Industry veteran takes the helm of commodities exchange
Barry Cheung Chun-yuen's close government ties and his experience as an oil service executive should stand him in good stead as he leads the city's first commodities exchange. But his record has not been without controversy.
The 50-year-old veteran of the oil industry served as a member of the government's Central Policy Unit on secondment from global consultants McKinsey & Company from 1993 to 1994.
Mr Cheung dismissed speculation that the setting up of the commodities exchange was under the direct request of the government and arising from his close relationship with Chief Executive Donald Tsang Yam-kuen.
'I'm familiar with many people in the city,' he said yesterday.
His latest public role as chairman of the Urban Renewal Authority (URA) has drawn widespread criticism following the redevelopment of Lee Tung Street in Wan Chai last year.
Mr Cheung was accused of neglecting the views of local residents who wanted to preserve the street, better known as 'Wedding Card Street'. The street ranks high on Hong Kong's heritage list and the redevelopment has been one of the authority's most controversial projects.
Despite the row, analysts said his stint at URA had brought him knowledge of running a semi-government organisation.
'Mr Cheung has taken a lot of roles in semi-government institutions like the URA and [the Independent Commission Against Corruption],' said Gideon Lo, an analyst at DBS Vickers. 'Together with his management experience in petrochemicals, that would help him with various tasks in the commodities exchange.'
Mr Cheung on Tuesday resigned from his job as executive director and deputy chairman of oil trader Titan Petrochemicals Group because of his 'other business commitments', according to a statement filed with the Hong Kong stock exchange.
He handed over the chief executive duties at Titan to the company's chairman, Tsoi Tin-chun, in January.
The company, which provides oil logistics, operates shipyards and owns tankers, has suffered under the impact of higher and fluctuating oil prices. The company posted a loss of HK$29.1 million last year from a HK$100 million profit in 2006.
