Singaporean billionaire Ong given arrest notice in anti-graft probe

The anti-graft agency of Singapore has issued an arrest notice for Ong Beng Seng, a Singapore-based Malaysian billionaire businessman who is the founder of the Singapore-based organization Hotel Properties, as part of its investigation.

Singapore’s anti-graft agency asked billionaire Ong Beng Seng to provide information on his interactions with Subramaniam Iswaran, the Minister of Transport is a ministry of the Government of Singapore.

In a filing, Singapore-listed Hotel Properties Limited said that no charges have been filed against the business tycoon and that he is fully cooperating with the agency. HPL further said that businessman Ong will give his passport to the Corrupt Practices Investigation Bureau when he returns to Singapore.

HPL reportedly said that Ong “continues to be suitable to carry out his duties and responsibilities as managing director.” 

Reportedly, the portfolio of the HPL includes 38 hotels and resorts in 15 countries. HPL operates under premium brands, including Four Seasons, Intercontinental Hotels and Marriott International.

Ong owns the Formula One Singapore Grand Prix franchise. The contract for the annual night race was extended for another seven years last year by the businessman. Singapore GP and the Singapore Tourism Board renewed the contract. 

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Hotel Properties Limited said in a filing with the Singapore Exchange that the business tycoon had posted bail of Sg$100,000($76,000). He was out on bail. 

Last year, the business tycoon was listed by Forbes along with his wife as the 24th richest people in Singapore. 

On Wednesday, the CPIB (Corrupt Practices Investigation Bureau), a government department in Singapore that investigates fraud and corruption, said that the Transport Minister is assisting the bureau with an investigation into a case.

Lee Hsien Loong, the Prime Minister of Singapore, asked the Transport Minister to take a leave of absence because of the investigation. The Transport Minister was allegedly involved in corruption.