Billionaire hotelier Ong Beng Seng goes to a press conference in Singapore May 11, 2007.
Singapore's anti-graft company released an arrest notification for billionaire Ong Beng Seng as part of its examination including transportation minister S Iswaran.
Ong, who is handling director of Singapore-listed hotel owner and operator Hotel Properties Limitedhas actually been asked to offer details on his interactions with Iswaran.
In a filing, HPL stated no charges have actually been submitted versus Ong which he is totally complying with the firm. While he is taking a trip Friday, the business stated Ong will surrender his passport to the Corrupt Practices Investigation Bureau when he goes back to Singapore.
The business included that Ong has actually offered inquired, however is not able to supply additional information at this moment.
HPL stated Ong “continues to appropriate to perform his tasks and duties as handling director,” however will continue to keep track of the matter and “re-assess the viability of the continued consultation of Mr Ong.”
HPL's portfolio consists of 38 hotels and resorts in 15 nations, running under brand names consisting of Four Seasons, Intercontinental Hotels and Marriott International.
Shares of HPL moved as much as 6.7% on Friday, prior to recuperating a little.
Previously today, Prime Minister Lee Hsien Loong asked Iswaran to take a leave of lack after CPIB exposed Iswaran was helping with an examination.
In reaction to questions, the prime minister's workplace informed CNBC that Iswaran will stay in the nation throughout his leave of lack, and will not have access to any main resources and federal government structures.
Ong was credited with bringing Formula 1 to Singapore in 2008. In 2022, his independently owned company Singapore GP and the Singapore Tourism Board protected the rights to host the Singapore Grand Prix till 2028.
Singapore's tourist board approximates that given that its launching in 2008, the race has actually produced more than 1.5 billion Singapore dollars ($1.13 billion) in incremental tourist invoices and drew in more than 550,000 special global visitors.
When the rights extension was revealed, Iswaran stated the race “continues to be a strong centerpiece for travelers, worldwide occasions and company conferences. We have actually chosen to continue hosting the F1 race for another 7 years, after completely assessing the long term advantages that a term extension might give Singapore.”