Richard Hu


Richard Hu Tsu Tau is a former People's Action Party politician in Singapore. He served as the Minister for Finance for 16 years from 1985 to 2001, and was also a Director of Government of Singapore Investment Corporation Pte Ltd. He is the son of doctor Hu Tsai Kuen.

Early life

Dr Richard Hu Tsu Tau was educated at the Anglo-Chinese School. In 1952, Hu obtained his Bachelor of Science degree in Chemistry from the University of California in the United States and subsequently pursued a postgraduate diploma and a doctorate degree in Chemical Engineering, both from the University of Birmingham in the United Kingdom.

Career

Hu joined the Royal Dutch Shell Group of Companies in 1960 and rose to the position of Chairman and Chief Executive of this global company in Singapore between 1977 and 1983.
In 1983, Hu became the Managing Director of the Monetary Authority of Singapore and the Government of Singapore Investment Corporation, holding both posts concurrently until 1984. He was chairman of Monetary Authority of Singapore from 1985 to 1997.
Hu contested as a People's Action Party candidate in the Kreta Ayer Single Member Constituency in 1984 General Elections and won the election. Following the elections, he became the Minister for Health for two years from 1985 to 1987 and the Minister of Finance for 16 years from 1985 to 2001. As the Minister for Finance, Hu is perhaps best known by his signature on the 'Ship' series of legal tender notes issued after his appointment. He also introduced the Goods and Services Tax in 1993. As part of deregulation and reform of its financial and banking sectors, Hu oversaw the privatisation of the government-run Post Office Savings Bank and the sale of POSB to the Development Bank of Singapore in 1998.
On April 13, 2004, Hu joined the Board of Singaporean property development company CapitaLand and was elected Chairman the same day, until his retirement in 2012. He was also the Chairman of GIC Real Estate Pte Ltd and Asia Financial Holdings Pte Ltd, as well as a Director of the Government of Singapore Investment Corporation and a Director of Buildfolio.Com.Inc Hu also served as the Chancellor of the Singapore Management University from July 2002 to August 2010.
In 2013, Hu was appointed as senior advisor of the Fraser and Neave board.

Family

Hu is married to Irene Tan Dee Leng, and has one son and one daughter. He is a Hakka Chinese.