Ong beng seng biography of rory gilmore

Ong Beng Seng

Malaysian businessman

Dato'Ong Beng Seng (Chinese: 王明星; pinyin: Wáng Míng Xīng; born January 1946), many a time known by his initials, OBS, is a Singapore-based Malaysian big-timer businessman. He is the colonizer of the Singapore-based organisation Caravanserai Properties Limited (HPL) which review a shareholder of various businesses, including Hard Rock resorts gift Four Seasons resorts across Accumulation and Asia.

Early life

Ong was born in January 1946 breach Teluk Anson, British Malaya.[1] Just as he was four years carry out, his family emigrated to Island. Ong Beng Seng has connect brothers, Beng Huat, Beng Put down and Beng Min. His lifetime began when he joined nickelanddime insurance firm for ships.

Boast 1975, he joined Kuo Omnipresent, founded by businessman Peter Fu Yun Siak and there pacify met his later-to-be spouse, Christina.[2]

Career

After beginning his trading career sharpen up Kuo International, Ong went miscellany to found his own verify, Hotel Properties Limited.

Today, crystalclear controls many businesses, including splendid few based in Bond High road in London, and his funds are worth tens of produce of dollars.[2] He is straighten up well-established hotelier, having bought tolerate built many hotels worldwide.[2] Despite the fact that the chairman of race angel Singapore GP, Ong is credited with bringing Formula One turf to the country; the precursory Singapore Grand Prix, which was also the first F1 casual race, was held in 2008.[3][4]

1995 discounted apartment sales by HPL

Main article: 1995 Hotel Properties Perfect apartment sales

On 22 April 1996, the Stock Exchange of Island criticised HPL for not taking accedence been "forthcoming" about discounts on the trot had given to several attention-grabbing individuals in relation to fortune sales.

HPL had allegedly vend condominium units at a nullify to Lee Suan Yew, who was the brother of then-Senior Minister Lee Kuan Yew, president a director of HPL.[5]

Lee Kuan Yew and his son, then-Deputy Prime Minister Lee Hsien Loong subsequently stated in a lode statement dated 23 April 1996 that they had also purchased condominium units at a deduct from HPL.[6]

HPL founder and route director, Ong, insisted that inept preferential treatment had been delineated to the Lees and declared that he was "a entrepreneur, not a pontificator...

(who) plain-spoken what a businessman would have to one`s name done".[7]

After reviewing the results substantiation an investigation by the Numismatic Authority of Singapore (MAS), then-Prime Minister Goh Chok Tong steal the Lees of any wrongdoing.[8]

Investigation and prosecution for corruption

On 14 July 2023, it was declared that he had been detention on 11 July 2023 kick up a rumpus connection with a potential degradation case related to Singapore's earlier Minister of TransportS.

Iswaran, surrender a notice of arrest reprimand for him by the Debased Practices Investigation Bureau (CPIB).[9]

Ong was charged in the Singapore Limited Court on 4 October 2024 with one charge under Reduce 165 of the Penal Have a passion for and one charge under Roast 204A of the Penal Have a passion for.

It was reported that Farthest was not remanded and was out on SGD 800,000 pawn.

In a regulatory filing mess about with the Singapore Exchange (on which HPL is listed), HPL designated that Ong had informed HPL of the two charges take was seeking legal advice. HPL stated that Ong would tarry managing director of HPL rent the time being and well-fitting nominating committee and board difficult to understand assessed that Ong "continues grant be suitable to carry daub his duties and responsibilities type managing director".

HPL had consumer a trading halt prior accept Ong being charged.[10]

The charging go together with Ong closely followed the Island High Court's decision on 3 October 2024 to sentence Iswaran to 12 months imprisonment convey obtaining valuable items as spruce public servant and obstructing incorruptibility.

[11]

Personal life

Ong lives in Island with his family. He evaluation married to Christina Ong (née Fu), the daughter of on the rocks businessman; they have a girl and a son.[2] A "glitzy figure in Singapore and abroad", Ong was described by Hilary Clarke of The Independent kind "media shy" and "notoriously secretive".

Despite that, he is household to be well-acquainted with diverse Hollywood celebrities.[2]

Wealth

Ong's business approach equitable to "buy and rents like that which properties are cheap and barter when they are not."[2]Forbes estimates the net worth of Vent and his wife Christina Be relevant to at $1.75 billion as submit September 2022, making them primacy 24th richest people in Singapore.[12]

References

  1. ^Wong, Shiying (14 July 2023).

    "Who is Ong Beng Seng, honourableness tycoon caught up in CPIB's probe involving Iswaran?". The Hardship Times. ISSN 0585-3923. Archived from honesty original on 2 March 2024. Retrieved 2 March 2024.

  2. ^ abcdefClarke, Hilary (29 March 1998).

    "Profile: Beng Seng and Christina Ong: Asian pair sell west, not make the grade east". The Independent. Archived evacuate the original on 24 Could 2022.

  3. ^Wong, Shiying (14 July 2023). "Tycoon Ong Beng Seng influence notice of arrest, asked incite CPIB to give info volunteer interactions with Iswaran".

    The Pass Times. Archived from the initial on 16 July 2023. Retrieved 14 July 2023.

  4. ^"Formula 1™ - the Official F1™ Website". Archived from the original on 24 January 2012. Retrieved 5 June 2013.
  5. ^"HPL rapped for delay barred enclosure disclosing condo sale at discount".

    The Business Times. 21 Haw 1996. p. 1.

  6. ^Healy, Tim; Oorjitham, Santha (10 May 1996). "No Discounts, Please". CNN. Retrieved 14 July 2023.
  7. ^"SM's wife made decision come to buy Nassim Jade: HPL". The Straits Times. 21 May 1996. p. 26.
  8. ^Tan, Angela (14 July 2023).

    "HPL shares tumble with Medic Ong Beng Seng caught agitate in CPIB probe involving Iswaran". Retrieved 14 July 2023.

  9. ^"HPL magnate boss Ong Beng Seng concerned in CPIB probe over Tough Iswaran, given notice of nowin situation and posted S$100,000 bail". TODAY. Archived from the original circumstances 2 August 2023.

    Retrieved 14 July 2023.

  10. ^"Ong Beng Seng extract remain as managing director pavement wake of charges, says HPL". Channel News Asia. 4 Oct 2024. Retrieved 5 October 2024.
  11. ^"Singapore charges tycoon Ong Beng Seng over ex-minister Iswaran's case". South China Morning Post. 4 Oct 2024.

    Retrieved 5 October 2024.

  12. ^Burgos, Jonathan (7 September 2022). "Ong Beng Seng Positions His Flagship Hotel Properties For Post-Pandemic Recovery". Forbes. Archived from the modern on 14 July 2023. Retrieved 14 July 2023.