Latest news with #HotelPropertiesLimited
Independent Singapore
26-04-2025
- Business
- Independent Singapore
Property tycoon and hotelier Ong Beng Seng granted permission to travel overseas on added S$800K bail for work and medical purposes
SINGAPORE: Property tycoon and hotelier Ong Beng Seng has been allowed to leave Singapore for more than two weeks while on additional bail of S$800,000, bringing his total bail to S$1.6 million. He was previously placed on S$800,000 bail after being charged on Oct 4 last year for a case linked to former transport minister S Iswaran's corruption case . Channel News Asia (CNA) reported that the 79-year-old Malaysian businessman was granted permission by a court on Thursday (Apr 24). According to court documents, Mr Ong is expected to travel to London, Boston, Miami, New York, and Florence from Apr 28 to May 16 for both work and medical-related reasons, his spokesperson said. Mr Ong has been getting treatment for multiple myeloma, a type of cancer that affects white blood cells. Earlier this month, Hotel Properties Limited (HPL) announced he wouldn't be putting himself up for re-election as a director and will step down as managing director after the company's Forty-Fifth Annual General Meeting on Apr 29, 2025, to devote more time to manage his medical conditions. Mr Ong is facing two charges, including abetting a public servant to obtain valuables by offering Mr Iswaran a trip to Doha with him and arranging it in December 2022. According to CNA, the arrangements included a flight on Mr Ong's private jet from Singapore to Doha, valued at US$7,700 (S$10,118.61), a one-night stay at Four Seasons Hotel Doha worth S$4,737.63, and a business class flight back to Singapore worth S$5,700. These bookings were made through the Singapore Grand Prix (GP), which Mr Ong is linked to. Mr Ong is well known for helping bring Formula 1's night race to Singapore in 2008 and holds the rights to the Singapore GP. Another charge accuses Mr Ong of helping to obstruct justice by assisting Mr Iswaran in making a S$5,700 payment to Singapore GP between May 18 and May 25, 2023. The payment was for the Dec 11 business class flight from Doha to Singapore, which had been covered by Singapore GP. Mr Ong has previously received permission to leave the country while under investigation. In October 2024, he was granted permission to travel for both medical and work purposes. Under his latest travel approval, Mr Ong must remain reachable at all times and cannot travel with his bailor. He is also required to provide his full itinerary and accommodation details to the investigating officer. In addition, his passport must be returned within 24 hours of his return to Singapore. A pre-trial conference for Mr Ong's case is scheduled today, Apr 25. /TISG
South China Morning Post
14-04-2025
- Business
- South China Morning Post
Ong Beng Seng to step down from Singapore property firm amid Iswaran scandal
Ong Beng Seng, the billionaire set to plead guilty for his role in a Singapore corruption scandal, will step down as the managing director of the property firm he founded more than four decades ago. Advertisement Singapore-listed Hotel Properties Limited said Ong 'wishes to devote more time to manage his medical conditions', according to an exchange filing on Monday. He will also not put himself up for re-election as a board director at the firm's annual general meeting on April 29. Shares of Hotel Properties rose as much as 4.7 per cent in Singapore trading on Monday amid a broader market upswing, the biggest intraday gain in more than a month. The illuminated circuit for the Formula One Singapore Grand Prix night race is seen in 2017. Ong Beng Seng has been credited with bringing Formula One to Singapore. Photo: AFP The departure is a major transition for the company that has interests in hotels and other developments spanning the globe from London to the Maldives, with little indication so far as to who will succeed him. Ong began Hotel Properties in 1980 and has been a director at the firm since then. During his tenure, the Malaysian tycoon established himself as a high profile and at times controversial public figure in Singapore. His children do not sit on the firm's board. His brother-in-law David Fu Kuo Chen is a director. The 79-year-old has been credited with bringing the Formula One night race to the city state and won the rights to the Singapore Grand Prix. But his penchant for wooing the elite has backfired in the past. In 1996, Hotel Properties was plunged into controversy after offering discounts to two of the country's top political figures, then-deputy prime minister, Lee Hsien Loong , and his father, Lee Kuan Yew , for luxury apartments in the exclusive Nassim Road enclave. Both former long-time prime ministers were later cleared of any impropriety, and neither Ong nor his company were found to have breached any laws or rules. Ong Beng Seng (second from left) pictured with former government minister S. Iswaran (second from right) in May 2007. Photo: EPA-EFE
