Albanian court begins corruption trial against former Prime Minister Sali Berisha
The trial for Berisha, 80, at the Special Court for Corruption and Organized Crime, which covers cases involving senior officials and politicians, also includes his son-in-law and three other people.
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Forbes
10 minutes ago
- Forbes
Tycoon Ong Beng Seng Pleads Guilty In Singapore Corruption Case Involving Ex-Minister
Hotel tycoon Ong Beng Seng—who holds the franchise for the Formula One Singapore grand prix—pleaded guilty to obstructing the course of justice in a corruption case that led to the imprisonment of a senior politician for accepting gifts. The former managing director of Singapore-listed Hotel Properties conceded on Monday to abetting former Transport Minister S. Iswaran in obstructing the course of justice, while another charge was taken into consideration. The charges are related to flights, a hotel stay in Doha and Formula One tickets that Iswaran had received from Ong when the ex-lawmaker headed the Singapore Formula One night race steering committee. While Ong, 79, could be jailed for up to seven years and fined, or be given both, for the offences, his lawyer asked the judge for leniency given the tycoon's medical condition. Ong had been diagnosed with multiple myeloma, a rare type of bone marrow cancer. Malaysian-born Ong, who is currently out on bail, is expected to be handed down his sentence on August 15. He stepped down as managing director of Hotel Properties in April. With a combined net worth of $1.7 billion, Ong and his wife Christina are among the wealthiest in Singapore. Their Hotel Properties has a portfolio of assets across 15 countries including the Four Seasons Hotel in Singapore and resorts in the Maldives. The developer said last month it's in talks with potential partners to redevelop three of its adjoining prime properties on Orchard Road, Singapore's main shopping strip.
Yahoo
4 hours ago
- Yahoo
F1 tycoon pleads guilty in rare Singapore corruption case
A billionaire hotelier has pleaded guilty to abetting offences in a rare corruption case that gripped Singapore and landed a former minister in jail. Ong Beng Seng is accused of giving expensive gifts, including tickets to the Formula 1 Grand Prix, hotel stays and a ride on a private jet to ex-transportation minister Subramaniam Iswaran while they were engaged in official business. Ministers in Singapore cannot keep gifts unless they pay the market value of the gift to the government, and they must declare anything they receive from people they have business dealings with. The case shocked many in Singapore, a financial hub that prides itself on a squeaky clean image. The two men were arrested in July 2023, in a rare corruption scandal that gripped the country. Charge sheets revealed that Iswaran was gifted more than S$403,000 ($311,882; £234,586) worth of flights, hotel stays, musicals and grand prix tickets. Singapore's lawmakers are among the highest-paid in the world, with some ministers earning more than S$1 million ($758,000). Leaders justify the handsome salaries by saying it combats corruption. Mr Ong helped brought the Formula 1 Grand Prix to Singapore and his company Hotel Properties Limited (HPL) has brands like the Four Seasons and the Hard Rock Hotel operating under them. At the time of the offences Iswaran was in the government's F1 steering committee and the chief negotiator on F1-related business matters. Mr Ong has been accused of abetting Iswaran in obtaining an all expenses paid trip to Doha, said to be worth around S$20,850 ($16,188; £12,194). He is also charged with abetting the obstruction of justice by helping Iswaran make a payment to the Singapore Grand Prix for a business flight ticket from Doha to Singapore. He faces up to two years in jail for abetting a public servant in obtaining gifts, while the maximum jail term he faces for the abetment of obstruction of justice is seven years. Born in Malaysia in 1946, Mr Ong moved to Singapore as a child and founded a hotel and property company in the 1980s. Mr Ong has a rare bone marrow cancer, and the court previously allowed him to travel abroad for medical and work purposes. His company, Hotel Properties Limited, had earlier in April said that Ong would step down as its managing director "manage his medical conditions".
Yahoo
4 hours ago
- Yahoo
Billionaire Ong Pleads Guilty in Singapore Gifting Scandal
(Bloomberg) -- A billionaire best known for bringing Formula One night racing to Singapore has pleaded guilty in relation to a scandal to supply one of the city-state's most senior politicians with luxury gifts. We Should All Be Biking Along the Beach Seeking Relief From Heat and Smog, Cities Follow the Wind Chicago Curbs Hiring, Travel to Tackle $1 Billion Budget Hole NYC Mayor Adams Gives Bally's Bronx Casino Plan a Second Chance On Monday, 79-year-old Ong Beng Seng conceded that he abetted the lawmaker in obstructing the course of justice, while another charge was taken into consideration. Both charges related to offering S. Iswaran in 2022 a trip on his private jet to Doha, a stay at the Four Seasons there, and a return business class ticket worth S$5,700 ($4,422.3). The former transport minister was then the chairman of a steering committee for the F1 night race. Ong could be sentenced by a Singapore court as soon as Monday or at a later date. He faces up to seven years in jail, and a possible fine. Court proceedings were earlier interrupted twice due to a fire alarm. Ong's lawyers asked the judge to take into consideration his medical condition in sentencing, recommending a jail sentence of six weeks with the admission of guilt. The prosecutor acknowledged as a mitigating factor Ong's cancer diagnosis. Singapore's worst graft scandal in decades has gripped the city-state, which has sought to build a global reputation for zero-tolerance for corruption. How the Malaysia-born tycoon is sentenced will also weigh on his control of a business empire that extends from the Southeast Asian financial hub to a luxury development in central London and resorts in the Maldives. Ong has a net worth of $1.5 billion, according to the Bloomberg Billionaires Index. In 2024, Iswaran was sentenced to one year in jail for obtaining gifts from Ong, which also included items like a Brompton bicycle and race tickets. Singapore Prime Minister Lawrence Wong, who won his first electoral test as premier in May, has warned lawmakers in the ruling People's Action Party to separate their public political position from private, professional or business interests, and be wary of potential conflicts. Ong retains a significant footprint in Singapore. His firm continues to run the annual Grand Prix night race, which he helped bring to the city in 2008 owing to a close friendship with former F1 supremo Bernie Ecclestone. A multiyear extension of the race contract agreed with Singapore's tourism board is slated to end by 2028. Hotel Properties was also granted initial approval to redevelop marquee assets at a key slice of Singapore's premier shopping belt Orchard Road in 2023, but has been looking to sell stakes in them, Bloomberg News reported earlier. A harsh sentence may make it harder to maintain control of his empire. The absence of a clear successor and a lack of active involvement by Ong's children in Hotel Properties make possible an outside takeover of the firm or a sale of its Orchard Road portfolio, analysts at DBS Group Holdings Ltd. said in May. The firm's thinly traded stock has risen over 50% this year. Hotel Properties maintains ties with the likes of Singapore state investor Temasek Holdings Pte. Ong in 2021 led a S$3.9 billion takeover of the property assets of media company Singapore Press Holdings Ltd. in collaboration with two Temasek units, though Hotel Properties divested its stake in the consortium earlier this year. Temasek and Hotel Properties also each control a 30% stake in a joint venture overseeing a major mixed-use development in London now known as Bankside Yards. --With assistance from Andrea Tan. How Podcast-Obsessed Tech Investors Made a New Media Industry Russia Builds a New Web Around Kremlin's Handpicked Super App Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off What's Really Behind Those Rosy GDP Numbers? Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©2025 Bloomberg L.P. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
