Facing the law: Ong arriving at the State Court in Singapore. — AFP
At the centre of Singapore’s most talked-about political scandal centred on former minister S. Iswaran, one other name stands out – Ong Beng Seng, among the richest tycoons in the city-state and widely credited for bringing Formula One racing to its shores.
The co-founder of Hotel Properties Limited (HPL) has found himself embroiled in controversy – for a second time – and is charged with abetting Iswaran’s offences and obstructing justice.
Earlier this week, the former transport minister was sentenced to 12 months in prison after admitting he had accepted more than S$400,000 in gifts from Ong and fellow businessman Lum Kok Seng, resulting in a fallout that has reverberated through Singapore’s network of politics and business, raising eyebrows over the intertwining lives of its elite.A former associate of Ong, as reported by The South China Morning Post (SCMP), called him “everything of a shrewd businessman; flamboyant and a risk taker to win deals”.
“A super networker, he can smell great business opportunities from miles away,” said the source who spoke on condition of anonymity.
Another former business associate from the region expressed sympathy for Ong and told This Week in Asia: “He really loves Singapore so much. And he did so much for the place. He injected the city-state with style and pizazz.”
Call him shrewd or even suave, Ong is certainly a flamboyant businessman who has been successful in his many business ventures. And by far the Singapore F1 race and also after-race party is one of the most talked about event not only in Asia but also throughout the sporting fraternity in the world.
Add to that Ong will continue to serve as the managing director of HPL, the company said, after he was charged in court on Friday over his involvement in the case of Iswaran.
The hotelier and head of Singapore GP was handed one charge each under Section 165 and Section 204A of the Penal Code. Section 165 relates to a public servant obtaining valuables while Section 204A pertains to obstructing justice.
Ong is currently out on a S$800,000 (RM2.5mil) bail. In a regulatory filing, HPL, which is owned by the 78-year-old, said that Ong had informed the company on the two charges and that he is seeking legal advice.
Ong, a Malaysian who is based in Singapore, was arrested in July 2023 and released on bail. No charges were previously filed against him.
He was named in Iswaran’s initial graft charges, which alleged that the then-transport minister had corruptly obtained from Ong tickets to the 2022 Singapore Formula 1 Grand Prix, as well as flights and a hotel stay in Doha.
HPL has interests in hotels under the Four Seasons chain and develops luxury condos in cities like London and Singapore.
The Ong family also has a controlling stake in British luxury handbag maker Mulberry Group Plc, and recently rebuffed a takeover approach from Mike Ashley’s Frasers Group Plc.
By far, the property tycoon is also known among the Singapore and regional elite for his colourful persona and aggressive dealmaking skills.
Ong, popularly known as OBS, is one of the richest tycoons in Singapore, a big shot in the Formula One franchise owners’ club, and has been a power player in South-East Asia for more than four decades.
He has avoided the spotlight through the years, though details about Ong’s colourful and at times brash persona – and especially his skills as an aggressive dealmaker – are well known thanks to a regional moneyed class that is tight-knit but with loose lips.
In the 1990s, descriptions of Ong in the national media and in glossy business magazines ranged from “Sheikh of the Far East” to “Prince of a Thousand Deals”.
There is at least one reference to Ong and his wife Christina – a highly successful businesswoman in her own regard – as the “Posh and Becks” of Singapore’s property and hotel scene.
A spokesperson for Ong confirmed again late Friday that he is seeking legal advice on the charges.“But as this is an ongoing matter, he is unable to provide further details at this point,” the spokesperson added. — Agencies
