Frances Yung
Frances Yung Ming-fong is a Chinese-Canadian businesswoman and heiress, known for her connection to the CITIC Pacific foreign exchange losses scandal. The daughter of CITIC Chairman Larry Yung, in 2007, Yung was ranked the 9th on the Forbes Chinese billionaires list.
Biography
Yung holds coterm Bachelor’s and Master’s degrees in Economics and Management Science & Engineering from Stanford University. She provided major support to help launch the Knight-Hennessy Scholars. She is a member of Chinese General Chamber of Commerce and Christie's Asia Advisory Board.In October 2008, Yung and other two senior executives were involved in unauthorized foreign exchange deals in CITIC Pacific, which caused a HK$15.5 billion loss in the company. Yung was later called to testify about her conduct in the CITIC Pacific foreign exchange losses scandal. Yung was removed from the finance department and demoted with a salary cut. 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.