F1 Singapore GP supremo hotelier Ong Beng Seng has been sent a notice by Singapore’s Corrupt Practices Investigation Bureau.
There could be problems for F1 Singapore GP as hotelier Seng has come under fire with a ‘notice of arrest’ where he has been linked with on ongoing corruption probe involving the Transport Minister S. Iswaran, who has been asked to go on a leave of absence.
The Singapore’s Practices of Investigation Bureau has served a notice to Seng who owns the Hotel Properties Limited which partly owns the F1 Singapore GP. He has been called upon to Singapore for investigation but no charges has been levied on him yet.
Both Iswaran and Seng has played a major role in putting Singapore GP on the F1 calendar after the initial deal with Bernie Ecclestone which has been extended by Liberty Media. The grand prix has been a huge success since it joined the calendar as the only night event.
Following its success, F1 started with the trend of staging night events. It remains to be seen how it affects the Singapore GP in long-term should the investigation lead to arrest and major charges on the parties involved by CPIB.
“The Board of Directors (the “Board”) of Hotel Properties Limited (the “Company”) wishes to announce that it has been notified by Mr Ong Beng Seng, Managing Director of the Company, that he has been requested by the Corrupt Practices Investigation Bureau (“CPIB”) to provide information in relation to his interactions with Minister S Iswaran,” read a statement from HPL.
“Mr Ong has further updated the Board as set out below. No charges have been filed against Mr Ong. He will be travelling from 14 July 2023 and will be surrendering his passport to CPIB upon his return to Singapore. He has been given a notice of arrest and has posted bail of $100,000. Mr Ong is cooperating fully with CPIB and has provided the information requested. As this is an ongoing matter, he is unable to provide further details at this point. He has undertaken to provide updates to the Board if there are subsequent material developments.
“The Nominating Committee has assessed the above and has determined that Mr Ong continues to be suitable to carry out his duties and responsibilities as Managing Director. The Board and the Nominating Committee will continue to monitor the progress of the matter and the Nominating Committee will continue to re-assess the suitability of the continued appointment of Mr Ong. The Company will update on any material developments in respect of this matter.”