Singapore F1 Boss Ong Beng Seng issued arrest notice over corruption probe
Ong Beng Seng has cooperated with the agency and provided the requested information.
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Ong Beng Seng and Bernie Ecclestone (Credits: CNBC)
Ong Beng Seng, a Singapore-based billionaire businessman well-known for bringing Formula 1 races to the city-state, has been issued an arrest notice by Singapore’s anti-graft agency. This is regarding the investigation involving transport minister S Ishwaran. Ong Beng Seng, the founder of the Singapore-based organization, Hotel Properties Limited (HPL), has been asked to provide details on his interactions with the transport minister.
Though Ong was served with a “notice of arrest,” HPL said no charges have been filed against him as he is cooperating with the agency. The company also revealed that Ong will submit his passport to the Corrupt Practices Investigation Bureau (CPIB) once he returns to Singapore. HPL added that their boss delivered the necessary information to the agency, but they did not provide additional details. HPL shares were down as much as 6.7% following the events.
Hotel Properties Limited said, “No charges have been filed against Mr Ong. He will be travelling from July 14 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 S$100,000 (US$75,675).” However, they did not provide further details regarding his current whereabouts.
Ong Beng Seng has part ownership in the franchise for the Singapore GP
HPL added, “Mr. Ong is cooperating fully with 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.” According to the local media, Ong was spotted leaving the CPIB on Wednesday.
Lee Hsien Loong, Prime Minister of Singapore and Secretary-General of the People’s Action Party (PAP), directed Iswaran, a supporter of the PAP take a leave of absence due to the ongoing investigation. The CPIB did not reveal more about their subject and its investigation into the minister. It is the highest-profile anti-graft probe in Singapore for almost 40 years.
Iswaran played a crucial role in helping Singapore host Formula 1 races from 2008 onwards. Iswaran, a junior trade minister, Ong, and former F1 boss Bernie Ecclestone had intense negotiations before making the deal. Ong Beng Seng is the part owner of the Singapore race franchise. His HPL has ties with brands like Four Seasons and Como Hotels.
The iconic night race in Singapore returned last season after a two-year covid break. The contract has been renewed to host F1 races until 2028. Both Ong and Eswaran have been actively involved in matters regarding F1. However, it goes beyond that, as the transport minister is also involved in the government’s engagements with concerts by international music stars. Black-eyed Peas, Red Hot Chilli Peppers, and Queen are some examples.
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Sugantha Meena
(493 Articles Published)