Tycoon Ong Beng Seng arrested, asked by CPIB to give info on interactions with Iswaran
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Mr Ong Beng Seng leaving the Corrupt Practices Investigation Bureau at 4.55pm on July 12, 2023.
PHOTO: LIANHE ZAOBAO
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SINGAPORE – Hotelier Ong Beng Seng
Hotel Properties Limited (HPL) said in a statement to the Singapore Exchange at 7.30am on Friday that no charges have been filed against Mr Ong, 77, who is the founder and managing director of the company.
“He will be travelling from July 14 and will be surrendering his passport to CPIB upon his return to Singapore. He has been given a notice of arrest and has posted bail of $100,000,” the statement read.
Chinese daily Lianhe Zaobao photographed the tycoon leaving CPIB headquarters on Wednesday after CPIB announced that Mr Iswaran, who is also Minister-in-charge of Trade Relations, is assisting with investigations
HPL said Mr Ong is cooperating with the CPIB and has provided the information requested.
“As this is an ongoing matter, he is unable to provide further details at this point. He has undertaken to provide updates to the board if there are subsequent material developments,” the company said.
HPL added that Mr Ong will continue his duties and responsibilities as managing director in the meantime after the nominating committee determined that he is suitable to do so.
“The board and the nominating committee will continue to monitor the progress of the matter and the nominating committee will continue to reassess the suitability of the continued appointment of Mr Ong,” the company said.
Mr Ong is also known as the man who brought Formula One to Singapore. He is chairman of Singapore GP, which organises the F1 night race at the Marina Bay Street Circuit annually.
In response to queries from The Straits Times, a Singapore GP spokesman said the race promoter is continuing with the planning and preparations for this year’s race, which will take place on Sept 17.
Mr S. Iswaran (left) with Mr Ong Beng Seng (right) and Mr Stefano Domenicali, the chief executive of Formula One, in October 2022.
PHOTO: S ISWARAN/FACEBOOK
Mr Iswaran, 61, was instructed by Prime Minister Lee Hsien Loong to take leave of absence
He has been involved in government engagements involving Formula One from as early as 2008.
The Ministry of Trade and Industry and Singapore Tourism Board fund 60 per cent of the cost of staging the $135 million night race. The balance is footed by Singapore GP.
The contract for Singapore to continue hosting Formula One for another seven years
Professor Lawrence Loh, director of the Centre for Governance and Sustainability at the National University of Singapore, said the CPIB investigation should not have a significant impact on whether the Singapore Formula One race will go on.
“The organising of the event involves institutional entities, it is not tied to individuals,” he said.
Prof Loh added, however, that it is possible that Singapore’s reputation as a Formula One host could take a hit.
“Mr Ong Beng Seng is the person behind Singapore GP, and he is credited with bringing Formula One to Singapore. Mr Iswaran is also a key figure. To what extent the impact of this will be on Singapore’s reputation, we will have to wait for the findings of the investigation,” he said.
HPL owns Four Seasons Hotels and Resorts in Singapore, among other properties in Canada, Australia, Britain and the United States. It was also part of a consortium – along with state-owned investment firm Temasek – that in May 2022 bought the real estate assets of Singapore Press Holdings.
Shares of HPL tumbled 7 per cent to $3.60
