Yahoo Finance Former finance minister Richard Hu dies at 96
Hu was Singapore’s Minister for Finance between 1985 to 2001.
Dr Richard Hu, Singapore's longest-serving finance minister, has passed away at 96 years old on Sept 8, reported Zaobao, citing an unnamed source from the People’s Action Party (PAP).
PAP member Lee Hong Chuang, who is the party's representative in Hougang SMC (single member constituency) said in a Facebook post that Hu had passed away "earlier this morning".
"I remember the late Dr Richard Hu when I was growing up as a real stalwart of our economy," he wrote. "I take the opportunity to express my deepest condolences to the late Dr Hu's family. Thank you sir for all that you have done for Singapore."
Hu's career began in the Royal Dutch Shell Group of Companies in 1960 before becoming its chairman and CEO in Singapore from 1977 to 1983.
He then became the managing director of the Monetary Authority of Singapore (MAS) and sovereign wealth fund, GIC, in 1983. He was then chairman of the MAS from 1985 to 1997.
One of Singapore's longest-serving ministers, Hu was Singapore’s Minister for Finance between 1985 to 2001 and was Singapore’s Minister for Health from 1985 to 1987. He also served as Minister for National Development from 1992 to 1993. During his term as finance minister, Hu introduced the goods and services tax (GST) in 1993 citing a reduction of the government's reliance on direct taxation as a source of revenue. He also oversaw the acquisition of Post Office Savings Bank (POSB) by the Development Bank of Singapore (DBS), which took place in July 1998.
During the 1984 General Elections, Hu became the Member of Parliament (MP) for Kreta Ayer SMC and served as its MP between 1984 and 1997 and Kreta-Ayer Tanglin GRC (or group representation constituency) from 1997 to 2001.
After retiring from politics in 2001, Hu was on the boards of several companies including CapitaLand. He was also a senior advisor at Fraser and Neave (F&N). From July 2002 to August 2010, Hu was the chancellor of the Singapore Management University (SMU).
"The management and staff of the MAS are saddened to learn of the passing of Dr Richard Hu, MAS’ third and longest-serving Chairman. MAS conveys its deepest condolences to the family of the late Dr Hu," said the central bank in a statement issued on Sept 8.
"Dr Hu helmed the MAS during a period of rapid economic growth and financial sector development. He upheld a strong commitment to sound monetary policy and prudent currency management. This conviction underpinned price stability and confidence in the Singapore dollar during much of the 1980s and 1990s," it added. "Dr Hu emphasised the high standards of financial regulation and supervision that Singapore is known for. He firmly believed that high prudential standards and close supervision were critical for the long-term competitiveness and growth of Singapore’s financial sector. He oversaw the overhaul of the securities regulatory framework which facilitated the subsequent development of Singapore’s capital markets."
Further to its statement, MAS noted that many of its "older staff" remember Hu for his "wise and steady leadership".
Hu will be cremated in a private family funeral on Sept 10, according to Zaobao.
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