Latest news with #OngBengSeng
CNA
4 days ago
- Politics
- CNA
Former Transport Minister S Iswaran no longer under prison custody
SINGAPORE: Former Transport Minister S Iswaran is no longer under the custody of the Singapore Prison Service (SPS), the agency told CNA. It said on Friday (Jun 6) that Mr Iswaran had completed his emplacement on the Home Detention Scheme. SPS did not specify when Mr Iswaran completed his emplacement or when he will conclude his 12-month sentence. Factoring in a remission period, which is available to inmates who have served two-thirds of their sentence, Mr Iswaran could have been released on remission from Friday. Mr Iswaran was placed on home detention on Feb 7 this year to serve the remainder of his sentence at his residence under specific conditions. He pleaded guilty on Sep 24, 2024, to four charges under Section 165 of the Penal Code, which forbids all public servants from obtaining any valuable thing from someone involved with them in an official capacity. These were for obtaining valuables from Singapore GP majority shareholder Ong Beng Seng and construction boss Lum Kok Seng while he held portfolios that had official dealings with the two men. Iswaran also pleaded guilty to one charge of obstructing justice by belatedly repaying the cost of a flight to Doha. Another 30 charges under Section 165 were taken into consideration for his sentencing. He was sentenced to 12 months' jail on Oct 3, 2024, and he began serving his sentence on Oct 7, 2024. Ong's case is still pending before the courts.
CNA
4 days ago
- Politics
- CNA
Former Transport Minister S Iswaran completes jail term
SINGAPORE: Former Transport Minister S Iswaran has completed his jail term, the Singapore Prison Service (SPS) told CNA . It said on Friday (Jun 6) that Mr Iswaran had completed his emplacement on the Home Detention Scheme and is no longer under SPS' custody. SPS did not specify when Mr Iswaran concluded his sentence. Mr Iswaran was placed on home detention on Feb 7 this year to serve the remainder of his sentence at his residence under specific conditions. He pleaded guilty on Sep 24, 2024, to four charges under Section 165 of the Penal Code, which forbids all public servants from obtaining any valuable thing from someone involved with them in an official capacity. These were for obtaining valuables from Singapore GP majority shareholder Ong Beng Seng and construction boss Lum Kok Seng while he held portfolios that had official dealings with the two men. Iswaran also pleaded guilty to one charge of obstructing justice by belatedly repaying the cost of a flight to Doha. Another 30 charges under Section 165 were taken into consideration for his sentencing. He was sentenced to 12 months' jail, and he began serving his sentence on Oct 7, 2024.
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.
Straits Times
16-05-2025
- Business
- Straits Times
Shares of Ong Beng Seng's HPL jump more than 9%, prompting SGX query
Ong Beng Seng stepped down as HPL's managing director on April 29 but is still HPL's controlling shareholder. PHOTO: ST FILE SINGAPORE - Shares of Hotel Properties Limited (HPL) rose as much as 9.3 per cent to $4.72 in active trading on May 16, prompting a query from Singapore Exchange Regulation (SGX RegCo). The counter was up 8.8 per cent at $4.70 at the midday trading break. About 388,000 shares had changed hands, well above the stock's recent trading volume. Trading data also showed the price rally began on May 15. SGX RegCo asked the company to explain the 'unusual price movements', and to promptly disclose any previously unannounced materially sensitive information that might account for the trading activity. The regulator also asked if HPL was aware of any other possible reasons for the trading activity, and to confirm its compliance with listing standards. It added that if appropriate, the company could consider requesting a trading halt. The surge in HPL's share price follows Ong Beng Seng stepping down as managing director on April 29 by not seeking re-election at the company's annual general meeting held that day. The property tycoon is still HPL's controlling shareholder. The Edge Singapore in a report on May 5 said that with Ong's exit from the helm of the company, HPL 'with its freehold Orchard Road landbank that is undervalued by the market, is primed as a takeover target or opening the door for new capital partners'. Ong is known as the man who brought Formula One (F1) to Singapore in 2008 – the first night race in the sport's history. He is set to plead guilty in a court case linked to former transport minister S. Iswaran. He was granted permission to travel overseas from April 28 to May 16 for work and medical reasons. Ong is reportedly being treated for multiple myeloma, a form of white blood cell cancer. In 2024, Ong was charged with one count of abetment under Section 165, which makes it an offence for a public servant to accept anything of value from any person with whom he is involved in an official capacity without payment or with inadequate payment. HPL has interests in 41 hotels across 17 countries as at end-2024, according to its annual report. Its famous brands include Como Hotels & Resorts, Concorde Hotels, Four Seasons Hotels & Resorts, Hard Rock Hotels and Marriott International. Join ST's Telegram channel and get the latest breaking news delivered to you.
