Singapore Charges Billionaire in Landmark Corruption Case, After Ex-Minister Sentenced

Oct 04, 2024 07:50

Singapore charged property tycoon Ong Beng Seng on Friday over the case of an ex-government minister who was sentenced to jail for obtaining 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 handed a 12-month prison term for obtaining valuable items as a public servant and obstruction of justice.

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The scandal has rocked the city-state, known for its zeal for clean governance, with Iswaran having become the first former minister to be sentenced to prison for the first time in almost half a century.

The shift in focus to Ong comes as Prime Minister Lawrence Wong, who came to power in May, prepares to lead the ruling party into a general election that must be held by November 2025. The case against Iswaran has tested the party that has ruled Singapore uninterrupted since independence in 1965. He has since left the party.

Ong, who was arrested in July 2023 and given bail, has been widely credited for bringing Formula One to the city, and was seen at the night race held in September. He owns the rights to the Singapore Grand Prix, as the night event is known, and is chairman of race promoter Singapore GP Pte.

But his business practices were brought under the microscope after his ties with Iswaran led to the worst graft scandal in the financial hub for decades.

Most of the court charges leveled against Iswaran dealt with his interactions with Ong. The allegations ranged 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 requested for a trading halt on Friday. The company 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.

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Singapore Charges Billionaire in Landmark Corruption Case, After Ex-Minister Sentenced