Tycoon who brought F1 to Singapore pleads guilty in graft case
Singapore-based billionaire Ong Beng Seng, 79, was charged in October last year with helping former transport minister S. Iswaran cover up evidence in a graft investigation.
He was also accused of showering Iswaran with lavish gifts including tickets to the 2017 Singapore Formula One Grand Prix, flights on a private jet, business class travel, and a luxury hotel stay while Iswaran was working in his official capacity.
Ong entered his guilty plea from a glass-encased dock at a district court in downtown Singapore on Monday.
Prosecutors sought a two-month jail term after Ong agreed to plead guilty. He will be sentenced on August 15.
But prosecutors also agreed with defense lawyers that the court could show 'judicial mercy' – which could further reduce any sentence.
Defense lawyers pleaded for clemency, saying their septuagenarian client suffered from a litany of serious ailments, including an incurable form of cancer.
They asked for a 'stiff fine' instead of actual jail time.
'The risks to Mr. Ong's life increase dramatically in prison,' lawyer Cavinder Bull told the court, saying prison could not give his client sufficient care.
'This man is living on the edge,' Bull added.
The trial of Malaysia-born Ong had attracted significant media attention due to his links with Iswaran and the affluent city-state's reputation as one of the world's least corrupt nations.
Ong owns Singapore-based Hotel Properties Limited and is the rights holder to the Singapore Grand Prix Formula One race.
He and Iswaran were instrumental in bringing the Formula One night race on a street circuit to Singapore in 2008.
In July 2023, Ong was arrested as part of a graft probe involving Iswaran and was subsequently released on bail.
In October last year, Iswaran was jailed for 12 months after he pleaded guilty to accepting illegal gifts worth more than S$400,000 ($310,000).
He was also found guilty of obstructing justice, in the city-state's first political graft trial in nearly half a century.
Iswaran completed serving his sentence on June 6.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
12 minutes ago
- Arab News
Pakistan president reaffirms commitment to EU strategic plan, says ties vital for global peace
ISLAMABAD: President Asif Ali Zardari on Tuesday reaffirmed Islamabad's commitment to fully implement the Pakistan–European Union Strategic Engagement Plan, calling the EU 'a key trade and investment partner' and stressing that stronger ties contribute to regional stability and global peace. Zardari made the remarks during a farewell meeting with Dr. Riina Kionka, the outgoing EU ambassador to Pakistan, at the President House in Islamabad. The Strategic Engagement Plan (SEP), signed in 2019, is the main framework guiding Pakistan-EU cooperation on political, economic and security issues, including trade, migration, development, climate change and education. 'Pakistan is fully committed to the implementation of the Pakistan–EU Strategic Engagement Plan,' the president said, according to an official statement issued after the meeting. 'We attach special importance to our multifaceted relationship with the European Union, which plays a vital role in regional stability and global security.' The SEP also complements Pakistan's access to the Generalized Scheme of Preferences Plus (GSP+), a vital EU trade arrangement that grants Pakistan duty-free access to most EU markets in return for progress on human rights, labor standards and environmental protection. The scheme has significantly boosted Pakistan's exports to the EU, making it one of the country's most valuable trade frameworks. Zardari also praised the EU's contributions in education and research, especially through initiatives like Erasmus Mundus and Horizon Europe, which he said offer 'valuable academic and research opportunities' to Pakistani youth. 'Shared goals in areas such as trade, climate, migration and regional peace will further strengthen Pakistan-EU cooperation,' the statement quoted Zardari as saying. The president also acknowledged Dr. Kionka's role in promoting Pakistan-EU ties during her tenure and extended best wishes for her future endeavors.
Arab News
an hour ago
- Arab News
Oil Updates — crude little changed as OPEC+ output hikes counter Russia disruption concerns
BENGALURU/SINGAPORE: Oil prices were little changed on Tuesday as traders assessed rising supply by OPEC+ against worries of weaker demand and US President Donald Trump's new threats on India over its Russian oil purchases. Brent crude futures dipped 1 cent to $68.75 a barrel by 9:31 a.m. Saudi time, while US West Texas Intermediate crude was down 2 cents at $66.28. Both contracts fell by more than 1 percent in the previous session to settle at their lowest in a week. Both benchmarks have receded because extra capacity from OPEC+ is acting as a buffer for any shortfalls in Russian supplies, said Priyanka Sachdeva, a senior market analyst at Phillip Nova. The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September. It marks a full and early reversal of the group's largest tranche of output cuts, amounting to about 2.5 million bpd, or around 2.4 percent of global demand, though analysts caution the actual amount returning to the market will be less. The rising supplies come amid renewed concerns about demand, with some analysts expecting faltering economic growth in the second half of the year. JPMorgan analysts said on Tuesday the risk of a US recession was high as labor demand has stalled. In addition, China's July Politburo meeting signalled no additional policy easing, with the focus shifting to structural rebalancing of the world's second-largest economy, the analysts wrote in a note. At the same time, investors are eyeing possible supply disruptions. US President Donald Trump has said he could impose 100 percent secondary tariffs on Russian crude buyers such as India after announcing a 25 percent tariff on Indian imports in July. On Monday, Trump again threatened higher tariffs on Indian goods over the Russian oil purchases. New Delhi called his attack 'unjustified' and vowed to protect its economic interests, deepening the trade rift between the two countries. India is the biggest buyer of seaborne crude from Russia, importing about 1.75 million bpd from January to June this year, up 1 percent from a year ago, according to data provided to Reuters by trade sources. Traders are also awaiting any developments on the latest US tariffs on its trading partners, which analysts fear could slow economic growth and dampen fuel demand.
Al Arabiya
4 hours ago
- Al Arabiya
Australia to buy 11 advanced warships from Japan
Australia will upgrade its navy with 11 Mogami-class frigates built by Japan's Mitsubishi Heavy Industries, Defence Minister Richard Marles said on Tuesday. Australia is in the midst of a major military restructuring announced in 2023, turning toward long-range strike capabilities to better respond to China's naval might. It is striving to expand its fleet of major warships from 11 to 26 over the next 10 years. 'This is clearly the biggest defense-industry agreement that has ever been struck between Japan and Australia,' Marles said, touting the US$6 billion (Aus$10 billion) deal. Mitsubishi Heavy Industries was awarded the tender over Germany's ThyssenKrupp Marine Systems. 'This decision was made based on what was the best capability for Australia,' Marles said. 'We do have a very close strategic alignment with Japan.' Mogami-class warships are advanced stealth frigates equipped with a potent array of weapons. Marles said they would replace Australia's aging fleet of Anzac-class vessels, with the first Mogami-class ship to be in service by 2030. 'The Mogami-class frigate is the best frigate for Australia,' said Marles. 'It is a next-generation vessel. It is stealthy. It has 32 vertical launch cells capable of launching long-range missiles.' Defense Industry Minister Pat Conroy said the frigates were capable of launching long-range Tomahawk cruise missiles. 'More lethal' 'The acquisition of these stealth frigates will make our navy a bigger navy, and a more lethal navy,' he said. The first three Mogami-class frigates will be built overseas, Conroy said, with shipbuilding yards in Western Australia expected to produce the rest. Australia announced a deal to acquire US-designed nuclear-powered submarines in 2021, scrapping a years-long plan to develop non-nuclear subs from France. Under the tripartite AUKUS pact with the United States and the United Kingdom, the Australian navy plans to acquire at least three Virginia-class submarines within 15 years. The AUKUS submarine program alone could cost the country up to US$235 billion over the next 30 years, according to Australian government forecasts — a price tag that has stoked criticism of the strategy. Major defense projects in Australia have long suffered from cost overruns, government U-turns, policy changes, and project plans that make more sense for local job creation than defense. Australia plans to gradually increase its defense spending to 2.4 percent of gross domestic product — above the two percent target set by its NATO allies, but well short of US demands for 3.5 percent.
