Singapore Arrest Warrant: Hotel Tycoon Ong Beng Seng Faces Investigation

2023-07-14 08:29:48

Singapore

Arrest warrant for wealthy Malaysian hotel tycoon

Authorities have issued a rare arrest notice for Ong Beng Seng, who notably helped win a Formula 1 Grand Prix in the city-state.

PostedJuly 14, 2023, 10:29 AM

Property tycoon Ong Beng Seng leaves the headquarters of the Corrupt Practices Investigation Bureau in Singapore on July 12, 2023.

via REUTERS

Hotel and real estate tycoon Ong Beng Seng attends the second practice session for the Singapore F1 Grand Prix, September 26, 2008.

REUTERS

Singapore’s anti-corruption body has issued a rare arrest notice for one of its wealthiest residents, his company said on Friday, in connection with the ongoing investigation into the Minister of Transport. Hotel tycoon Ong Beng Seng has received “notice of arrest and has posted bail,” his company Hotel Properties Limited said in a Singapore Stock Exchange filing. The company said in its filing that Mr Ong posted bail of 100,000 Singapore dollars, or US$76,000. The Corrupt Practices Investigation Bureau (CPIB) has asked the billionaire to “provide information regarding his interactions” with Transport Minister S. Iswaran, the company said.

Singapore Prime Minister Lee Hsien Loong said on Wednesday he had ordered the transport minister to go “on leave” after the CPIB said this week that Mr Iswaran was “currently participating” in an ongoing investigation, without disclosing details. details.

24th fortune in Singapore

Hotel Properties Limited, of which Mr Ong is the managing director, owns Four Seasons and Hilton hotels and has properties in Australia, Canada, the United Kingdom and the United States, according to local media Mr. Ong, a Malaysian permanent resident of Singapore, helped bring the Formula 1 Grand Prix to the city-state in 2008.

His private company Singapore GP and the Singapore Tourism Board last year renewed the contract to host the F1 race until 2028. “Mr. Ong is cooperating fully with the CPIB and has provided the requested information,” the company said. She added that no charges had been brought against Mr Ong, who was listed by Forbes, along with his wife, as the 24th richest person in Singapore last year. The regional financial center of Singapore is one of the least corrupt countries in the world.

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