Who is Ong Beng Seng, a billionaire tycoon involved in Singapore's graft probe?

SINGAPORE — One of Singapore's richest men, Ong Beng Seng, has been served with a notice of arrest by the Corrupt Practices Investigation Bureau (CPIB).

The billionaire hotelier, who is also reported to have played a key role in bringing the Formula 1 Singapore Grand Prix into the city-state in 2007, is allegedly linked to the corruption probe involving Transport Minister S. Iswaran.

Hotel Properties Limited (HPL), of which Ong is a co-founder and managing director, said on Friday (14 July) that no charges have been filed and the 77-year-old has posted bail of S$100,000. Ong, HPL said, will be travelling from 14 July and will be surrendering his passport to CIPB upon his return to Singapore.

Who is Ong Beng Seng?

Ong Beng Seng was born in 1946 in Teluk Anson, Sabah, Malaysia. Popularly known by his initials OBS, the hotel and property tycoon – together with his his Singaporean wife, Christina Ong – ranked 24th in the 2022 Forbes Singapore's 50 Richest list with an estimated net worth of US$1.75 billion (S$2.3 billion).

Born into a rich family, according to Singapore Infopedia, Ong moved to Singapore in 1950. He then studied in the UK and earned a degree in insurance. He earned his fortune then by selling shipping insurance.

Ong married Christina Fu in 1972 and then joined Kuo International, an oil grading company owned by his father-in-law Peter Fu Yun Siak, in 1975. He's known for his accurate predictions of the ups and downs of oil prices and that helped him earned enough money to finance his foray into the hospitality business.

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What are Ong's business dealings?

Ong formed Hotel Properties Limited in 1980 to lead Kuo International's acquisition of the Hilton hotel brand. Two years later, HPL was listed in Singapore, and Ong's property, hotel, retail and lifestye conglomerate truly began.

As of today, HPL reportedly holds a portfolio of 38 hotels and resorts across 15 countries. The company runs the Hard Rock Hotel brand name in Bali, Pattaya and Penang. It also runs Hard Rock Cafe outlets in Singapore, Malaysia, Indonesia and Thailand.

HPL also owns and operates hotels under the brands of Four Seasons, COMO Hotels & Resorts, InterContinental Hotels Group, Six Senses, Marriott International and Concorde, as well as malls that include the Forum The Shopping Mall in Singapore.

Christina Ong runs retail empire Club 21 and London-listed handbag maker Mulberry.

Last May, HPL, in partnership with units of Singapore's state-owned investment firm Temasek, also bought the real estate assets of Singapore Press Holdings for US$2.8 billion.

Did he bring F1 to Singapore?

Yes, he did. After a year of negotiation, and helped by his friendship with F1 boss Bernie Ecclestone, Ong – as the man behind Singapore GP – clinched the deal to bring the F1 race to Singapore. The event, held on the Marina Bay street circuit, became the first night race in F1 history.

The race has been held annually in Singapore except for a two-year hiatus during the COVID-19 pandemic. It returned last October with a new deal signed for Singapore to host the night race for another seven years through 2028.

Are there other scandals that involved Ong?

Before the current notice of arrest, Ong's name had been mentioned in two incidents involving top politicians.

In 1996, Ong's company sold four luxury condominium units to Senior Minister Lee Kuan Yew and his son, then Deputy Prime Minister Lee Hsien Loong. The units, part of the Nassim Jade and Scotts 28 condominiums, were allegedly sold at special discounts.

However, then Prime Minister Goh Chok Tong cleared the Lees and Ong of any wrongdoing.

Then in 2018, there was allegations of corruption involving Ong in the leasing of two islands in the Maldives that was reported by the Organized Crime and Corruption Reporting Project (OCCRP).

HPL, the report said, was involved in a scheme by then-Maldives president Abdulla Yameen to sidestep Maldivian laws to lease out dozens of Maldives islands and lagoons to tourism developers without public tender.

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