Billionaire who brought F1 to Singapore charged in landmark corruption probe
A Singaporean court has brought charges against a real estate tycoon on Friday for hindering justice and facilitating offenses connected to a former transport minister who was imprisoned the previous day in a significant corruption case involving the government.
Ong Beng Seng, a 78-year-old magnate and owner of Hotel Properties Ltd, as well as the rights holder for the Singapore Grand Prix Formula One event, faces allegations of providing lavish gifts to former minister S. Iswaran. Iswaran made headlines on Thursday as the first cabinet official in Singapore to be incarcerated.
This case has sparked considerable interest in Singapore, a prosperous financial center known for offering its ministers salaries exceeding S$1 million (approximately $771,247) to discourage corruption, as well as for its strong commitment to maintaining a reputation for integrity in governance.
Iswaran received a 12-month prison sentence for obstructing justice and unlawfully accepting gifts during his time as a public servant, with Ong being a pivotal figure in the prosecution’s argument.
As of now, Ong has not commented on the allegations against him. According to Channel NewsAsia, he did not enter a plea during the hearing on Friday and did not provide any indication of how he might respond to the charges.
Following the announcement of the charges against him, Ong’s company, Hotel Properties, which is listed on the Singapore stock exchange, requested a trading suspension early on Friday.
Prosecutors revealed during Iswaran’s trial that the former minister accepted gifts totaling over $300,000, which included tickets to English Premier League soccer games, entries to the F1 Grand Prix, theater performances in London, and a private jet journey to Doha.
Ong faces one charge of aiding Iswaran in the acceptance of valuable items and another charge for obstructing justice, as outlined in the charge document.
The court learned that Iswaran had instructed Ong to invoice him for the Doha flight on the private jet after realizing that the anti-corruption agency had confiscated the flight manifest in an unrelated investigation. Justice Vincent Hoong, who oversaw Iswaran’s trial, stated on Thursday that the minister’s request for billing was a calculated attempt to obstruct justice and evade scrutiny.
Channel NewsAsia reported that Ong’s court proceedings have been postponed until the pre-trial hearings set for November 15.
