Ong Beng Seng to plead guilty on Jul 3, in case involving former minister Iswaran
This was announced after a pre-trial conference on Tuesday (Jun 10).
Ong, managing director of Hotel Properties Ltd (HPL), is widely known as the man who brought the Formula 1 night race to Singapore in 2008, and owns the rights to the Singapore Grand Prix.
He faces one charge of abetting offences under Section 165 of the Penal Code – which deals with public servants accepting gifts – and one charge of abetting the obstruction of justice.
The first charge, for abetting an offence under Section 165, relates to flights and a hotel stay.
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.
A NEWSLETTER FOR YOU
Tuesday, 12 pm Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
Sign Up
Sign Up
Ong also allegedly made arrangements through race promoter Singapore GP for a one-night stay at Four Seasons Hotel Doha, valued at S$4,737.63, and is said to have offered Iswaran a business-class flight from Doha to Singapore worth S$5,700.
The second charge was for allegedly instructing Singapore GP director Mok Chee Liang, in May 2023, to bill Iswaran for the business-class ticket from Doha to Singapore – an action that would have obstructed the course of justice.
Those found guilty of offences under Section 165 can be jailed for up to two years, fined, or both. Abetting an offence would result in the same punishment if the offence is committed as a consequence of the abetment.
The maximum penalty for obstructing the course of justice is jail time of up to seven years, a fine, or both.
Ong previously left Singapore in May to visit England, the United States and Italy between April 28 and May 16 for both medical and work-related purposes.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Singapore Law Watch
an hour ago
- Singapore Law Watch
Granddaughter of Hin Leong founder O.K. Lim fails to keep 3 insurance policies from creditors' reach
Granddaughter of Hin Leong founder O.K. Lim fails to keep 3 insurance policies from creditors' reach Source: Straits Times Article Date: 04 Jul 2025 Author: Grace Leong Court finds lack of evidence that her father intended to create trust before bankruptcy. The daughter of bankrupt former Hin Leong Trading director Lim Chee Meng failed in a bid to shield three AIA Singapore insurance policies worth over half a million dollars from being part of Mr Lim's bankruptcy estate. Ms Michelle Lim Yan Yi, the granddaughter of Hin Leong founder Lim Oon Kuin, sought a High Court declaration that the three policies, worth over $521,000, should be ring-fenced from creditors' reach because they were held on trust for her benefit by her father, who was declared bankrupt in December 2024. The three policies are part of a set of eight insurance policies with AIA that Mr Lim Chee Meng had taken out when Ms Lim was a minor, under which he was the policy owner and she was the named insured. But High Court Judicial Commissioner Mohamed Faizal found there was a lack of evidence of an intention on Mr Lim's part, prior to his bankruptcy, to create a trust over the three policies for the sole benefit of his daughter. He found that the documentary evidence relied on by Ms Lim was 'either self-interested representations' or 'mere assertions'. One document she relied on was an October 2021 letter from Mr Lim to ring-fence the eight policies from other assets that were subjected to a freezing order in a US$3.5 billion (S$4.45 billion) civil suit. Another document adduced was an AIA letter dated October 2021 signed by a purported personal wealth manager, who asserted that 'the eight policies belong to (Ms Lim), and are being held by Mr Lim Chee Meng on trust for (Ms Lim)'. Ms Lim contended that the AIA letter would not have been issued unless her father had clearly conveyed his intention to create a trust. But the judicial commissioner found 'the letter was bare and bereft of details and merely asserted, without more, that the eight policies were held on trust'. Other documents Ms Lim relied on included an e-mail dated March 10, 2025, from Mr Lim to the trustees and part of his affidavit filed in 2024 for his bankruptcy proceedings, in which he asserted that he held the eight policies on trust for Ms Lim. But the judicial commissioner pointed out that most of the documents she relied on as evidence were written by or on behalf of her father after his bankruptcy proceedings started. 'By that time, it would have been apparent that Hin Leong's collapse could have extremely far-reaching financial consequences for all concerned, not least Mr Lim who was a director.' The judicial commissioner noted: 'It was at this point that Mr Lim started to insist that the eight policies were in fact not owned by him and should be deemed to be held on trust.' He pointed out: 'The courts should be wary of such belated attempts by bankrupts to shield assets from creditors by retrospectively asserting the existence of trust arrangements without contemporaneous evidence.' Mr Lim, along with his father and sister Lim Huey Ching, was declared bankrupt in December 2024, following a settlement of two lawsuits brought by Hin Leong's liquidators and HSBC against the Lim family. Their bankruptcy estates are being managed by trustees Leow Quek Shiong and Seah Roh Lin of BDO Singapore, who have taken the position that the three insurance policies vest in Mr Lim's bankruptcy estate. The trustees had asked Mr Lim and Ms Michelle Lim whether a third party would pay the bankruptcy estate the surrender value of the three policies, which was worth over $521,000 as at Jan 16. If no third party would pay for them, the trustees would then terminate the policies and use the proceeds to pay his creditors. But Mr Lim and his daughter did not agree to this arrangement. Ms Lim claimed that her father intended to hold these policies on trust for her until she turned 21 years old, after which he would transfer the policies to her name. But the trustees contend that while the policy documents do identify Ms Lim as the insured, they do not name her as a beneficiary. The trustees also pointed out that Mr Lim's actions were 'inconsistent with any intention to create a trust for Ms Lim since he did not take the necessary steps to vest the three policies in her name when she turned 21', despite having the opportunity to do so. The trustees noted that AIA had written to Mr Lim on June 13, 2024, to indicate that its records showed he wished to remain the policies' owner when Ms Lim turned 21, but they were writing to him just in case he wished to change the state of affairs. The judicial commissioner noted that Mr Lim 'chose to ignore the (AIA) letters altogether'. Further, he also did not file any affidavit to support his daughter's case. 'While I accept that the absence of direct evidence from Mr Lim is not determinative, such absence necessarily raises obvious and legitimate questions about the credibility and completeness of (Ms Lim's) claim,' the judicial commissioner noted. Source: The Straits Times © SPH Media Limited. Permission required for reproduction. Print
Business Times
2 hours ago
- Business Times
Time to raise bets on Malaysia semiconductor stocks on expected ‘market-friendly' trade deal: UOBKH
[SINGAPORE] Malaysian stocks could score near-term wins as the US' 'softening stance' on tariffs is expected to bring about market-friendly trade deals between the two countries, said UOB Kay Hian (UOBKH). In a Wednesday (Jul 2) report, the brokerage said it was time to raise bets on Malaysia with the expectations of favourable trade deals with the US. 'In anticipation of market-friendly US trade deals being struck and Malaysia retaining its onshoring destination status, our July 2025 picks raise the bet on semiconductor-related stocks, while still maintaining our emphasis on domestic infrastructure plays,' said UOB analysts. Maybank on Jul 1 also predicted that Malaysia could shine in the next phase of global trade, with US tariffs on the country likely to stay at a lower band relative to other nations. UOB's top picks for July 2025 included engineering solutions provider Coraza, pharmaceutical company Duopharma Biotech, property player Eco World Development, Gamuda, Hume Cement Industries, semiconductor services provider IJM and digital services provider MY EG Services – all of which were assigned a 'buy' rating. Semiconductor-related stocks to succeed in short-run A 'softening stance' on the US' tariff demands should culminate in market-friendly US-Malaysia trade deals, UOBKH analysts said. 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 expectation, together with strong anecdotal evidence of Malaysian electrical and electronics companies significantly clinching orders and order enquiries since the US' 90-day tariff pause in April, should trigger further near-term upside especially for semiconductor-related stocks,' UOBKH analysts said. These semiconductor-related players should get near-term wins before potential profit taking and ahead of forex-related challenges in the upcoming quarterly results season in June and July, they added. One new addition to the brokerage's list of top picks, semiconductor-related laggard Coraza, logged consistent year-on-year revenue improvements across the past four quarters, said UOBKH analyst Desmond Chong. He highlighted the company's 'solid' order momentum, as its current outstanding orderbook is at RM80 million (S$24.1 million) – 10 per cent above the previous quarter's quantum, with the bulk of orders coming from the semiconductor industry. The company is investing in higher and more sophisticated equipment to cater to the needs of its customers, Chong said. Upgrades for a newly acquired plant opposite its existing Nibong Tebal plant are on track, while another new factory adjacent to the plant is set to become operational in the fourth quarter of 2025. The timeline given for Coraza was six to nine months with a target price of RM0.66. Inari, a company involved in semiconductor assembly, is another new addition to UOBKH's top picks. The brokerage lifted its target price upwards to RM2.36 from RM1.90, and assigned it a six to nine-month timeline. While the group's share price dropped 34 per cent in the year to date, Chong noted that its radio frequency segment sustained a 'relatively healthy' utilisation rate of 65 to 70 per cent. Inari is poised to commercialise on new product pipelines in upcoming quarters, with its 2025 growth to be driven largely by its flagship radio frequency business. The group has also made recent forays into advanced packaging platforms such as flip-chip chip-scale packages and flip-chip ball grid arrays, Chong said. 'These technologies offer ultra-high performance, high memory bandwidth, and heterogeneous integration capabilities to cater to the increasing demand for cutting-edge semiconductor solutions in artificial intelligence, server, networking, smart devices and industrial applications,' he added.
AsiaOne
3 hours ago
- AsiaOne
World's biggest climate fund ramps up investment plans, World News
LONDON — The world's biggest multilateral climate fund said it will make its largest ever series of investments and speed up dealmaking as it looks to help poorer nations respond to global warming. The Green Climate Fund's (GCF) plan to release about US$1.2 billion (S$1.5 billion) for 17 projects mostly in Asia and Africa follows approval by shareholders including the United States at a meeting this week, against a fractious political backdrop that has seen development aid slashed. Official development assistance could fall 17 per cent this year after a 9 per cent drop in 2024, the Organisation for Economic Cooperation and Development (OECD) said in a June report, led by hefty cuts to US aid by President Donald Trump. "At a time when collective climate action is more needed than ever, GCF is stepping up to deliver on its mandate," GCF Co-Chair Seyni Nafo said in a statement. The GCF disbursement includes $227 million for an initiative to expand green bond markets in 10 countries. Green bond markets are where companies raise capital for projects that limit climate change or otherwise benefit the environment. In South Asia, it will invest $200 million in the India Green Finance Facility to scale renewables and energy efficiency, while in East Africa it will invest $150 million in the food system to support nearly 18 million people. All the projects will bring the GCF investment portfolio to $18 billion across 133 countries. So far, countries have pledged $29.9 billion to the GCF and paid in $21 billion. As well as releasing more money, the GCF board also approved plans to speed up its work with partner organisations, which can include accredited entities like other multilateral lenders and so-called Direct Access Entities (DAE) in developing countries. From an average 30 months to accredit a DAE, the aim is to shorten the time to nine months or less by overhauling its procedures, including carrying out much of the due diligence at the project stage. [[nid:689476]]
