Huang, Joyce (10 December 2004). "FSC fines Taiwan Securities NT$2.5m". Taipei Times. Retrieved 1 September 2018.
  34. ^ Huang, Joyce (16 December 2004). "Taishin Investment Trust Co to retain independence". Taipei Times. Retrieved 1 September 2018.
  35. ^ "Banking sector gets competitive". Taipei Times. 4 January 2005. Retrieved 1 September 2018.
  36. ^ Ko, Shu-ling (16 December 2005). "TSU denies Lee behind rumored TV station sale". Taipei Times. Archived from the original on 8 May 2021. Retrieved 1 September 2018.{{cite news}}: CS1 maint: bot: original URL status unknown (link)
  37. ^ Huang, Joyce (30 November 2007). "Sunrise vows to honor store vouchers". Taipei Times. Retrieved 1 September 2018.
  38. ^ Shih, Hsiu-chuan (26 September 2009). "Control Yuan votes to impeach former Taitung prosecutor". Taipei Times. Retrieved 2 September 2018.
  39. ^ "Textile maker to expand production in Thailand". Taipei Times. 8 July 2013. Retrieved 2 September 2018.
  40. ^ Kao, Cameron (30 May 2014). "Synthetics maker predicts 10% hike in profits this year". Taipei Times. Retrieved 2 September 2018.
  41. ^ Kuo, Chia-erh (27 May 2017). "Expansion project to lead Shinkong Fibers growth". Taipei Times. Retrieved 2 September 2018.
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