F1 Tycoon Ong Beng Seng Pleads Guilty in Corruption Case

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Singapore-based billionaire Ong Beng Seng pleaded guilty Thursday in a corruption trial that has shocked the city-state's reputation for good governance. During a corruption inquiry, the 79-year-old hotelier - who has run hotels in Paris and Zurich - confessed to aiding former transport minister Subramaniam Iswaran obstruct justice by assisting him to conceal evidence.

 

Lavish Gifts and Concealed Evidence
Among the gifts disclosed by Ong were multiple expensive items given to Iswaran, such as an all-expenses-paid trip to Qatar in December 2022 — involving private jet travel and hotel lodging — which Iswaran has also agreed that he cannot take up.

The gifts were presented in the course of official government business by the unrelated fathers, contravening Singapore's strict ministerial guidelines.

Under Singaporean law, ministers must declare gifts and return them, or pay their value in full to the government.

He charged Iswaran for a commercial flight as a part of the cover-up only after finding out that authorities were already doing so in relation to another case concerning Ong's connections.

The flight invoice for about S$5,700 was issued when details of the trip were discovered from a prohibited flight manifest during this probe.

In another post, Ong invited Iswaran to join the trip to Qatar in his private jet and pay for everything, including F1 tickets and hotels. They were valued at more than S$20,000.

Request for Court Leniency Due to Health
Ong had faced a maximum jail term of seven years for the obstruction charge and up to 2 years for abetting in Iswaran's acceptance of gifts, but prosecutors and defence lawyers have instead recommended that Ong be fined after considering his serious heart condition.

He is battling a form of bone marrow cancer that occurs in just one in 330 million people and was previously given permission to travel abroad for disease treatment and work.

The court accepted that Ong had been part of assisting Iswaran in remaining unidentified, but it appeared more mitigating than the minister, who committed the act intentionally.

Mr Ong's lawyers had said he was working on the instruction of Iswaran after the latter asked him to prepare an ex post facto bill.

Wider Scandal and Political Repercussions
The scandal has reignited interest in the oversight of corruption in Singapore, where politicians are some of the most highly paid in the world and financial integrity is a national point of pride.

Iswaran was also arrested together with Ong in July 2023, and he accepted more than S$403,000 worth of gifts, including luxury hotel stays, business flights, and tickets to musicals and F1 (Formula One) races.

At the time, he was chairman of F1's steering committee and chief deal-maker regarding government agreements around the sport.

Hotel Properties has an investment portfolio spanning the globe, including stakes in Four Seasons and Marriott-branded properties Ong hails from Malaysia. He was an integral player in the arrival of the Formula One Grand Prix here.

Earlier this year, HPL said that Ong would step down from the post of managing director to attend to his health.