SINGAPORE: Property tycoon Ong Beng Seng will continue to serve as the managing director of Hotel Properties Limited (HPL), the company said, after he was charged in court on Friday (Oct 4) over his involvement in the case of former transport minister S 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 (US$617,000) 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.
“As this is an ongoing matter, he is unable to provide further details at this point. He has undertaken to provide updates to the board if there are subsequent material developments,” it added.
HPL’s nominating committee said it had “assessed the above and determined that Ong continues to be suitable to carry out his duties and responsibilities as managing director”.
“The board and the nominating committee will continue to monitor the progress of the matter, and the nominating committee will continue to re-assess the suitability of the continued appointment of Ong.”
Neither the company nor any other companies in the group have been charged, noted HPL.
The real estate company had requested a trading halt on Friday morning ahead of the billionaire’s scheduled court appearance.
The reason given for the trading halt was the pending release of an announcement, according to a Singapore Exchange notice submitted at about 7.45am.
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.
