S. Iswaran (left) and Ong Bensen (right) with F1 Group CEO Stefano Domenicali (Image: S. Iswaran Facebook)
Singapore’s Transport Minister S. Iswaran on Thursday said he helped SGX-listed Hotel Properties co-founder Ong Beng Seng secure a contract with the country’s tourism board and one of his companies. He was indicted on 27 charges, including two counts of corruption. .
The first corruption charge states: “In September 2022, Iswaran, as a Minister of the Government of Singapore, fraudulently obtained compensation totaling approximately S$145,434 from one Ong Beng Seng (“Ong”). . As an inducement to further On’s business interests in matters relating to the agreement between Singapore GP Pte Ltd and the Singapore Tourism Board. ”
The former Temasek Holdings executive was accused of “illegitimately obtaining” gifts worth more than S$384,340 ($286,137) from hoteliers in return for promoting Mr Ong’s business interests. ” Mr Iswaran is the first minister in Singapore’s history to be charged with a crime. He was charged with criminal offenses, resigned his public office after the charges, and pleaded not guilty.
Ong, who was arrested along with Iswaran in July, has not yet been charged in the case, but prosecutors say the case involves bribery, corruption and obstruction of justice between 2015 and 2022. The country’s attorney general’s office told local media on Thursday that Ong’s charges were as follows: The case will be dealt with once Mr. Iswaran has been prosecuted.
Ong remains at risk
Mr Ong, currently out on bail, remains at risk, with the hotel magnate likely to testify in Singapore’s biggest corruption trial since 1986, legal experts say.
Ong Ben Sen
“Mr. Ong, simply put, is not out of the woods. We can expect Mr. Ong to be a prosecution witness,” Singapore Management University (SMU) law professor Eugene Tan said in an email in response to media queries. I mentioned it in the answer. “Due process will likely result in prosecutors deciding how best to deal with Mr. Ong after the case against Mr. Iswaran is concluded.”
SMU’s Tan sees the government’s initial focus on Iswaran as a sign of its determination to maintain public trust in the government.
He added: “We see the prosecution’s approach as demonstrating the public’s strong interest in ensuring that the case against Mr. Iswaran, who was a cabinet minister, is dealt with swiftly, resolutely and in accordance with due process.” added.
Mr Ong is credited with bringing F1 racing to the city-state and holds Singapore’s F1 Grand Prix franchise. In the real estate field, he co-founded and manages the SGX-listed Hotel He Properties Limited (HPL), which owns the Four Seasons in the Lion City as part of a portfolio of approximately 40 properties worldwide.
In August, just over a month after his arrest, the government arrested three of the company’s adjoining properties along Orchard Road: Forum Mall, Voco Orchard Singapore Hotel, and HPL House commercial block.
Mr. Ong’s involvement in the political scandal is due to HPL’s unilateral 5-12 cases against the late Singaporean Lee Kuan Yew and his son for the Nasim Jade Condominium Project and two luxury condominiums at Scotts 28. This comes 20 years after it was discovered that the company had been giving a percentage discount. Complex.
10 years trading
Thursday’s government statement also said: “In December 2022, Mr Iswaran, as a Minister of the Government of Singapore, fraudulently received compensation totaling approximately S$20,848.03 from Mr Ong as an inducement to further Mr Ong’s business interests. “I got it,” he said. Agreement between Singapore GP Pte Ltd and Singapore Tourism Board and Proposed Agreement with Singapore Tourism Board.
The 61-year-old former cabinet minister was charged with 24 offenses for allegedly receiving “valuables” worth S$218,059 from Ong between November 2015 and December 2021, and was sentenced to death in May 2023. was also charged with one count of obstruction of justice. The government noted that people had been convicted. Corruption can result in fines or imprisonment.
According to the Bloomberg article, the bribes included tickets to a musical, Singapore F1 in Singapore, a soccer match in the United Kingdom, a stay at the Four Seasons Doha in Qatar, and one trip on Mr. Ong’s private jet. It included a flight.
In his resignation letter on Wednesday, Iswaran “rejects the accusations” and promised Singapore Prime Minister Lee Hsien Loong that he would pay back all of his salary and benefits since the CPIB’s corruption investigation began in July last year.
“I am determined to uphold the integrity of our party and government, and our reputation for honesty and incorruption. I expect Singaporeans to do the same,” Mr Lee said.
Ong is still active in SG.
Mr Ong and his wife Christina Ong were ranked as Singapore’s 26th richest people last year with a net worth of $1.7 billion.
Following the charges against Iswaran, HPL shares were unchanged at S$3.61 per share on Thursday. Neither Ong nor his HPL companies have yet publicly commented on the matter.
HPL properties span Asia, Africa and Europe, with hotels under brands such as COMO Hotels & Resorts, Four Seasons Hotels & Resorts, InterContinental Hotel Group and Marriott International.
The company has been rebalancing its portfolio in Lion City over the past year, selling seven strata shop units in Min Arcade through a bulk sale in December 2022.
HPL’s proposed Orchard Road redevelopment project is estimated to create up to 700,000 square feet of new mixed-use commercial space at the intersection of Orchard Road and Cascaden Road.