Singapore Expands Graft Probe to Include Hotel Tycoon Ong

Bloomberg2023-07-14

Ong issued notice of arrest, is out on bail; no charges filedCPIB probe involves a cabinet minister, first in decadesA rare Singapore graft probe involving a cabinet minister widened Friday after a ...

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no charges filedCPIB probe involves a cabinet minister, first in decadesA rare Singapore graft probe involving a cabinet minister widened Friday after a ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-07-14/singapore-tycoon-ong-assisting-in-graft-probe-has-arrest-notice?srnd=premium-asia\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"H15.SI","symbol_name":"旅店置业","start_time":0,"source_url":"https://www.bloomberg.com/news/articles/2023-07-14/singapore-tycoon-ong-assisting-in-graft-probe-has-arrest-notice?srnd=premium-asia","article_id":"1151870208","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1151870208","pubTimestamp":1689298996,"sourceInfo":{"source_id":"lsy1584095487587","name":"Bloomberg"},"weMediaInfo":null,"summary":"Ong issued notice of arrest, is out on bail; no charges filedCPIB probe involves a cabinet minister, first in decadesA rare Singapore graft probe involving a cabinet minister widened Friday after a pr","collect":0,"end_time":0,"defaultTopTitle":"bloomberg.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"H15.SI":"旅店置业"},"translate_title":"新加坡扩大贪污调查，包括酒店大亨王","themeId":"8dd8b3510ee24ff1ba7734bf3b11b502","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"H15.SI":1.1},"content_text":"Ong issued notice of arrest, is out on bail; no charges filedCPIB probe involves a cabinet minister, first in decadesA rare Singapore graft probe involving a cabinet minister widened Friday after a property and hotel tycoon was issued a notice of arrest in connection with the case.Ong Beng Seng, the managing director of Hotel Properties Ltd., said he is cooperating with the Corrupt Practices Investigation Bureau, according to a statement from the company to the Singapore stock exchange. Shares of Hotel Properties slumped as much as 3.63%.Ong, who will be traveling from Friday, will surrender his passport to CPIB when he returns to Singapore. Ong was asked to provide information on his interactions with Transport Minister S. Iswaran. No charges have been filed.Singapore’s most serious graft probe involving a cabinet minister in nearly four decades has rattled the wealthy city-state. Its senior public officials are among the world’s best paid, a strategy Singapore’s political leaders say has helped to stave off corruption.The case adds to the ruling People’s Action Party’s challenges as it undergoes a leadership transition amid rising costs of living and a buoyant property market.Ong, the media-shy Malaysia-born businessman, was instrumental in bringing the Formula OneGrand Prix to Singapore. Iswaran has long championed the night race in his various capacities. The minister will remain in Singapore and won’t have access to official resources and government buildings during his leave, according to a statement from the Prime Minister’s Office.This isn’t the first time Ong has been embroiled in controversies surrounding politicians from Singapore’s ruling party. In 1996, PM Lee, then a deputy prime minister, and his father Lee Kuan Yew, were cleared in an inquiry over claims of impropriety related to discounted purchases of four high-end apartments developed by Hotel Properties.Ong’s business has a portfolio of nearly 40 hotels and resorts across 15 countries including the Four Seasons in Singapore and the Maldives, according to its website. 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