David Sun Tak-kei, GBS, JP (Chinese: 孫德基, born 1953) was Director of Audit of Hong Kong, a "principal official" position, between 2012 and 2018, and was the president of the Hong Kong Institute of Certified Public Accountants between 2003 and 2007 (Hong Kong Society of Accountants before 8 September 2004).[1]
David Sun Tak-kei | |
|---|---|
| 孫德基 | |
 | |
| 3rd Director of Audit | |
| In office 1 July 2012 – 31 December 2018 | |
| Preceded by | Benjamin Tang |
| Succeeded by | John Chu |
| Personal details | |
| Born | David Sun Tak-kei 1953 (age 70–71) |
Background
editSun began his career at Ernst & Young in 1977 after receiving his Master of Accountancy degree from the University of Illinois at Urbana-Champaign in 1977[2] and was[when?] the Far East Co-Area Managing Partner[3][4] until his retirement in 2010.[5] He was the partner in charge of the Akai Holdings account from 1991 to 1999.[6]
Sun was a member of Securities and Futures Commission between 2001 and 2007. In 2003, he became the president of the Hong Kong Institute of Certified Public Accountants (HKICPA) and served until 2007. He was also a member of chairman council[clarification needed] of the City University of Hong Kong from April to July 2012. Sun was later appointed as Director of Audit of Hong Kong in July 2012.[7] He retired in December 2018.[8]
Controversies
editWhen Akai went bust in 2000, the liquidators accused Ernst &Young of falsifying documents and tampering with audit documents between 1994 and 1998 to cover up the theft of over US$800m by Akai's chairman, James Ting.[9] Ting was imprisoned for false accounting in 2005,[9] and Ernst &Young paid $200m to settle the negligence case out of court in September 2009.[10] In a separate lawsuit a former Ernst &Young partner, Cristopher Ho, made a "substantial payment" to Akai creditors in his role as chairman of the company that had bought Akai just before it went bust in 2000.[11] By this time Sun was co-managing partner for Ernst &Young China; in January 2010 Ernst &Young settled another claim in relation to the bankrupt Moulin Global Eyecare, an audit client between 2002 and 2004[10] whose accounts were described by the liquidator as a "morass of dodginess".[10]
References
edit- ^ "Mr David Sun Tak-kei, BBS, JP, Director of Audit". Hong Kong Government. July 2012. Retrieved 2 February 2013.
- ^ "David Sun".
- ^ http://www.ey.com/gl/en/about-us/corporate-responsibility---ernst---youngs-people--making-corporate-responsibility-personal
- ^ "EY alters Greater China's management structure with appointment of Ng". 22 October 2009.
- ^ "Government announces appointment and removal of Director of Audit".
- ^ "Ernst & Young settles Akai case | Financial Times". Financial Times. 23 September 2009.
- ^ "Sun, David Tak Kei". Webb-site.com. 2012. Retrieved 2 February 2013.
- ^ Government announces appointment and removal of Director of Audit
- ^ a b Rovnick, Naomi; Lo, Clifford (30 September 2009). "Raids, arrest as fraud police probe Akai files". South China Morning Post.
- ^ a b c Rovnick, Naomi (27 January 2010). "Ernst & Young pays up to settle negligence claim". South China Morning Post.
- ^ Duce, John; Tan, Andrea (5 October 2009). "Akai Liquidator to Receive Payment in Settlement With Grande". Bloomberg.