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Richard Hu, S’pore’s longest-serving finance minister, dies aged 96

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He also held ministerial portfolios of health and national development during his years in the Cabinet. Read more at straitstimes.com.

He was the director of marketing of Shell Singapore and general manager of Shell West Malaysia – the first Asian to be appointed director in the Shell Group – before he was promoted to chairman of Shell Malaysia in 1974 and Shell Singapore in 1977.

In 1984, Dr Hu was elected MP for Kreta Ayer constituency and was immediately made trade and industry minister, the first PAP MP to be appointed to the Cabinet right after winning an election.Dr Hu was associated with several key policies during his term, such as overseeing the reform of Singapore’s financial and banking sectors, which included privatising the Post Office Savings Bank and selling it to DBS Bank.

In the 1998 Asian Financial Crisis, Dr Hu oversaw the introduction of two off-Budget stimulus packages totalling $12.5 billionThis was repeated in 2001 in response to another recession, when an $11.3 billion off-Budget package was drawn up.

 

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Former Finance Minister Richard Hu dies aged 96SINGAPORE: Former Finance Minister Richard Hu died on Friday (Sep 8) at 96 years old. Dr Hu first entered politics in 1984 after contesting in the General Election as a member of the People's Action Party for the Kreta Ayer constituency, where he was elected as a Member of Parliament Therea
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