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Ex-JP Morgan exec to serve as Taipei 101 chairperson

  • CNA
  • 2012-10-13
  • 12:18 (GMT+8)
Christina Sung is known as the

Christina Sung is known as the "godmother of funds." (File photo/Hung Hsi-lung)

Christina Sung, who is widely known in Taiwan as the "godmother of funds," has been chosen to serve as the chairperson of Taipei Financial Center Corp, finance minister Chang Sheng-ford confirmed Friday.

Chang said there were several candidates to head the company that owns and operates the Taipei 101 skyscraper, but after considering Sung's background and credentials, she was considered the candidate best suited for the job.

Sung, who was active in Taiwan's financial circles for decades with JP Morgan Asset Management and HSBC Asset Management and earned the title the "godmother of funds" before retiring in 2006, has most recently served as a national policy adviser to the government.

Sung will assume her new post in mid- or late November according to legal procedures, a Taipei 101 spokesman said.

The ministry was forced to search for a new chairman after Taipei Financial Center's former chairman, Harace Lin, was taken into custody by prosecutors on Sept. 27 on a charge of embezzling NT$600 million (US$20 million) in a land deal in 1999.

Lin's arrest came on the eve of a meeting of Taipei Financial Center's board of directors in which he was bidding for re-election with the support of directors representing the government, which owns a 44% stake in the company.

The ministry quickly moved to block the meeting, asking its board members not to attend to prevent a quorum.

Wei Ying-chiao, representing Ting Hsin International Group, Taipei Financial Center's largest private shareholder with a 37% stake, took over as acting chairman.

Out of Taipei Financial Center's 13 directors, the government has six seats, Ting Hsin has five, and Cathay United Bank and Chinatrust Commercial Bank have one seat each.

At a height of 508 meters, Taipei 101 was the world's tallest building from 2004 until the opening of the Burj Khalifa in Dubai in 2010.

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