Shares of HPL close 0.7% higher; investors unfazed by founder Ong Beng Seng's guilty plea
The counter had tumbled in early trade on Monday, but pared losses following the property magnate's plea in a criminal case involving the Formula 1 (F1) night race and former transport minister S Iswaran.
As at 9.46 am, HPL shares had tumbled S$0.07 or 1.3 per cent to S$5.39 from its opening price of S$5.46 amid a strong showing by the wider market. By 11.45 am, it had recovered to S$5.46, unchanged from Friday's close, with 59,000 shares traded.
At 1.28 pm, the stock was trading 1.1 per cent or S$0.06 higher at S$5.52, after 88,800 securities changed hands, and reached S$5.58 at 2.57 pm. It later eased to S$5.53 by 3.47 pm.
At Monday's trial, Ong admitted to instructing Singapore GP director Mok Chee Liang to bill Iswaran for the business-class ticket from Doha to Singapore in May 2023, as reported by The Business Times. He was charged for obstruction of justice.
This is part of the Malaysian businessman's involvement with Iswaran in a high-profile obstruction of justice case, involving the F1 night race. Iswaran was handed on Oct 3, 2024, a 12-month jail sentence , after pleading guilty to four charges under Section 165 and one for obstruction of justice. He is the first former Cabinet minister to receive such a sentence.
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Under Section 165, public servants are prohibited from accepting valuable items for free or inadequate payment from someone connected to business transactions or proceedings they handle.
According to the prosecution, eight weeks of jail time for Ong would have been warranted. However, judicial mercy should be exercised in this case due to the severe health condition of advanced multiple myeloma, a form of white blood cell cancer, which he was diagnosed with in 2020. A maximum fine is sought by the prosecution instead.
Ong's defence also noted the severe risks of his condition, where imprisonment could put his fragile life in danger, noting that a 'stiff fine' would be appropriate.
Earlier in April 2025, the business tycoon stepped down as managing director of HPL to tend to his health issues. It was announced that he would also not seek re-election as a director at the company's annual general meeting on Apr 29.
Since Ong's exit, HPL's share price has soared more than 50 per cent from S$3.60 on Apr 17.
Ong faces sentencing on Aug 15, which was set by Principal District Judge Lee Lit Cheng, and is expected to return to court at 2.30 pm on the day.
The billionaire and his wife Christina hold about 60 per cent of HPL, the company's latest annual report indicated. Founded in 1980, HPL's early ventures included the Hilton Singapore hotel, which Ong bought for S$72 million . The property conglomerate has interests in hotel ownership, management and operations, property development, and investment holdings. Its market capitalisation stands at nearly S$2.9 billion to date.
HPL owns a large number of properties in Singapore along Orchard Road such as Forum The Shopping Mall, voco Orchard Singapore and HPL House, in addition to Concorde Hotel and Shopping Mall at Dhoby Ghaut.
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