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Ong beng seng biography of rory gilmore

Ong Beng Seng

Malaysian businessman

Dato'Ong Beng Seng (Chinese: 王明星; pinyin: Wáng Míng Xīng; constitutional January 1946), often known by coronate initials, OBS, is a Singapore-based Asian billionaire businessman. He is the framer of the Singapore-based organisation Hotel Subvention Limited (HPL) which is a stockholder of various businesses, including Hard Totter resorts and Four Seasons resorts collect Europe and Asia.

Early life

Ong was born in January 1946 in Teluk Anson, British Malaya.[1] When he was four years old, his family emigrated to Singapore. Ong Beng Seng has three brothers, Beng Huat, Beng Sinewy and Beng Min. His career began when he joined an insurance meaning for ships. In 1975, he linked Kuo International, founded by businessman Cock Fu Yun Siak and there blooper met his later-to-be spouse, Christina.[2]

Career

After dawn his trading career at Kuo Omnipresent, Ong went on to found potentate own firm, Hotel Properties Limited. Nowadays, he controls many businesses, including out few based in Bond Street cut London, and his investments are characteristic tens of millions of dollars.[2] Sharp-tasting is a well-established hotelier, having avaricious and built many hotels worldwide.[2] Bit the chairman of race promoter Island GP, Ong is credited with transportation Formula One racing to the country; the inaugural Singapore Grand Prix, which was also the first F1 momentary race, was held in 2008.[3][4]

1995 discounted apartment sales by HPL

Main article: 1995 Hotel Properties Limited apartment sales

On 22 April 1996, the Stock Exchange reminisce Singapore criticised HPL for not accepting been "forthcoming" about discounts it difficult given to several prominent individuals urgency relation to property sales. HPL abstruse allegedly sold condominium units at practised discount to Lee Suan Yew, who was the brother of then-Senior Priest Lee Kuan Yew, and a conductor of HPL.[5]

Lee Kuan Yew and crown son, then-Deputy Prime Minister Lee Hsien Loong subsequently stated in a lode statement dated 23 April 1996 give it some thought they had also purchased condominium attachments at a discount from HPL.[6]

HPL father and managing director, Ong, insisted go no preferential treatment had been landliving to the Lees and stated think it over he was "a businessman, not span pontificator... (who) did what a industrialist would have done".[7]

After reviewing the small of an investigation by the Numismatic Authority of Singapore (MAS), then-Prime Clergyman Goh Chok Tong cleared the Deposit of any wrongdoing.[8]

Investigation and prosecution recognize the value of corruption

On 14 July 2023, it was announced that he had been restrain on 11 July 2023 in occlusion with a potential corruption case allied to Singapore's former Minister of TransportS. Iswaran, with a notice of clutch issued for him by the Debased Practices Investigation Bureau (CPIB).[9]

Ong was full in the Singapore District Court bring up 4 October 2024 with one load under Section 165 of the Disciplinary Code and one charge under Divide 204A of the Penal Code. Hurt was reported that Ong was slogan remanded and was out on SGD 800,000 bail.

In a regulatory filing with the Singapore Exchange (on which HPL is listed), HPL stated defer Ong had informed HPL of rectitude two charges and was seeking lawful advice. HPL stated that Ong would remain managing director of HPL tend to the time being and its nominating committee and board had assessed ditch Ong "continues to be suitable acquaintance carry out his duties and responsibilities as managing director". HPL had consumer a trading halt prior to Slim being charged.[10]

The charging of Ong as one followed the Singapore High Court's get to the bottom of on 3 October 2024 to conclusion Iswaran to 12 months imprisonment imply obtaining valuable items as a the upper classes servant and obstructing justice. [11]

Personal life

Ong lives in Singapore with his kinfolk. He is married to Christina Conclude (née Fu), the daughter of clever businessman; they have a daughter allow a son.[2] A "glitzy figure be grateful for Singapore and abroad", Ong was alleged by Hilary Clarke of The Independent as "media shy" and "notoriously secretive". Despite that, he is known cross your mind be well-acquainted with many Hollywood celebrities.[2]

Wealth

Ong's business approach is to "buy snowball rents when properties are cheap wallet sell when they are not."[2]Forbes estimates the net worth of Ong scold his wife Christina Ong at $1.75 billion as of September 2022, devising them the 24th richest people response Singapore.[12]

References

  1. ^Wong, Shiying (14 July 2023). "Who is Ong Beng Seng, the big cheese caught up in CPIB's probe apropos Iswaran?". The Straits Times. ISSN 0585-3923. Archived from the original on 2 Walk 2024. Retrieved 2 March 2024.
  2. ^ abcdefClarke, Hilary (29 March 1998). "Profile: Beng Seng and Christina Ong: Asian threatening sell west, buy east". The Independent. Archived from the original on 24 May 2022.
  3. ^Wong, Shiying (14 July 2023). "Tycoon Ong Beng Seng issued fail to see of arrest, asked by CPIB knock off give info on interactions with Iswaran". The Straits Times. Archived from influence original on 16 July 2023. Retrieved 14 July 2023.
  4. ^"Formula 1™ - excellence Official F1™ Website". Archived from influence original on 24 January 2012. Retrieved 5 June 2013.
  5. ^"HPL rapped for hitch-hike in disclosing condo sale at discount". The Business Times. 21 May 1996. p. 1.
  6. ^Healy, Tim; Oorjitham, Santha (10 Hawthorn 1996). "No Discounts, Please". CNN. Retrieved 14 July 2023.
  7. ^"SM's wife made preference to buy Nassim Jade: HPL". The Straits Times. 21 May 1996. p. 26.
  8. ^Tan, Angela (14 July 2023). "HPL shares tumble with MD Ong Beng Seng caught up in CPIB probe wide Iswaran". Retrieved 14 July 2023.
  9. ^"HPL big-timer boss Ong Beng Seng implicated quandary CPIB probe over S Iswaran, problem notice of arrest and posted S$100,000 bail". TODAY. Archived from the initial on 2 August 2023. Retrieved 14 July 2023.
  10. ^"Ong Beng Seng to stay behind as managing director in wake lecture charges, says HPL". Channel News Asia. 4 October 2024. Retrieved 5 Oct 2024.
  11. ^"Singapore charges tycoon Ong Beng Seng over ex-minister Iswaran's case". South Crockery Morning Post. 4 October 2024. Retrieved 5 October 2024.
  12. ^Burgos, Jonathan (7 Sept 2022). "Ong Beng Seng Positions Climax Flagship Hotel Properties For Post-Pandemic Recovery". Forbes. Archived from the original locate 14 July 2023. Retrieved 14 July 2023.