Frances Yung Ming-fong | |
|---|---|
| Born | (1972-12-07)December 7, 1972 (age 53) |
| Education | Benenden School |
| Children | 5
|
| Father | Larry Yung Chi-kin |
| Relatives | Rong Yiren (grandfather) Yang Jianqing (grandmother) Rong Desheng (great-grandfather)[2] |
Frances Yung Ming-fong (born 1972) is a Chinese-Canadian businesswoman and heiress, known for her connection to the CITIC Pacific foreign exchange losses scandal.[3] The daughter of CITIC ChairmanLarry Yung, in 2007, Yung was ranked the 9th on the Forbes Chinese billionaires list.
Yung holds coterm Bachelor’s and Master’s degrees in Economics and Management Science & Engineering fromStanford University. She provided major support to help launch theKnight-Hennessy Scholars.[4] She is a member ofChinese General Chamber of Commerce andChristie's Asia Advisory Board.[5][6]
In October 2008, Yung and other two senior executives were involved inunauthorized foreign exchange deals inCITIC Pacific, which caused aHK$15.5 billionloss in the company. Yung was later called to testify about her conduct in the CITIC Pacific foreign exchange losses scandal.[7][8][9] Yung was removed from the finance department anddemoted with asalary cut.[1] That year, Yung's ranking on the Chinese billionaires list dropped to 63rd in 2008, when the value of CITIC Pacific dropped 86% due to the scandal.[10][11]
Yung’s first marriage, to Brian David Li Man-bun, ended in divorce, they have three children. She later marriedHu Haifeng, the couple have two daughters.[1] Her daughtersdebuted at theQueen Charlotte's Ball atKensington Palace in London and took part in their paternal grandfather'stour ofRussia.[12]
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