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CNA
13 minutes ago
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Property tycoon Ong Beng Seng pleads guilty
SINGAPORE: Property tycoon Ong Beng Seng pleaded guilty on Monday (Aug 4), in a case linked to former transport minister S Iswaran. Ong, 79, admitted to one charge of abetting Iswaran in obstructing the course of justice by helping the latter pay S$5,700 (US$4,480) to Singapore GP for a business class flight ticket from Doha to Singapore. This was a delayed payment made months after the flight itself and only after the Corrupt Practices Investigation Bureau (CPIB) discovered Iswaran's name on the flight manifest when investigating a separate case. A second charge was taken into consideration, for Ong instigating Iswaran to obtain flights and a hotel stay from him. This was when Iswaran knew Ong had business dealings linked with Iswaran's official functions. The Malaysian businessman's guilty plea comes about a month after Iswaran was released on remission for his 12-month jail sentence, following his completion of home detention. Ong, known for bringing Formula 1 to Singapore in 2008, was first charged with two offences in October 2024 that correspond to two of the charges Iswaran pleaded guilty to. Iswaran was given four months' jail in October for the corresponding obstructing justice charge. His total sentence was 12 months for a total of five charges, with another 30 charges taken into consideration. The Attorney-General's Chambers (AGC) said in a statement after Iswaran was sentenced in October that the prosecution would not be tendering charges against Ong for his involvement in other charges faced by Iswaran. "In arriving at this decision, the prosecution considered all the relevant facts and circumstances of the case, including the role that Ong played in each of the transactions," said the AGC at the time. It later emerged that Ong was undergoing chemotherapy for bone marrow cancer. THE DOHA TRIP Ong was the majority shareholder of Singapore GP at the time of the offences and remains so. At the time, Iswaran was Minister-in-charge of Trade Relations and responsible for overseeing the Formula 1 Singapore Grand Prix as a national project. Singapore GP was responsible for organising and promoting the Singapore Grand Prix every year from 2008 to 2023, except for 2020 and 2021, during the COVID-19 pandemic. From 2012 to 2022, the Singapore Tourism Board and Singapore GP entered into three contracts for the promotion, hosting and staging of the race. Iswaran was also the chairman of the F1 Steering Committee, which was set up in 2007 to oversee the race as a national project. The court heard that sometime on or before Dec 6, 2022, Ong asked Iswaran if he would like to join him on a trip to Qatar. Ong informed Iswaran that he would be travelling to Qatar on his private jet, that Iswaran would be going as his guest, and that Ong would look after him. By this, Ong meant that he would take care of all the expenses for the trip, including Iswaran's hotel accommodation, said prosecutors. Iswaran accepted the invitation but said he would need to arrive back in Singapore by Dec 11, 2022. Ong responded that he would arrange for Iswaran to travel back to Singapore on a commercial flight. Iswaran accepted Ong's offer and applied for urgent personal leave to go on the trip. On Dec 10, 2022, Iswaran travelled to Doha, the capital of Qatar, in Ong's private jet. This flight had a value of about US$7,700. Iswaran checked into the Four Seasons Hotel in Doha for one night, which cost S$4,737.63. The next day, he flew back to Singapore on a business class ticket that cost S$5,700. Singapore GP paid for the hotel stay and return flight to Singapore. Iswaran only made payment to Singapore GP for the return flight on or about May 25, 2023. DISCOVERY OF THE OFFENCE On or about May 17, 2023, CPIB was investigating a separate matter related to Ong's associates when it came across the flight manifest of the flight on Ong's private jet that Iswaran had taken to Doha. On May 18, 2023, Ong was informed by his associates that CPIB had seized the flight manifest containing details of the Doha trip, and that CPIB had questioned them about the Doha trip. Sometime between May 18 and May 23, 2023, Ong spoke to Iswaran on the phone and informed him that the flight manifest for the Doha trip had been seized by CPIB when it was investigating a separate matter. Iswaran acknowledged this. The next day, they spoke on the phone again. Iswaran asked Ong to have Singapore GP bill him for the expenses related to the Doha trip, including his return flight. Ong agreed and asked a director of Singapore GP to facilitate the payment. Ong also instructed this director to keep proper records of the payment by Iswaran. On May 24, 2023, the director emailed Iswaran's personal assistant an invoice for the flight from Doha to Singapore. Iswaran issued a cheque for S$5,700 to Singapore GP. "Iswaran's act of making payment for the said flight ticket had a tendency to obstruct the course of justice, as it made it less likely that he would be investigated by CPIB in relation to the Doha trip," said the prosecutors. Ong was aware of this, they added.
CNA
13 minutes ago
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CNA938 Rewind - 10% Trump tariffs: As good as it gets for Singapore?
Singapore's Trade and Industry Ministry has confirmed that the country's exports to the US will continue to be subject to a 10 per cent tariff. Is this the best deal that Singapore can get? And what's the long-term impact on Singapore, businesses and workers? Hairianto Diman and Susan Ng speak with Tay Qi Hang, Asia Analyst, Economist Intelligence Unit, to find out.
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CNA938 Rewind - Stock take today: Trump tariffs revised rates, Week ahead
On the daily markets analysis on Open For Business, Hairianto Diman and Susan Ng speak with Vasu Menon, Managing Director, Investment Strategy, Wealth Management Singapore, OCBC Bank.
