14-7-2023 (SINGAPORE) Ong Beng Seng, the managing director of Hotel Properties Limited (HPL), has been issued a notice of arrest and asked by the Corrupt Practices Investigation Bureau (CPIB) to provide information about his interactions with Transport Minister S Iswaran. CPIB has not revealed the nature of the investigation. No charges have been filed against Ong, who has posted bail of S$100,000 and is said to be fully cooperating with the anti-corruption agency. HPL said that Ong would be travelling from Jul 14 and would surrender his passport to CPIB upon his return to Singapore. HPL’s nominating committee has determined that Ong “continues to be suitable to carry out his duties and responsibilities as managing director”, according to a company announcement.
Ong, a 77-year-old billionaire businessman, is often credited with playing a key role in a deal struck in 2007 between the Singapore Tourism Board and then-Formula 1 boss Bernie Ecclestone to bring the first-ever night race to the country. Ong owns the rights to the Singapore Grand Prix.
Shares of HPL fell 4 per cent following the announcement.
Iswaran had been instructed by Prime Minister Lee Hsien Loong to take a leave of absence until the investigation is completed. The Prime Minister’s Office said that Iswaran would remain in Singapore during this time and would have “no access to any official resources and government buildings”. Iswaran has been Minister for Transport since May 2021 and is concurrently Minister-in-charge of Trade Relations since May 2018.
Before his career in politics, Iswaran worked in both the public and private sector, including at the Ministry of Trade and Industry as well as Temasek Holdings. According to a Reuters report in 2007, Iswaran previously had business ties with Ong, when the former was at Temasek.
HPL, the company founded by Ong, owns the Four Seasons and Hilton hotels and had acquired properties in Australia, Canada, the United Kingdom, and the United States. HPL was also part of a consortium that, along with state-owned investment firm Temasek, bought the real estate assets of media firm Singapore Press Holdings in May 2022.
