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Who is Ong Beng Seng, the tycoon caught up in CPIB’s probe involving Iswaran?

2023-07-16 00:00:00.0 海峡时报-新加坡原网页

SINGAPORE – Tycoon Ong Beng Seng has been arrested by the Corrupt Practices Investigation Bureau (CPIB) in relation to the probe involving Transport Minister S. Iswaran.

Hotel Properties Limited (HPL), where Mr Ong is co-founder and managing director, said on Friday that the 77-year-old is cooperating with the anti-graft body to provide information in relation to his interactions with Mr Iswaran.

Mr Ong has posted bail of $100,000 and no charges have been filed against him. In its statement to the Singapore Exchange, HPL said he was travelling abroad on Friday and would surrender his passport to CPIB when he returns.

Here is what is known about the property mogul.

Who is Mr Ong Beng Seng?

Mr Ong, better known by his initials OBS, was born in Teluk Intan, Malaysia, in 1946.

He had affluent parents and came to Singapore at the age of four. He studied at Anglo-Chinese School, where he was a champion sprinter and long jumper, and obtained a degree in insurance from Britain.

He went on to work in international insurance underwriting and broking in Europe, London and South-east Asia before joining Motor & General Underwriters Investment Holdings in the late 1960s.

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Mr Ong married Ms Christina Fu, herself a prominent businesswoman, in 1972. In 1975, he joined Kuo International, an oil trading company owned by his father-in-law Peter Fu.

There, he made millions, accurately predicting the ups and downs of oil prices. The capital earned during this time is said to have helped finance his later investments and property developments.

Mr Ong formed HPL in 1980 and acquired a number of hotels and properties in prime locations such as Orchard Road. The company was listed in Singapore in 1982.

As at December 2022, HPL’s hotel division had a portfolio of 38 hotels and resorts across 15 countries including Singapore, the United States, the Maldives and Italy.

It owns brands such as the Four Seasons Hotels and Resorts, Hard Rock Hotels and Marriott International.

Mr Ong’s wife runs Como Hotels and Resorts, retail empire Club 21 and London-listed handbag maker Mulberry.

The couple were ranked 24th richest in Singapore by Forbes in September 2022 and are estimated to have a net worth of US$1.7 billion (S$2.2 billion). They have two children – a son and a daughter.

Formula One

Mr Ong, a keen motorsport enthusiast, is known as the man who brought Formula One to Singapore in 2008 with the first night race in the sport’s history. He owns the rights to the Singapore Grand Prix as its chairman.

Mr Ong Beng Seng, a keen motorsport enthusiast, is known as the man who brought Formula One to Singapore in 2008 – the first night race in the sport’s history. PHOTO: ST FILE

The race, held on the Marina Bay Street Circuit and famed for its heady mix of top musical acts and on-track action, has been held every year since then except for 2020 and 2021, when it was interrupted by the pandemic.

In January 2022, Singapore signed a deal to continue hosting the race for another seven years. It was the fourth renewal and the longest extension so far.