Singapore Charges Billionaire in Corruption Case Tied to Former Minister’s Conviction
Singapore brought charges against property magnate Ong Beng Seng on Friday in connection with the case of a former government minister who was sentenced to jail for accepting gifts from the billionaire.
The 78-year-old Ong didn’t immediately enter a plea in response to the charges of abetment and obstruction of justice, and didn’t respond to questions when he left court. The charges come a day after former transport minister S. Iswaran was convicted for obtaining valuable items as a public servant and obstruction of justice.
The scandal has shaken the city-state, known for its strong emphasis on clean governance. Iswaran’s sentence marks the first time a former minister has been imprisoned in nearly half a century. The scandal has also put pressure on the People’s Action Party, which has governed Singapore continuously since independence in 1965. Prime Minister Lee Hsien Loong is gearing up for a general election that must be held by November 2025.
“No one is beyond scrutiny or above the law,” Wong said in a statement after Iswaran was sentenced on Thursday. “My team and I will continue to uphold the highest standards of integrity and propriety.”
Ong, who had bail set at S$800,000 ($617,000), allegedly aided Iswaran in securing two flights and a night’s stay at the Four Seasons hotel in Doha, with a total value of S$20,848.03. He was also accused of aiding the ex-minister in hindering the course of justice. This aligns with two of the five charges to which Iswaran pleaded guilty to on Sept. 24.
The prosecution stated that they will not be pursuing charges against Ong for his involvement in any of the other accusations faced by Iswaran. They are also not planning to charge Lum Kok Seng, the Managing Director of local construction firm Lum Chang Holdings Ltd., in connection with the Iswaran case, the Attorney-General’s Chambers said in a statement.
The case has been adjourned until Nov. 15.
Ong, who was arrested in July 2023, possesses a $1.15 billion fortune, according to Bloomberg estimates. He’s a prominent figure in Singapore’s business community, and is widely recognized for bringing Formula One to the city. The tycoon holds the rights to the Singapore Grand Prix, which he attended in September, and serves as chairman of race promoter Singapore GP Pte.
However, Ong’s business practices came under scrutiny after his connections with Iswaran led to the worst corruption scandal in the financial hub for decades.
Most of the court charges against Iswaran involved his interactions with Ong. The allegations spanned from Iswaran obtaining tickets for UK soccer matches and taking a flight on Ong’s private jet to obtaining tickets to the F1 race in Singapore and tickets to musicals in London. Iswaran’s lawyers argued in court that the valuable items were gifts from his friend Ong.
Ong is also the managing director of Hotel Properties Ltd. The Singapore-listed hospitality firm, which requested a trading halt on Friday, has investments in hotels under the Four Seasons chain and develops luxury condos in cities like London and Singapore.
The Ong family also holds a controlling stake in British luxury handbag maker Mulberry Group Plc, and recently declined a takeover offer from Mike Ashley’s Frasers Group Plc.