Five years ago, he was recovering from personal bankruptcy. Two years later, he bought and turned around Malaysia's largest shipbuilder, Sabah Shipyard, a perennial loser when owned by the Sabah state government. In 1993 he was convicted and fined for violations of Singapore's Companies Act. The next year Chong won a bid to privatize National Steel, the largest steel maker in the Philippines. In April this year, he won a seat in Malaysia's Parliament despite charges of vote buying, exceeding campaign spending limits and badmouthing reporters digging into his Singapore conviction.
Some analysts are optimistic.
National Steel will likely earn twice that, he adds. Westmost also has interests in real estate, gaming, banking and energy. Many want Westmont to succeed. Renong Overseas Corp. is the latest Malaysian company taking the international route. For its part, the Philippines is keen on keeping National Steel healthy.