Singapore Asks Hotel Tycoon Ong Beng Seng To Provide Information On Graft Investigation

Singapore has issued an arrest notice to business tycoon Ong Beng Seng, asking the managing director of Hotel Properties to help the government in its ongoing graft investigation involving Transport Minister S. Iswaran.

Ong is cooperating fully with the Corrupt Practices Investigation Bureau (CPIB) and has provided the information requested, Hotel Properties said in a statement. He was asked to provide information with regard to his interactions with Iswaran, and no charges have been filed against him, it added.

“As this is an ongoing matter, he is unable to provide further details at this point,” according to the statement. “He has undertaken to provide updates to the board if there are subsequent material developments.” Ong, who is out on bail, will be traveling today and will surrender his passport to CPIB upon his return to Singapore.

On Wednesday, the CPIB said Iswaran is assisting the bureau with an investigation into a case it has uncovered, without providing details. Prime Minister Lee Hsien Loong had asked Iswaran to take a leave of absence while the probe was ongoing.

Ong, whose Hotel Properties has a portfolio of hotels and resorts across 15 countries including the Four Seasons in Singapore and the Maldives, owns the Formula One Singapore Grand Prix franchise. The contract for the annual night race was extended for another seven years last year, the fourth renewal since Ong first brought the marquee event to the Lion City in 2008.

Iswaran, who has been supporting the Singapore Grand Prix, has said the renewal of the contract would help “sustain Singapore’s reputation as a global city with a vibrant lifestyle, attracting international visitors as travel rebounds, and generating business revenue and jobs for Singaporeans.”

Ong has also been busy stitching together property deals in the past year, partnering with state-owned Temasek Holdings to acquire a string of commercial properties including shopping malls in Singapore and Australia from media giant Singapore Press Holdings for about $3.9 billion ($2.9 billion). He is also reportedly planning to redevelop three prime properties with a combined land area of over 14,000 square meters on Orchard Road, the city’s main shopping strip. Ong and his wife Christina are among the wealthiest couples in Singapore, with a combined net worth of $1.75 billion.