The Straits Times, 9 Sep 2023
Former Cabinet minister and Singapore’s longest-serving finance minister Richard Hu Tsu Tau died on Friday. He was 96.
His death was disclosed in a Facebook post on Friday night by Deputy Prime Minister Lawrence Wong.
Mr Wong noted that Dr Hu was Singapore’s longest-serving finance minister. Dr Hu had held the post from 1985 to 2001.
“He stewarded our finances well, and provided a steady hand to steer our economy through the 1997 Asian Financial Crisis,” he said.
He noted that Dr Hu served as a director on the boards of the Monetary Authority of Singapore (MAS) and GIC when they were formed, and had provided exceptional service to both organisations.
He also recounted that he joined the Ministry of Finance (MOF) in 1999 and had worked with Dr Hu, who was then finance minister, on a Budget.
Mr Wong wrote: “(He) asked us to get information on the prices of some key essential items at the wet market so as to get a better feel of the cost of living pressures that people were experiencing then.”
He added: “That is what I remember of Dr Hu – not just thinking about policies in abstract, but making sure that policies led to tangible improvements in people’s lives.
“In his quiet and humble way, he has served Singaporeans with distinction, and made Singapore a better place for us all!”
On Friday night, MOF also posted on Facebook a condolence message to Dr Hu’s family. “We will remember Dr Hu for his many valuable contributions,” the ministry said.
People’s Action Party member Lee Hong Chuang, an IT manager who contested unsuccessfully in the Workers’ Party Hougang stronghold in the 2015 and 2020 general elections, uploaded a photo after attending Dr Hu’s wake on Friday.
He wrote: “I remember the late Dr Richard Hu when I was growing up as a real stalwart of our economy... May you rest in peace.”
Dr Hu was a senior Shell executive before he entered politics in 1984.
He was the director of marketing of Shell Singapore and general manager of Shell West Malaysia – the first Asian to be appointed director in the Shell Group – before he was promoted to chairman of Shell Malaysia in 1974 and Shell Singapore in 1977.
He was a board member of MAS for 26 years, from 1971 to 1997, and was appointed its managing director in 1983 after he retired from Shell.
In 1984, Dr Hu was elected MP for Kreta Ayer constituency and was immediately made trade and industry minister, making him among the few MPs since independence to be appointed to the Cabinet right after winning an election.
He went on to spend 17 years in politics, retiring in 2001 as finance minister.












