Richard Hu
| Richard Hu Tsu Tau | |
|---|---|
| Born |
Richard Hu Tsu Tau October 30, 1926 (age 90) Singapore |
| Spouse(s) | Irene Tan Dee Leng |
| Children | 2 |
| Parent(s) | Hu Tsai Kuen |
Richard Hu Tsu Tau (simplified Chinese: 胡赐道; traditional Chinese: 胡賜道; pinyin: Hú Cì Dào, born October 30, 1926) is a former People's Action Party (PAP) politician in Singapore. He served as the Minister of 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.
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.
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 (MAS) and the Government of Singapore Investment Corporation (GIC), holding both posts concurrently until 1984.
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 of 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 (POSB) and the sale of POSB to the Development Bank of Singapore (DBS) in 1998.
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