Ong Beng Seng posts $100k bail after getting arrest notice, gives CPIB info on interactions with Iswaran

Wong Shiying
The Straits Times
July 14, 2023

Hotelier Ong Beng Seng has been issued a notice of arrest by the Corrupt Practices Investigation Bureau (CPIB) and is cooperating with the anti-graft body to provide information in relation to his interactions with Transport Minister S. Iswaran.

Hotel Properties Limited 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 founder and managing director of the company.

“He will be travelling from 14 July 2023 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.

Mr Ong Beng Seng walking out from Corrupt Practices Investigation Bureau at 4.55pm on July 12. Photo: Lianhe Zaobao

Chinese daily Lianhe Zaobao photographed the tycoon leaving CPIB’s headquarters on Wednesday after CPIB announced that Mr Iswaran, who is also Minister-in-charge of Trade Relations, is assisting with investigations into a case it uncovered. It did not give details on the nature of the investigation.

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 re-assess the suitability of the continued appointment of Mr Ong,” the company said.

Mr Iswaran, 61, has 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 on Wednesday. He will remain in Singapore during this period and will have no access to any official resources and government buildings.

Mr Ong is known as the man who brought Formula One to Singapore. Race promoter Singapore GP, of which Mr Ong is chairman, foots 40 per cent of the cost of staging the $135-million night race.

The Ministry of Trade and Industry and Singapore Tourism Board fund the remaining 60 per cent.

Mr Iswaran has been involved in government engagements involving Formula One from as early as 2008.

The contract for Singapore to continue hosting Formula One for another seven years was signed in 2022. This is the fourth renewal and the longest extension so far.

HPL owns the Four Seasons Hotels and Resorts in Singapore, among other properties in Canada, Australia, the United Kingdom and the United States. It was also part of a consortium - along with state-owned investment firm Temasek - which in May 2022 bought the real estate assets of Singapore Press Holdings.

Shares of Hotel Properties tumbled 5.4 per cent to $3.65 when trading opened on the Singapore Exchange on Friday.

This story is developing.

From left: Mr S. Iswaran, F1 chief executive Stefano Domenicali and Mr Ong Beng Seng in 2022. Photo: S Iswaran/Facebook