Singapore Tycoon Charged in High-Profile Graft Case

A court in Singapore has formally charged prominent property tycoon Ong with two serious offenses connected to a corruption case involving former Transport Minister S. Iswaran. Iswaran had previously been convicted of receiving illicit gifts, including Formula 1 tickets and a trip to Doha, which led to his sentencing.

Ong, aged 78 and the managing director of the Singapore-listed company Hotel Properties, faces a charge of abetting a public servant in receiving gifts. Additionally, he is accused of obstructing justice. The Singapore Attorney-General’s Chambers stated that these charges are directly related to those Iswaran confessed to in court on September 24.

During a session at the State Courts on Friday, the charges were officially presented to Ong, who did not enter a plea. The proceedings have been postponed until November 15, allowing Ong time to consult with his legal advisors. Following the court session, Ong refrained from speaking to reporters, leaving the building under the protection of his lawyer and security team. A representative for Ong communicated via email, “Mr Ong is seeking legal advice on the charges. As this is an ongoing matter, he is unable to provide further details at this point.”

The charges against Ong came swiftly after Iswaran, aged 62, received a one-year prison sentence for receiving gifts valued at S$403,300 (approximately $311,000). Although the prosecution suggested a six to seven-month sentence, the presiding judge decided on a harsher penalty, citing the gravity of the offenses.

Singapore is renowned for its strict anti-corruption policies. In light of Iswaran’s sentencing, Singapore’s Prime Minister Lawrence Wong remarked, “Our system ensures that our public officers are accountable. No one is beyond scrutiny or above the law.”

Ong’s enterprise, Singapore GP, organizes the prestigious Formula 1 night race in Singapore. Ahead of Ong’s court appearance, Hotel Properties, which owns numerous luxury hotels and commercial properties, temporarily suspended its stock trading, which is set to resume on Monday. According to a company filing, the board expressed confidence in Ong’s ability to fulfill his duties as managing director despite the ongoing legal proceedings. “The board and the nominating committee will continue to monitor the progress of the matter and will reassess Mr. Ong’s role as events unfold,” the filing noted.

Beyond real estate, Ong and his wife Christina hold stakes in the London-listed handbag brand Mulberry. They are recognized among Singapore’s wealthiest individuals, possessing a combined net worth of $1.7 billion according to Forbes’ recent list of the nation’s 50 richest people.

In the midst of Singapore’s most significant political scandal, which has captivated public attention, Ong emerges as a central figure. Known for his role in bringing Formula One racing to Singapore, he has now become embroiled in this notable controversy for the second time, being accused alongside businessman Lum Kok Seng of giving gifts to former Minister Iswaran, a scenario that has affected the interconnected realms of Singapore’s political and business elites.