The Hotel Properties Ltd. Director Will Surrender Passport Upon Return to Singapore
SINGAPORE: Property magnate Ong Beng Seng, managing director of Hotel Properties Limited (HPL), has been arrested in connection with a Corrupt Practices Investigation Bureau (CPIB) inquiry involving Transport Minister S Iswaran. Though no charges have been filed, Ong posted bail of S$100,000 (US$75,700) and has agreed to surrender his passport to CPIB upon his return to Singapore after traveling.
HPL stated that Ong is fully cooperating with the agency and providing requested information. CPIB also confirmed that both Ong and Iswaran were taken in for questioning on Tuesday, although the specifics of the investigation remain undisclosed. Shares in HPL dropped over 6 percent upon news of the arrest.
Ong is widely credited for his role in securing the Formula 1 Singapore Grand Prix, a high-profile event held annually in Singapore since 2008. HPL, co-founded by Ong, owns numerous hotels and properties worldwide, and was also part of a consortium that acquired assets from Singapore Press Holdings. The HPL board has determined that Ong remains fit to fulfill his duties as managing director, though they will continue to monitor the situation.
Meanwhile, Transport Minister Iswaran, instructed by Prime Minister Lee Hsien Loong to take a leave of absence, will stay in Singapore without access to official resources or government facilities while the investigation proceeds.
