Despite his stature, Ong Beng Seng is a private person; so much so that he is known as ‘The Invisible Ong.’ In fact, a 1998 profile on him by The Independent said that he had given only 2 interviews in 25 years and hadn’t spoken to analysts for 8 years.
According to the article, Ong was involved in the making of a documentary on sharks and another documentary on women bodybuilders.Pumping Ironwhich turned Arnold Schwarzenegger into a global icon. It revolves around the women bodybuilders competing in the 1983 world championship at Caesars Palace in Las Vegas, US.The Wall Street Journal
In fact, reports from the time of the Asian financial crisis indicated that Ong and his wife Christina were going bankrupt.report said that some journalists and analysts believed that the Singaporean government would have to step in to indirectly bail the couple out. But citing sources close to Ong, the report added that there was no financial trouble with the Ong family and that they were consolidating their income at home.
It led to both Ong and the Fu family increasing their stake in HPL, thereby retaining control of the groupIt was reportedly after this incident that Ong began raising his media profile, which helped in raising HPL’s public image and its worth.Ong Beng Seng himself launched a takeover bid for leading Singaporean steel producer NatSteel in a highly publicised eight-month-long tussle with Singaporean business tycoon Oei Hong Leong.
In mid-January 2003, Ong emerged victorious, winning a bare majority of 50.31 per cent of the company’s shares. Following the end of the tussle, Ong’s 98 Holdings owned 42.08 per cent and had the backing of minority shareholders who held another 8.23 per cent of NatSteel. Oei was left with a 29.9 per cent stake.
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