A Singapore government minister and a prominent property tycoon were arrested this week, as confirmed by the anti-graft body on Friday. The authorities did not disclose the specific details that led to this rare high-level probe.
Transport Minister S. Iswaran and Ong Beng Seng, the managing director of Hotel Properties, were apprehended on Tuesday and subsequently released on bail, according to a statement provided by the Corrupt Practices Investigation Bureau (CPIB) in response to a query from Reuters.
On Wednesday, the CPIB announced the initiation of an investigation into Iswaran. Such cases are infrequent in Singapore, a prominent financial center in Asia that prides itself on a government free from corruption. Cabinet ministers are well-compensated to deter graft, with some earning annual salaries exceeding S$1 million ($758,000).
Ong, recognized for bringing Formula One races to the city-state, has stated that he is cooperating fully with the anti-graft agency.
Iswaran’s passport has been seized, but Ong was permitted to travel outside Singapore on Friday, following a request evaluated and approved by the CPIB. Ong’s bail amount was raised to S$100,000, and upon his return, he must report to the CPIB and surrender his passport.
Hotel Properties Ltd, a Singapore-listed company associated with Ong, released a statement asserting that no charges had been filed against him. The CPIB requested Ong to provide information regarding his interactions with the transport minister.
Prime Minister Lee Hsien Loong has instructed Iswaran to take a leave of absence until the investigations are concluded. The Prime Minister’s Office has also announced that Iswaran is prohibited from leaving Singapore during the investigation and will have no access to official resources or government premises, according to local media reports.
Ong, who is 79 years old, possesses a company that operates approximately 38 hotels and resorts under various renowned brands, including COMO, Four Seasons, Hard Rock Hotels, and Concorde, as per the London Stock Exchange’s Refinitiv Eikon.
Upon news of the arrests, shares in Hotel Properties Ltd experienced a decline of up to 7% and were ultimately down 4.4%, marking their most challenging trading session in over two years. According to Forbes, Ong and his wife, Christina, had a net worth of $1.75 billion in 2022.
