Ong Beng Seng to plead guilty on July 3 in case involving S. Iswaran
Billionaire Ong Beng Seng, who is facing two charges in a case linked to former transport minister S. Iswaran, will be pleading guilty on July 3. The date was set after his pre-trial conference on June 10.
The 79-year-old was previously scheduled to plead guilty on April 2, but the case was adjourned after his lawyers asked for more time to obtain his medical reports.
The property tycoon was charged on Oct 4, 2024, with abetting a public servant in obtaining gifts and with abetting the obstruction of justice.
Under Section 165, it is an offence for a public servant to accept anything of value from any person with whom he is involved in an official capacity without payment or with inadequate payment.
According to court documents, the businessman had in December 2022 allegedly arranged for Mr Iswaran to fly on Ong's private plane from Singapore to Doha. The flight was valued at US$7,700 (S$10,400).
Ong is also said to have arranged for Mr Iswaran a one-night stay at Four Seasons Hotel Doha, valued at $4,737.63, and a business-class flight from Doha to Singapore, valued at $5,700.
Court documents showed it was allegedly Ong who alerted Mr Iswaran that the Corrupt Practices Investigation Bureau had seized the flight manifest for the December 2022 trip. It prompted Mr Iswaran to ask the tycoon to bill him for the flight to avoid investigations.
For this alleged offence, Ong was charged with the abetment of obstruction of justice.
The businessman is known as the man who brought Formula One (F1) to Singapore in 2008 - the first night race in the sport's history.
Mr Iswaran was chairman of the F1 steering committee and the Government's chief negotiator with Singapore GP on business matters related to the race.
The two men had worked in the mid-2000s to convince then Formula One Group chief executive Bernie Ecclestone to make Singapore the venue for the sport's first night race.
On Oct 3, 2024, Mr Iswaran was handed a 12-month jail term after he pleaded guilty to five charges, including obtaining valuable items as a public servant from Ong and Mr David Lum Kok Seng, managing director of construction company Lum Chang Holdings.
Mr Iswaran was placed on the Home Detention Scheme on Feb 7, 2025. On June 6, the Singapore Prison Service said he completed his emplacement on the Home Detention Scheme and that he was no longer under prison custody.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
an hour ago
- Business Times
Singtel CEO Yuen Kuan Moon's pay up 16.8% to S$8.2 million; S$2.8 billion cash holdings to help group navigate challenges
[SINGAPORE] Singtel's leadership struck a cautiously optimistic tone on its near to medium-term outlook, even as group chief executive officer Yuen Kuan Moon's total remuneration for financial year 2025 ended Mar 31 rose 16.8 per cent to over S$8.2 million. Management cited global economic uncertainties from trade tensions but expressed confidence that a strong balance sheet will help the group navigate upcoming challenges. In the telco's latest annual report released on Monday (Jun 30), Yuen said that while the wide-ranging tariffs imposed by US President Donald Trump will have limited direct impact on the telecoms industry, their 'broader repercussions cannot be ignored'. The International Monetary Fund has lowered its global growth forecast for 2025 to 2.8 per cent, down from 3.3 per cent previously, as a result of the trade conflict. Yuen also warned that rising US-China tensions could accelerate tech and financial decoupling, leading to diverging standards that hamper global innovation, requiring Singtel to stay familiar with both Western and Eastern technology ecosystems. That said, he pointed to Singtel's strong balance sheet, with S$2.8 billion in cash as at March 2025 and almost 90 per cent of its debt hedged to fixed rates. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'This positions us well to navigate these challenges,' he said. On growth opportunities, Yuen noted that trends such as cloud technologies, digitalisation and artificial intelligence (AI) are transforming not only industries and businesses but also how individuals live and work. He identified Singtel's subsidiaries, IT services management company NCS and data centre Nxera, as 'key growth engines in digital services and digital infrastructure'. Singtel has set a target to increase their combined earnings before interest, taxes, depreciation and amortisation contribution to the group from 12 per cent in FY2023 to 20 per cent by FY2028. 'Achieving this goal will require both businesses to seize opportunities at speed and scale,' Yuen said. He noted that enterprises face challenges in effectively and responsibly adopting AI to drive growth and resilience – an area where NCS can guide strategic implementation. Meanwhile, rapid AI and cloud adoption is fuelling demand for advanced digital infrastructure. Backed by Singtel and partner KKR, Nxera plans to more than double its hyper-connected, AI-ready data centre capacity to over 200 megawatts by 2026. Yuen said these developments will contribute meaningfully to group earnings as they come online, with innovations such as DeepSeek making AI more accessible and spurring further demand. Singtel28 progress and Optus recovery The annual report highlighted that this year's financial results marked a strong start to the group's Singtel28 growth plan, which was launched in 2024 to drive 'sustained value realisation' for shareholders. Underlying net profit rose 9 per cent to S$2.47 billion, supported by growth in core businesses and regional associates. Net profit surged to S$4.02 billion, more than five times higher, lifted by a one-time gain of S$1.3 billion from the partial divestment of its Comcentre headquarters. More than 70 per cent of annual underlying net profit came from overseas operations, through contributions from regional associates Airtel, AIS, Globe and Telkomsel, as well as Australian subsidiary Optus. In FY2025, Singtel raised its mid-term asset recycling target from S$6 billion to S$9 billion, after crossing the halfway mark with nearly S$4 billion in proceeds from the sale of a 1.2 per cent stake in Airtel in May. Group chief financial officer Arthur Lang said proceeds from these efforts will continue to fund dividends, share buybacks and investments in data centres and enterprise services. He added that Singtel is well-positioned to unlock greater value through well-timed sales of stakes, divestments of underutilised assets and deeper capital partnerships in areas with strong potential. Optus CEO Stephen Rue said restoring customer trust and growing market share in Australia remain top priorities. The Australian telco was accused of manipulating credit checks and selling products to vulnerable customers but reached a settlement with the Australian Competition and Consumer Commission in June. Rue highlighted plans to invest in network upgrades, expand digital offerings and strengthen partnerships to support Optus' long-term recovery. Remuneration Yuen's total remuneration for the financial year ended Mar 31 was more than S$8.2 million – a 16.8 per cent increase compared with his FY2024 remuneration of over S$7 million. Based on figures in the annual report, a broad breakdown shows an estimated salary of around S$1.3 million, benefits of about S$77,800, a cash bonus and restricted share award of about S$2.2 million each, and a performance share award of S$2.4 million. In FY2024, he received more than S$1.3 million in salary, S$1.8 million in cash bonuses and over S$76,380 in benefits. The report did not disclose a detailed breakdown of remuneration for other key management personnel, including Lang and Rue, citing confidentiality and sensitivity concerns. Instead, it reported an aggregated amount that totalled more than S$29.3 million. At Monday 12 pm, shares of Singtel were down 0.8 per cent, or S$0.03, at S$3.82.
Business Times
an hour ago
- Business Times
Singtel CEO's remuneration rises 16.8% to S$8.2 million in FY2025 as group eyes growth amid trade tensions
[SINGAPORE] Singtel's leadership struck a cautiously optimistic tone on its near to medium-term outlook, even as group chief executive officer Yuen Kuan Moon's total remuneration for financial year 2025 ended Mar 31 rose 16.8 per cent to over S$8.2 million. Management cited global economic uncertainties from trade tensions but expressed confidence that a strong balance sheet will help the group navigate upcoming challenges. In the telco's latest annual report released on Monday (Jun 30), Yuen said that while the wide-ranging tariffs imposed by US President Donald Trump will have limited direct impact on the telecoms industry, their 'broader repercussions cannot be ignored'. The International Monetary Fund has lowered its global growth forecast for 2025 to 2.8 per cent, down from 3.3 per cent previously, as a result of the trade conflict. Yuen also warned that rising US-China tensions could accelerate tech and financial decoupling, leading to diverging standards that hamper global innovation, requiring Singtel to stay familiar with both Western and Eastern technology ecosystems. That said, he pointed to Singtel's strong balance sheet, with S$2.8 billion in cash as at March 2025 and almost 90 per cent of its debt hedged to fixed rates. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'This positions us well to navigate these challenges,' he said. On growth opportunities, Yuen noted that trends such as cloud technologies, digitalisation and artificial intelligence (AI) are transforming not only industries and businesses but also how individuals live and work. He identified Singtel's subsidiaries, IT services management company NCS and data centre Nxera, as 'key growth engines in digital services and digital infrastructure'. Singtel has set a target to increase their combined earnings before interest, taxes, depreciation and amortisation contribution to the group from 12 per cent in FY2023 to 20 per cent by FY2028. 'Achieving this goal will require both businesses to seize opportunities at speed and scale,' Yuen said. He noted that enterprises face challenges in effectively and responsibly adopting AI to drive growth and resilience – an area where NCS can guide strategic implementation. Meanwhile, rapid AI and cloud adoption is fuelling demand for advanced digital infrastructure. Backed by Singtel and partner KKR, Nxera plans to more than double its hyper-connected, AI-ready data centre capacity to over 200 megawatts by 2026. Yuen said these developments will contribute meaningfully to group earnings as they come online, with innovations such as DeepSeek making AI more accessible and spurring further demand. Singtel28 progress and Optus recovery The annual report highlighted that this year's financial results marked a strong start to the group's Singtel28 growth plan, which was launched in 2024 to drive 'sustained value realisation' for shareholders. Underlying net profit rose 9 per cent to S$2.47 billion, supported by growth in core businesses and regional associates. Net profit surged to S$4.02 billion, more than five times higher, lifted by a one-time gain of S$1.3 billion from the partial divestment of its Comcentre headquarters. More than 70 per cent of annual underlying net profit came from overseas operations, through contributions from regional associates Airtel, AIS, Globe and Telkomsel, as well as Australian subsidiary Optus. In FY2025, Singtel raised its mid-term asset recycling target from S$6 billion to S$9 billion, after crossing the halfway mark with nearly S$4 billion in proceeds from the sale of a 1.2 per cent stake in Airtel in May. Group chief financial officer Arthur Lang said proceeds from these efforts will continue to fund dividends, share buybacks and investments in data centres and enterprise services. He added that Singtel is well-positioned to unlock greater value through well-timed sales of stakes, divestments of underutilised assets and deeper capital partnerships in areas with strong potential. Optus CEO Stephen Rue said restoring customer trust and growing market share in Australia remain top priorities. The Australian telco was accused of manipulating credit checks and selling products to vulnerable customers but reached a settlement with the Australian Competition and Consumer Commission in June. Rue highlighted plans to invest in network upgrades, expand digital offerings and strengthen partnerships to support Optus' long-term recovery. Remuneration Yuen's total remuneration for the financial year ended Mar 31 was more than S$8.2 million – a 16.8 per cent increase compared with his FY2024 remuneration of over S$7 million. Based on figures in the annual report, a broad breakdown shows an estimated salary of around S$1.3 million, benefits of about S$77,800, a cash bonus and restricted share award of about S$2.2 million each, and a performance share award of S$2.4 million. In FY2024, he received more than S$1.3 million in salary, S$1.8 million in cash bonuses and over S$76,380 in benefits. The report did not disclose a detailed breakdown of remuneration for other key management personnel, including Lang and Rue, citing confidentiality and sensitivity concerns. Instead, it reported an aggregated amount that totalled more than S$29.3 million. At Monday 12 pm, shares of Singtel were down 0.8 per cent, or S$0.03, at S$3.82.
Straits Times
2 hours ago
- Straits Times
South Korea overtakes US in cosmetics exports, trailing only France
SEOUL - South Korea's cosmetics exports have climbed to second place globally, surpassing those of the United States for the first time in 2025 and is now trailing industry powerhouse France, data showed on June 30 . According to the South Korea International Trade Association (Kita) , South Korea exported US $3.61 billion (S$460.4 billion) worth of cosmetics from January to April 2025 , narrowly edging out the United States' US $3.57 billion. This marks South Korea's first time overtaking the US in beauty exports, after its exports in the January–March 2025 period, which totalled US $2.58 billion, had lagged behind America's US $2.72 billion. South Korea's cosmetics exports have been rising at a blistering pace. Last year, South Korea's cosmetics exports totaled US $10.3 billion, outpacing Germany's US $9.08 billion to become the world's third-largest exporter, behind France and the US. While France and the US recorded growth of 6.3 per cent and 1.1 per cent, respectively, South Korea's exports surged by 20.3 per cent. This upward momentum has carried into 2025 , with monthly exports climbing from US $750.8 million in January 2025 to US $885.9 million in February, US $939.9 million in March and US $1.03 billion in April 2025 . The ongoing rise of K-beauty is set to push further into emerging markets in Europe and the Middle East, including Poland, Ireland, Belgium and the United Arab Emirates. According to data from the Kita, exports to Poland from January to May 2025 surged 121 per cent to US $111.8 million, up from US $50.4 million a year earlier, while exports to the UAE rose 74 per cent to US $99.3 million from US $57 million over the same period. THE KOREA HERALD/ASIA NEWS NETWORK Join ST's Telegram channel and get the latest breaking news delivered to you.
