Singapore Formula One supremo Ong Beng Seng issued ‘notice of arrest’ in S. Iswaran corruption probe
- Singapore’s anti-graft agency directed the billionaire, who partly owns the city state’s F1 race, to provide more information on his interactions with Iswaran
- The transport minister has been instructed to take a leave of absence until the probe is completed
In a notice to the Singapore Exchange on Friday morning, Hotel Properties Limited (HPL) said it had been informed by Ong, 77, that he had been directed by Singapore’s Corrupt Practices Investigation Bureau (CPIB) to provide more information on his interactions with Iswaran.
The company’s shares fell sharply following the announcement, declining by 2.59 per cent at the close of trading on Friday.
“No charges have been filed against Mr Ong. He will be travelling from July 14 2023 and will be surrendering his passport to CPIB upon his return to Singapore. He has been given a notice of arrest and has posted bail of S$100,000 (US$75,675),” the company statement said.
It did not provide details of his current whereabouts. Local media reported that Ong was seen leaving the CPIB complex on Wednesday.
“Mr Ong is cooperating fully with CPIB and has provided the information requested. 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.”
