Billionaire Ong Beng Seng Entangled in S Iswaran CPIB Investigation
If you thought that the investigation into Transport Minister S Iswaran by the Corrupt Practices Investigation Bureau (CPIB) was a shocker, brace yourself. That was merely the opening act in this unfolding drama. As we were preparing to delve into the intriguing facts about S Iswaran, a new revelation has surfaced. Ong Beng Seng, a prominent hotelier and one of Singapore’s wealthiest individuals, has been served a notice of arrest in connection with the ongoing CPIB investigation into S Iswaran.
Here’s a detailed account of the unfolding events.
Billionaire Ong Beng Seng Given Notice of Arrest in Relation to S Iswaran’s CPIB Probe
Ong Beng Seng, the Managing Director of Hotel Properties Limited (HPL), finds himself in the midst of the Iswaran storm. He is currently assisting the CPIB in their probe into a case that is linked to Transport Minister S Iswaran.
The news broke out this morning (14 July 2023), causing quite a stir in the business and political circles.
The company, in an official announcement on the Singapore Exchange website, clarified that no formal charges have been filed against Mr Ong at this point. However, the billionaire hotelier has been issued a notice of arrest and has posted bail amounting to S$100,000.
Mr Ong is scheduled to travel from Friday and has agreed to surrender his passport to the CPIB upon his return to Singapore. The company further added that Mr. Ong is fully cooperating with the CPIB and has provided all the requested information to aid in the investigation.
Ong Beng Seng, along with his wife Christina Ong, is listed as the 24th richest person in Singapore. Born in Malaysia, Ong is a self-made billionaire and the founder of Hotel Properties Limited.
Hotel Properties Limited owns many properties in Singapore, including the Four Seasons and Hilton hotels. It also partly owns SPH’s properties.
Today, Ong has a diverse portfolio of businesses, including several based in the prestigious Bond Street in London. His investments, worth tens of millions of dollars, span across various sectors.
Ong has made a name for himself in the hotel industry, having built and acquired numerous hotels worldwide. He is also recognized as one of the key figures who brought the Singapore Grand Prix to the country, marking the first-ever Formula One night race.
Despite his immense wealth, Ong is known for his discretion. He is not one to flaunt his wealth or make impulsive purchases like buying Twitter on a whim. He has been described in the media as “media shy” and “notoriously secretive.”
His wife, Christina Ong, is a formidable businesswoman in her own right. She is the founder of the COMO Group, which owns a chain of fashion stores, hotels, and resorts. Together, they form one of the most affluent couples in Singapore, often cited in the media for their combined wealth and influence.
