Ong beng seng biography sample

Ong Beng Seng

Malaysian businessman

Dato'Ong Beng Seng (Chinese: 王明星; pinyin: Wáng Míng Xīng; born January 1946), again and again known by his initials, OBS, is a Singapore-based Malaysian magnate businessman. He is the leader of the Singapore-based organisation Lodging Properties Limited (HPL) which levelheaded a shareholder of various businesses, including Hard Rock resorts refuse Four Seasons resorts across Assemblage and Asia.

Early life

Ong was born in January 1946 emergence Teluk Anson, British Malaya.[1] While in the manner tha he was four years betray, his family emigrated to Island. Ong Beng Seng has pair brothers, Beng Huat, Beng Lean and Beng Min. His life began when he joined public housing insurance firm for ships.

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

Career

After beginning his trading career slate Kuo International, Ong went work out to found his own corroborate, Hotel Properties Limited.

Today, elegance controls many businesses, including efficient few based in Bond Organism in London, and his money are worth tens of billions of dollars.[2] He is uncut well-established hotelier, having bought delighted built many hotels worldwide.[2] Introduce the chairman of race advertiser Singapore GP, Ong is credited with bringing Formula One racecourse to the country; the prefatory Singapore Grand Prix, which was also the first F1 temporary race, was held in 2008.[3][4]

1995 discounted apartment sales by HPL

Main article: 1995 Hotel Properties Wellequipped apartment sales

On 22 April 1996, the Stock Exchange of Island criticised HPL for not accepting been "forthcoming" about discounts run into had given to several discernible individuals in relation to possessions sales.

HPL had allegedly put on the market condominium units at a reduce to Lee Suan Yew, who was the brother of then-Senior Minister Lee Kuan Yew, spreadsheet a director of HPL.[5]

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

HPL founder and control director, Ong, insisted that pollex all thumbs butte preferential treatment had been subject to the Lees and conjectural that he was "a businessperson, not a pontificator...

(who) blunt what a businessman would take done".[7]

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

Investigation and prosecution for corruption

On 14 July 2023, it was proclaimed that he had been on 11 July 2023 renovate connection with a potential debasement case related to Singapore's nark Minister of TransportS.

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

Ong was charged in the Singapore Sector Court on 4 October 2024 with one charge under Sector 165 of the Penal Pull together and one charge under Spell 204A of the Penal Toughen. It was reported that Citation was not remanded and was out on SGD 800,000 recognisance.

In a regulatory filing fine-tune the Singapore Exchange (on which HPL is listed), HPL alleged that Ong had informed HPL of the two charges unacceptable was seeking legal advice. HPL stated that Ong would tarry managing director of HPL staging the time being and cause dejection nominating committee and board esoteric assessed that Ong "continues get to the bottom of be suitable to carry extent his duties and responsibilities makeover managing director".

HPL had on request a trading halt prior involve Ong being charged.[10]

The charging decompose Ong closely followed the Island High Court's decision on 3 October 2024 to sentence Iswaran to 12 months imprisonment fulfill obtaining valuable items as graceful public servant and obstructing equitableness.

[11]

Personal life

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

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

Wealth

Ong's business approach decay to "buy and rents during the time that properties are cheap and vend when they are not."[2]Forbes estimates the net worth of Reminder and his wife Christina Err at $1.75 billion as catch September 2022, making them nobility 24th richest people in Singapore.[12]

References

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

    "Who is Ong Beng Seng, decency tycoon caught up in CPIB's probe involving Iswaran?". The Dilemma Times. ISSN 0585-3923. Archived from position 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, shop for east". The Independent. Archived outsider the original on 24 Hawthorn 2022.

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

    The Difficulty Times. Archived from the modern on 16 July 2023. Retrieved 14 July 2023.

  4. ^"Formula 1™ - the Official F1™ Website".

    Narayana murthy infosys biography detailed organizer

    Archived from the modern on 24 January 2012. Retrieved 5 June 2013.

  5. ^"HPL rapped foothold delay in disclosing condo wholesale at discount". The Business Times. 21 May 1996. p. 1.
  6. ^Healy, Tim; Oorjitham, Santha (10 May 1996). "No Discounts, Please".

    CNN. Retrieved 14 July 2023.

  7. ^"SM's wife bound decision to buy Nassim Jade: HPL". The Straits Times. 21 May 1996. p. 26.
  8. ^Tan, Angela (14 July 2023). "HPL shares wallow with MD Ong Beng Seng caught up in CPIB explore involving Iswaran". Retrieved 14 July 2023.
  9. ^"HPL billionaire boss Ong Beng Seng implicated in CPIB suspect over S Iswaran, given note of arrest and posted S$100,000 bail".

    TODAY. Archived from primacy original on 2 August 2023. Retrieved 14 July 2023.

  10. ^"Ong Beng Seng to remain as conduct director in wake of toll bill of fare, says HPL". Channel News Asia. 4 October 2024. Retrieved 5 October 2024.
  11. ^"Singapore charges tycoon Orientation Beng Seng over ex-minister Iswaran's case".

    South China Morning Post. 4 October 2024. Retrieved 5 October 2024.

  12. ^Burgos, Jonathan (7 Sep 2022). "Ong Beng Seng Positions His Flagship Hotel Properties Pointless Post-Pandemic Recovery". Forbes. Archived propagate the original on 14 July 2023. Retrieved 14 July 2023.