Latest news with #HotelPropertiesLtd
Business Times
18 hours ago
- Business
- Business Times
Ong Beng Seng to plead guilty on Jul 3, in case involving former minister Iswaran
[SINGAPORE] Property tycoon Ong Beng Seng is expected to plead guilty to two charges on Jul 3, in a case involving former transport minister S Iswaran. This was announced after a pre-trial conference on Tuesday (Jun 10). Ong, managing director of Hotel Properties Ltd (HPL), is widely known as the man who brought the Formula 1 night race to Singapore in 2008, and owns the rights to the Singapore Grand Prix. He faces one charge of abetting offences under Section 165 of the Penal Code – which deals with public servants accepting gifts – and one charge of abetting the obstruction of justice. The first charge, for abetting an offence under Section 165, relates to flights and a hotel stay. Ong allegedly offered Iswaran a trip to Doha in December 2022, and arranged for his private jet to fly him there. The flight was worth US$7,700. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Ong also allegedly made arrangements through race promoter Singapore GP for a one-night stay at Four Seasons Hotel Doha, valued at S$4,737.63, and is said to have offered Iswaran a business-class flight from Doha to Singapore worth S$5,700. The second charge was for allegedly instructing Singapore GP director Mok Chee Liang, in May 2023, to bill Iswaran for the business-class ticket from Doha to Singapore – an action that would have obstructed the course of justice. Those found guilty of offences under Section 165 can be jailed for up to two years, fined, or both. Abetting an offence would result in the same punishment if the offence is committed as a consequence of the abetment. The maximum penalty for obstructing the course of justice is jail time of up to seven years, a fine, or both. Ong previously left Singapore in May to visit England, the United States and Italy between April 28 and May 16 for both medical and work-related purposes.
Business Times
16-05-2025
- Business
- Business Times
Ong Beng Seng's HPL jumps almost 10% in heavy trading; company says unaware of reason for spike
[SINGAPORE] Shares of Hotel Properties Ltd (HPL) jumped almost 10 per cent in active trading on Friday (May 16) morning, prompting queries from Singapore Exchange Regulation (SGX RegCo). At about 11.30 am, the counter was up 9.2 per cent at S$4.72 with over 350,000 shares traded, an unusual volume for the tightly held property and hotel group. But by mid-afternoon, it had given up more than half the day's gains and was trading at S$4.42, up just 10 cents for the day. After news broke that founder and erstwhile managing director Ong Beng Seng was stepping down, there has been talk that new players may be keen on the company. The Business Times columnist Leslie Yee has also argued that with Ong's exit, selling his stake is the logical next step. HPL had announced on Apr 14 that Ong, 79, would be relinquishing his position as managing director to manage a medical condition – multiple myeloma, a form of white blood cell cancer. He also stepped down as a director of the company after not seeking re-election at the company's annual general meeting on Apr 29. On Friday, the local bourse regulator asked the company to explain the stock's 'unusual price movements'. Any previously unannounced materially sensitive information that may explain the trading should be disclosed promptly, SGX RegCo's query stated. The regulator also queried if the company was aware of other possible explanations for the trading activity, while asking HPL to affirm its compliance with listing standards. It added that if appropriate, the company might want to request a trading halt. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Responding to the query on Friday afternoon, HPL said that it was not aware of any unannounced information that might explain the trading. It said it was in compliance with SGX RegCo's listing rules, particularly its obligation to disclose any material information concerning the company. Ong, known for bringing in the Formula 1 night race to Singapore, is embroiled in the high-profile conviction of former transport minister S Iswaran for accepting gifts as a minister and obstructing justice. On Apr 24, the court granted Ong permission to leave Singapore for over two weeks, to allow the businessman time to obtain further reports from his doctors on his medical condition. A spokeperson said he would travel to England, the US and Italy between Apr 28 and May 16 for both medical and work-related purposes. The hotelier and property magnate was named in some charges to which Iswaran pleaded guilty, including abetting a public servant in obtaining gifts, and one charge of obstruction of justice. The Malaysian had previously been scheduled to plead guilty to both charges on Apr 2. The hearing was rescheduled to Apr 25, then again to Jun 10.
Business Times
16-05-2025
- Business
- Business Times
Ong Beng Seng's HPL jumps almost 10% in heavy trading; company says it's not aware of reason for spike
[SINGAPORE] Shares of Hotel Properties Ltd (HPL) jumped almost 10 per cent in active trading on Friday morning (May 16), prompting queries from Singapore Exchange Regulation (SGX RegCo). At about 11.30 am, the counter was up 9.2 per cent at S$4.72 with over 350,000 shares traded, an unusual volume for the tightly held property and hotel group. But by mid-afternoon, it had given up more than half the day's gains and was trading at S$4.42, up just 10 cents for the day. After news broke that founder and erstwhile managing director Ong Beng Seng was stepping down, there has been talk that new players may be keen on the company. The Business Times columnist Leslie Yee has also argued that with Ong's exit, selling his stake is the logical next step. HPL had announced on Apr 14 that Ong, 79, would be relinquishing his position as managing director to manage a medical condition – multiple myeloma, a form of white blood cell cancer. He had also stepped down as a director of the company after not seeking re-election at the company's annual general meeting on Apr 29. On Friday, the local bourse regulator asked the company to explain the stock's 'unusual price movements'. Any previously unannounced materially sensitive information that may explain the trading should be disclosed promptly, SGX RegCo's query stated. The regulator also requested if the company was aware of other possible explanations for the trading activity, while asking HPL to affirm its compliance with listing standards. It added that if appropriate, the company might want to request a trading halt. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Responding to the query on Friday afternoon, HPL said that it was not aware of any unannounced information that might explain the trading. It said it was in compliance with SGX RegCo's listing rules, particularly its obligation to disclose any material information concerning the company. Ong, known for bringing in the Formula 1 night race to Singapore, is embroiled in the high-profile conviction of former transport minister S Iswaran for accepting gifts as a minister and obstructing justice. On Apr 24, the court granted Ong permission to leave Singapore for over two weeks to allow the businessman time to obtain further reports from his doctors on his medical condition. A spokeperson said he would travel to England, the US and Italy between Apr 28 and May 16 for both medical and work-related purposes. The hotelier and property magnate was named in some charges to which Iswaran pleaded guilty, including abetting a public servant in obtaining gifts, and one charge of obstruction of justice. The Malaysian had previously been scheduled to plead guilty to both charges on Apr 2. The hearing was rescheduled to Apr 25, then again to Jun 10.
Business Times
16-05-2025
- Business
- Business Times
HPL jumps almost 10% in heavy trade; SGX RegCo seeks explanation, suggests trading halt if needed
[SINGAPORE] Shares of Hotel Properties Ltd (HPL) jumped almost 10 per cent in active trading on Friday morning (May 16), prompting queries from Singapore Exchange Regulation (SGX RegCo). At about 11.30 am, the counter was up 9.2 per cent to S$4.72 with over 350,000 shares traded, an unusual volume for the tightly held property and hotel group. After news broke that founder and erstwhile managing director Ong Beng Seng was stepping down, there has been talk that new players may be keen on the company. Business Times columnist Leslie Yee has also argued that with Ong's exit, selling his stake is logical next step. HPL had announced on Apr 14 that Ong, 79, would be relinquishing his position as managing director to manage a medical condition – multiple myeloma, a form of white blood cell cancer. He had also stepped down as a director of the company after not seeking re-election at the company's annual general meeting on Apr 29. On Friday, the local bourse regulator asked the company to explain the stock's 'unusual price movements'. Any previously unannounced materially sensitive information that may explain the trading should be disclosed promptly, SGX RegCo's query stated. The regulator also requested if the company was aware of other possible explanations for the trading activity, while asking HPL to affirm its compliance with listing standards. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up It added that if appropriate, the company might want to request a trading halt. Ong, known for bringing in the F1 night race to Singapore, is embroiled in the high-profile conviction of former transport minister S Iswaran for accepting gifts as a minister and obstructing justice. On Apr 24, the court granted Ong permission to leave Singapore for over two weeks to allow the businessman time to obtain further reports from his doctors on his medical condition. A spokeperson said he would travel to England, the US and Italy between Apr 28 and May 16 for both medical and work-related purposes. The hotelier and property magnate was named in some charges to which Iswaran pleaded guilty, including abetting a public servant in obtaining gifts, and one charge of obstruction of justice. The Malaysian had previously been scheduled to plead guilty to both charges on Apr 2. The hearing was rescheduled to Apr 25, then again to Jun 10.
Business Times
16-05-2025
- Business
- Business Times
HPL surges 5%; SGX RegCo requests explanation
[SINGAPORE] Shares of Hotel Properties Ltd (HPL) climbed as high 5.3 per cent in morning trading on Friday (May 16), prompting queries from Singapore Exchange Regulation (SGX RegCo) for the company to explain the surge. The hospitality company, whose founder Ong Beng Seng has been embroiled in legal and health troubles in recent years, saw its shares jump S$0.23 to S$4.55 at 9.57 am, after closing at S$4.32 on Wednesday. At about 10.11 am, the share price had calmed to S$4.52 or a 4.6 per cent rise, with a total of 167.9 million shares changing hands. The market regulator issued a query regarding the stock's 'unusual price movements' to the company on Friday morning. Any previously unannounced materially sensitive information that may explain the trading should be disclosed promptly, SGX RegCo's query stated. The regulator also requested if the company was aware of other possible explanations for the trading activity, while asking HPL to affirm its compliance with listing standards. HPL had announced on Apr 14 that Ong, 79, would be relinquishing his position as managing director to manage a medical condition – multiple myeloma, a form of white blood cell cancer. He had also stepped down as a director of the company after not seeking re-election at the company's annual general meeting on Apr 29. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The business magnate is embroiled in the high-profile conviction of former transport minister S Iswaran for accepting gifts as a minister and obstructing justice. On Apr 24, the court granted Ong permission to leave Singapore for over two weeks to allow the businessman time to obtain further reports from his doctors on his medical condition. A spokeperson said he would travel to England, the US and Italy between Apr 28 and May 16 for both medical and work-related purposes. The hotelier and property magnate was named in some charges to which Iswaran pleaded guilty, including abetting a public servant in obtaining gifts, and one charge of obstruction of justice. The Malaysian had previously been scheduled to plead guilty to both charges on Apr 2. The hearing was rescheduled to Apr 25, then again to Jun 10.
