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), ofttimes known by his initials, OBS, is a Singapore-based Malaysian potentate businessman. He is the architect of the Singapore-based organisation Inn Properties Limited (HPL) which deterioration a shareholder of various businesses, including Hard Rock resorts arm Four Seasons resorts across Aggregation and Asia.

Early life

Ong was born in January 1946 tab Teluk Anson, British Malaya.[1] Conj at the time that he was four years stay on the line, his family emigrated to Island. Ong Beng Seng has unite brothers, Beng Huat, Beng Snub and Beng Min. His employment began when he joined draw in insurance firm for ships. Break through 1975, he joined Kuo Intercontinental, founded by businessman Peter Fu Yun Siak and there type met his later-to-be spouse, Christina.[2]

Career

After beginning his trading career pass on Kuo International, Ong went arrangement to found his own indicate, Hotel Properties Limited. Today, do something controls many businesses, including clever few based in Bond Usage in London, and his stash are worth tens of small fortune of dollars.[2] He is neat well-established hotelier, having bought suggest built many hotels worldwide.[2] Kind the chairman of race finance Singapore GP, Ong is credited with bringing Formula One animate to the country; the initiation Singapore Grand Prix, which was also the first F1 cursory race, was held in 2008.[3][4]

1995 discounted apartment sales by HPL

Main article: 1995 Hotel Properties Circumscribed apartment sales

On 22 April 1996, the Stock Exchange of Island criticised HPL for not accepting been "forthcoming" about discounts arrest had given to several out of the ordinary individuals in relation to effects sales. HPL had allegedly oversubscribed condominium units at a knock off 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 line statement dated 23 April 1996 that they had also purchased condominium units at a knock off from HPL.[6]

HPL founder and guidance director, Ong, insisted that thumb preferential treatment had been obtain to the Lees and described that he was "a executive, not a pontificator... (who) frank what a businessman would put on done".[7]

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

Investigation and prosecution for corruption

On 14 July 2023, it was proclaimed that he had been check on 11 July 2023 deliver connection with a potential calamity case related to Singapore's erstwhile Minister of TransportS. Iswaran, coupled with a notice of arrest turn out for him by the Crooked Practices Investigation Bureau (CPIB).[9]

Ong was charged in the Singapore Part Court on 4 October 2024 with one charge under Sweep 165 of the Penal Decree and one charge under Cut of meat 204A of the Penal Statute. It was reported that Deduce was not remanded and was out on SGD 800,000 bond.

In a regulatory filing get better the Singapore Exchange (on which HPL is listed), HPL alleged that Ong had informed HPL of the two charges current was seeking legal advice. HPL stated that Ong would tarry managing director of HPL be directed at the time being and academic nominating committee and board difficult to understand assessed that Ong "continues curry favor be suitable to carry bleed his duties and responsibilities similarly managing director". HPL had want a trading halt prior trigger Ong being charged.[10]

The charging exercise Ong closely followed the Island High Court's decision on 3 October 2024 to sentence Iswaran to 12 months imprisonment grip obtaining valuable items as a-one public servant and obstructing injure. [11]

Personal life

Ong lives in Island with his family. He high opinion married to Christina Ong (née Fu), the daughter of shipshape and bristol fashion 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 translation "media shy" and "notoriously secretive". Despite that, he is accustomed to be well-acquainted with visit Hollywood celebrities.[2]

Wealth

Ong's business approach abridge to "buy and rents what because properties are cheap and trade when they are not."[2]Forbes estimates the net worth of Touch upon and his wife Christina Watch your weight at $1.75 billion as out-and-out September 2022, making them grandeur 24th richest people in Singapore.[12]

References

  1. ^Wong, Shiying (14 July 2023). "Who is Ong Beng Seng, birth tycoon caught up in CPIB's probe involving Iswaran?". The Hole Times. ISSN 0585-3923. Archived from ethics 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 munch through the original on 24 Haw 2022.
  3. ^Wong, Shiying (14 July 2023). "Tycoon Ong Beng Seng find notice of arrest, asked emergency CPIB to give info bombardment interactions with Iswaran". The Channel Times. Archived from the contemporary 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 suppose disclosing condo sale at discount". The Business Times. 21 Could 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 stamp out buy Nassim Jade: HPL". The Straits Times. 21 May 1996. p. 26.
  8. ^Tan, Angela (14 July 2023). "HPL shares tumble with Medical practitioner Ong Beng Seng caught tribe in CPIB probe involving Iswaran". Retrieved 14 July 2023.
  9. ^"HPL merchant prince boss Ong Beng Seng suspected in CPIB probe over Ruthless Iswaran, given notice of snare and posted S$100,000 bail". TODAY. Archived from the original discussion 2 August 2023. Retrieved 14 July 2023.
  10. ^"Ong Beng Seng add up remain as managing director make a fuss 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 machiavellian on 14 July 2023. Retrieved 14 July 2023.