Who is Ong Beng Seng, the tycoon involved in the Iswaran graft scandal?
A prominent business figure in Singapore, Ong is the founder and former managing director of Hotel Properties Ltd and is widely known for bringing the F1 night race into Singapore. Earlier in April 2025, he stepped down as managing director of HPL to tend to existing medical conditions relating to an incurable cancer. It was announced that he would also not seek re-election as a director at the company's annual general meeting on Apr 29.
Ong was handed dual charges in relation to his involvement with Iswaran - who in 2024 was convicted of charges related to obtaining valuable items as a public servant and obstructing justice and sentenced to 12 months' jail.
In October 2024, was charged with abetting offences under Section 165 of the Penal Code – which forbids public servants from accepting gifts from people involved with them in an official capacity – and with abetting the obstruction of justice.
The first charge relates to flights and a hotel stay as Ong allegedly offered Iswaran a trip to Doha in December 2022 and arranged for his private jet to fly him there. The flight was worth US$7,700.
The second charge was for allegedly instructing Singapore Grand Prix (GP) director Mok Chee Liang, in May 2023, to bill Iswaran for the business-class ticket from Doha to Singapore – which led to the obstruction of justice charge.
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On Monday (Aug 4), Ong, 79, admitted to the second charge. The other charge, for abetting an offence under Section 165, was taken into consideration for sentencing.
The business magnate suffers from advanced multiple myeloma, which has damaged his immune system and makes him vulnerable to life-threatening infections.
These are some things to know about him.
Origins
A Malaysian citizen, Ong moved to Singapore at a young age and has a degree in insurance.
With a career in shipping insurance and oil trading, Ong made millions from accurately predicting the ups and downs of oil prices during his time at Kuo International - an oil trading company owned by his father-in-law Peter Fu Yun Siak.
He joined the company in 1975, and the capital he earned during his time there allegedly helped finance his later investments and property development, laying the groundwork for the establishment of HPL.
HPL empire
In 1980, Ong founded HPL to buy the Hilton Singapore hotel for S$72 million, marking his venture into the property, hotel and retail sectors.
The company swiftly acquired more hotels and properties, especially those located in the prime Orchard Road area.
In 1982, HPL was listed in Singapore.
The company is now a conglomerate with interests spanning hotel ownership, management and operations, property development, and investment holdings.
As at December 2024, HPL's hotel division had interests in 41 hotels across 17 countries, including Bhutan, Indonesia, Japan, Italy, Malaysia, the Maldives, Singapore, the UK and the US, according to its 2024 annual report.
Its properties operate under hospitality brands such as COMO Hotels & Resorts, Concorde Hotels, Four Seasons Hotels & Resorts, Hard Rock Hotels, IHG Hotels & Resorts, Marriott International, and Six Senses Hotels & Resorts.
HPL's Singapore portfolio of prime commercial and retail properties comprise Forum The Shopping Mall and Concorde Shopping Mall.
The group formerly owned seven units in Ming Arcade, which it agreed to sell for S$61 million in December 2022.
In May 2022, HPL, in partnership with units of state investor Temasek, purchased the real estate assets of media giant Singapore Press Holdings (SPH) for S$2.8 billion.
Another instance when Ong posed challenges for Singapore-listed companies was in partnership with Temasek-linked entities in his 2002-2003 bid for steelmaker NatSteel.
The consortium, which also involved Temasek, narrowly won control of the company following a battle with Indonesian business tycoon Oei Hong Leong.
Pioneering the F1 race in Singapore
In 2008, Ong brought in the Formula 1 night race to Singapore. He owns the rights to the Singapore Grand Prix.
Iswaran is also widely credited for playing a vital role in the country's bid to host the Grand Prix since 2008.
As a junior trade minister then, he was involved in negotiations with parties such as HPL and then global F1 boss Bernie Ecclestone.
In 2022, Ong secured an extension to host the F1 race through 2028, through his company Singapore GP - the race promoter for the Grand Prix - and Singapore's tourism agency.
Personal life
Ong is said to be a relatively private person.
He has been married to prominent hotelier and businesswomen Christina Ong since 1972.
Christina Ong runs Como Hotels & Resorts as well as the retail empire Club 21 and London-listed handbag maker Mulberry.
The Ongs are one of the most influential couples in Singapore. They reportedly had a net worth of US$1.7 billion as at August 2022, according to Forbes estimates.
As at mid-2022, they were said to be the 24th richest business persons in Singapore - months after HPL joined Temasek in buying SPH assets.
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