Billionaire Ong to plead guilty in Singapore political gift scandal
(Bloomberg) – A billionaire best known for bringing Formula One night racing to Singapore is set to plead guilty in relation to a scandal to supply one of the city-state's most senior politicians with luxury gifts.
On Monday, 79-year-old Ong Beng Seng will enter his plea after facing two charges related to offering S. Iswaran in 2022 a trip on his private jet to Doha, a stay at the Four Seasons there, a return business class ticket worth S$5,700 ($4,422.3) and subsequently abetting the politician to obstruct the course of justice. The former transport minister was then the chairman of a steering committee for the F1 night race.
Ong could be sentenced by a Singapore court as soon as Monday or at a later date. He faces up to several years in jail, including a possible fine, if he pleads guilty to both charges.
Singapore's worst graft scandal in decades has gripped the city-state, which has sought to build a global reputation for zero-tolerance for corruption. How the Malaysia-born tycoon is sentenced will also weigh on his control of a business empire that extends from the Southeast Asian financial hub to a luxury development in central London and resorts in the Maldives. Ong has a net worth of $1.5 billion, according to the Bloomberg Billionaires Index.
In 2024, Iswaran was sentenced to one year in jail for obtaining gifts from Ong, which also included items like a Brompton bicycle and race tickets.
More stories like this are available on bloomberg.com
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