Former financial secretary Sir Piers Jacobs, who oversaw the stock exchange closure during the 1987 market crash and refused to bail out the Bank of Credit and Commerce International, died yesterday aged 66.
The veteran civil servant died of cancer in Queen Mary Hospital after a five-year battle. At the time of his death, he was senior vice-chairman and director of CLP Holdings, chairman and director of Sir Elly Kadoorie and Sons, and chairman of the Kadoorie Farm and Botanic Garden Corporation.
Sir Piers is survived by his widow, Josephine, and their daughter, Isobel, 33, who has flown from her home in London to be with her mother.
Legislators and officials were saddened by the death. Tung Chee-hwa said he was sending his deepest condolences to the family.
Non-affiliated legislator Eric Li Ka-cheung, who worked with Sir Piers to help the handicapped, said Hong Kong had lost a man of high integrity.
Sir David Akers-Jones, chief secretary when Sir Piers was finance chief, said the former official had had a balanced view of developments in Hong Kong.