Andrew Oung
Taiwanese businessman (1950–2015)
From Wikipedia, the free encyclopedia
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.
Andrew Oung | |
|---|---|
| 翁大銘 | |
| Member of the Legislative Yuan | |
| In office 1 February 1993 – 31 January 1996 | |
| Constituency | Taipei 2 |
| Personal details | |
| Born | 4 June 1950 |
| Died | 6 March 2015 (aged 64) Da'an District, Taipei, Taiwan |
| Party | Independent |
| Relations |
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| Andrew Oung | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Traditional Chinese | 翁大銘 | ||||||||||||
| Simplified Chinese | 翁大铭 | ||||||||||||
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Career
Oung's father founded Hualon Textile 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]