Andrew Oung

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Andrew Oung
翁大銘
Member of the Legislative Yuan
In office
1 February 1993 – 31 January 1996
ConstituencyTaipei 2
Personal details
Born(1950-06-04)4 June 1950
Cixi, Ningbo, Zhejiang, China
Died6 March 2015(2015-03-06) (aged 64)
Da'an District, Taipei, Taiwan
Political partyIndependent
Relations
Andrew Oung
Traditional Chinese翁大銘
Simplified Chinese翁大铭

Andrew Oung (4 June 1950 – 6 March 2015) also known by his Chinese name Oung Ta-ming,[1][2] was a Taiwanese businessman whose family ran the Hualon Textile Corporation. Oung served in the Legislative Yuan from 1993 to 1996.

Career[edit]

Oung's father founded Hualon Textile [zh] in 1967. At the height of his business career, Andrew Oung was responsible for nearly a third of all trading on the Taiwan Stock Exchange.[3][4] In 1992, Oung was jailed in an insider trading and price manipulation scandal,[5] in part because the $22 million Hualon planned on investing in the stock market were never paid.[6] Oung was one of 38 people charged in the scandal.[7] He sought a seat in the Legislative Yuan later that year, hoping to secure political immunity and won as an independent.[8] However, the debts continued growing. When Oung declared bankruptcy in 1994, he owed various creditors over $152 million. He was again sent to prison in 2010 for fraud leading to the bankruptcy proceedings.[9] Oung served over half of a two-year sentence before being paroled in 2011.[10] The next year, former employees at Hualon's Toufen factory organized protests, alleging that they were owed $22 million in lost wages and pensions due to Hualon's bankruptcy.[11][10]

In 2014, James and Andrew's acquisition of Paladin was challenged by their nephew, the former CEO of Paladin.[12]

Andrew Oung died in of a heart attack in 2015, at his home in Taipei.[9]

References[edit]

  1. ^ Robertson, Benjamin (18 August 2014). "HK$2.4b feud over Peak properties centres on power of attorney". South China Morning Post. Archived from the original on 2 January 2015. Retrieved 15 November 2015.
  2. ^ "Peak property portfolio key to HK$1.6 billion takeover tussle". South China Morning Post. 31 July 2014. Archived from the original on 2 August 2014. Retrieved November 15, 2015.
  3. ^ "Economic Roundup". Taiwan Today. 13 October 1992. Archived from the original on 15 September 2016. Retrieved 27 June 2016.
  4. ^ "Economic Roundup". Taiwan Today. 6 October 1992. Archived from the original on 15 September 2016. Retrieved 27 June 2016.
  5. ^ Liu, Chien-pang; Lin, Chang-shun; Kuo, Chung-han (3 March 2015). "Former Hualon Group chief, lawmaker Oung Ta-ming dies". Central News Agency. Retrieved 21 May 2015.
  6. ^ "Taiwan Stock Payment Defaults Are Being Investigated". Los Angeles Times. Reuters. 21 September 1992. Retrieved 21 May 2015.
  7. ^ "Financial Focus". Taiwan Today. 28 October 1994. Archived from the original on 15 September 2016. Retrieved 27 June 2016.
  8. ^ Pun, Allen (22 December 1992). "Fat cats deflated in election bids; voters reward enemies of graft". Taiwan Today. Archived from the original on 15 September 2016. Retrieved 27 June 2016.
  9. ^ a b "Tycoon Oung Da-ming dies at home". Taiwan News. 6 March 2015. Retrieved 21 May 2015.
  10. ^ a b "Former Hualon Group chief, lawmaker Oung Ta-ming dies". Central News Agency. 7 March 2015. Archived from the original on 17 July 2015. Retrieved 21 May 2015.
  11. ^ Kao, Cameron (26 June 2012). "Hualon workers protest over pensions". The China Post. Retrieved 21 May 2015.
  12. ^ Robertson, Benjamin (27 October 2014). "Oung brothers a step closer to cementing control of Paladin". South China Morning Post. Archived from the original on 8 October 2015. Retrieved 21 May 2015.
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