Latest news with #HPL
Malay Mail
14 hours ago
- Politics
- Malay Mail
Malaysian tycoon Ong Beng Seng's guilty plea postponed in Iswaran graft case, pre-trial conference set for July 8
SINGAPORE, July 2 — Property tycoon Ong Beng Seng's guilty plea hearing has been postponed and replaced with a pre-trial conference scheduled for July 8, according to court records. According to The Straits Times, the 79-year-old was initially expected to plead guilty on July 3 to charges linked to former transport minister S Iswaran's corruption case. Ong faces two charges filed in October 2024, mirroring those for which Iswaran pleaded guilty in September last year. The Malaysian-born businessman is accused of abetting Iswaran in securing an all-expenses-paid trip to Doha in December 2022 worth approximately S$20,850, which included flights on Ong's private jet, accommodation at the Four Seasons Hotel Doha, and a business class return flight. A second charge alleges Ong abetted the obstruction of justice by helping Iswaran pay S$5,700 in May 2023 for a flight ticket, after anti-graft investigations had commenced. Hotel Properties Limited (HPL), where Ong served as managing director, previously said in a Singapore Exchange filing that Ong intended to plead guilty to obstructing justice and have the other charge considered during sentencing. Ong stepped down from his role at HPL on April 29, citing the need to focus on managing his medical condition. He is currently undergoing chemotherapy for bone marrow cancer and was previously granted permission to travel abroad for treatment. Iswaran, who was sentenced to 12 months' jail in October, began home detention on February 7 and has been out of prison custody since June 6.
United News of India
19-06-2025
- Business
- United News of India
HPL concludes maintenance turnaround with technological innovations, enhanced safety
Haldia, June 19 (UNI) Haldia Petrochemicals Limited, a prominent player in India's petrochemical sector, has completed its Maintenance Turnaround 2025 at the HPL Complex in East Medinipur district, an official communication said on Thursday. Starting from April, this meticulously planned 45-day maintenance and upgrade operation signifies a pivotal step in the company's pursuit of operational excellence, technological enhancement, achieving higher throughput on a continuous basis and environmental sustainability. The turnaround has yielded multiple advantages for HPL, including improved infrastructure reliability, heightened safety standards, and a technological framework that supports future growth and innovation. Improvements in equipment and process efficiency will yield higher product output, reduced fuel consumption, and lower CO₂ emissions, contributing to both operational excellence and sustainability. All statutory requirements for safety inspections and testing were met, ensuring compliance and long-term operational security. The turnaround was marked by outstanding planning and safety protocols, encompassing the deployment of over 11,000 workers at peak times. Extensive training initiatives contributed over 27,000 man-hours, ensuring all personnel were prepared for operations in high-risk environments. HPL prioritised the well-being of all participants, providing continuous medical support, access to clean drinking water, ORS supplies, and rigorous safety measures, including fire detection systems, gas leak sensors, and strict compliance with personal protective equipment (PPE) standards. Company CEO Navanit Narayan said: 'TA25 exemplifies HPL's unwavering commitment to safety, innovation, and operational excellence. With the incorporation of digital technologies and industry-first initiatives, we are poised for enhanced productivity, stronger environmental stewardship, and reliable output for the future.' UNI PC SSP
IOL News
10-06-2025
- Business
- IOL News
Sugar drinks industry concerned by audits as SARS tightens compliance among producers
Shepstone &Wylie Attorneys in a statement by Erasmus Theron and Herman de Jong revealed that despite there being no increase in Sugar Tax there has been an increased focus by SARS on manufacturers' compliance within the sugary beverages industry Image: Karen Sandison Independent Newspapers The sugary beverages industry in South Africa is bracing itself for potential impacts as the South African Revenue Service (SARS) intensifies its focus on compliance among manufacturers. SARS is now targeting businesses involved in the manufacturing of sugary beverages, with the revenue collector saying manufacturers of sugary beverages must be registered as commercial manufacturers if they use more than 500kg of sugar in their manufacturing process. Professionals from Shepstone & Wylie Attorneys, Erasmus Theron and Herman de Jong, on Tuesday said the government was facing a daunting tax deficit following the vacuum left by an unchanged sugar tax amidst rampant fiscal constraints. They said that with an ambitious revenue target of R2.006 trillion set for the 2025/2026 tax period, the government has turned towards indirect taxes—specifically excise duties, fuel levies, and carbon taxes—as keystones to bridge the financial gap caused by failed proposals to increase the Value-Added Tax (VAT) rate. "Although the failure to increase sugar tax for the third consecutive year could be viewed as indicative of the fact that the importance of sugar tax is being diluted from a fiscal and health policy perspective, current experience, to the contrary, tends to indicate an increased focus by SARS on manufacturers' compliance within the sugary beverages industry," they said. The South African sugary beverages market for 2025 is estimated at R57 billion, which is a major contributor to the country's gross domestic product (GDP) through direct manufacturing, job creation, and distribution activities within the formal and informal sectors. In the 2024 tax year, the HPL contributed over R2.306 billion to the fiscus, which is less than the initial R2.446bn collected at the inception of the Health Pomotion Levy regime during the 2019/2020 tax period. "Although the reduced contribution to the fiscus could be attributed to reformulation strategies by manufacturers and lobbying activities by the sugar industry, it is also important to note that since the inception of the HPL regime, SARS' focus on compliance within the sugary beverages industry has been limited when compared to other industries such as the alcohol, tobacco, and petroleum industries," Shepstone & Wylie Attorneys said. However, Shepstone & Wylie Attorneys said this appears to be changing. The attorneys said there has been a noticeable increase in SARS queries and audits at sugary beverage manufacturers over the past 12 months. Chris Engelbrecht, chairperson of the Association of Southern Africa Sugar Importers (ASASI), said on Tuesday that this was concerning for the entire sugar industry. 'It's worrying that the government could be looking for more ways to collect revenue and conducting these audits could be a way to collect revenue. The beverage industry may be doing well but the sugar industry has its challenges especially with Ilovo Sugar and Huletts,' he said. Engelbrecht added if the manufacturing process was affected in sugar beverages it could lead to loss of profit. 'When there is a loss of profit it can lead to job losses and in South Africa we have high unemployment so this is something we don't want to see. The other factor is when the manufacturing of sugar products is affected. It has a ripple effect on sugar cane farmers due to less demand which will affect their operations.' SA Canegrowers said that they were concerned about the situation and felt the sugar industry already faces challenges with the sugar tax. 'The sugar tax has been nothing but destructive for South Africa. Ultimately, we believe that the [National] Treasury should scrap the tax, to help ensure that the government drives job creation and economic growth, as per its commitments outlined in the Sugarcane Value Chain Master Plan 2030.' BUSINESS REPORT
Business Times
10-06-2025
- Business
- Business Times
Ong Beng Seng to plead guilty on Jul 3, in case involving former minister Iswaran
[SINGAPORE] Property tycoon Ong Beng Seng is expected to plead guilty to two charges on Jul 3, in a case involving former transport minister S 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.
Independent Singapore
03-06-2025
- Business
- Independent Singapore
HPL receives green light to acquire entire Concorde Hotel and Shopping Mall strata area at S$821M
Photo: Facebook/Savills Singapore SINGAPORE: Hotel Properties Limited (HPL) has received the green light from the Strata Titles Board to proceed with acquiring the S$821 million entire strata area of the Concorde Hotel and Shopping Mall, The Edge Singapore reported. The deal, carried out through HPL's wholly owned subsidiary Luxury Peak, values the remaining property at about S$74.84 million. The company stated that the purchase will not have any material impact on its consolidated net earnings per share or consolidated net tangible assets per share, based on its financial results for the year ended Dec 31, 2024. Previously, HPL had already owned 95.4% of the property for years through five of its wholly owned subsidiaries, including the 407-room hotel, which spans levels four to nine, and 63 out of 98 strata shops in the three-storey retail podium. The total area covers about 108,510 square feet (sq ft). In September last year, Savills Singapore announced the sale of Concorde Hotel & Shopping Centre through a public tender, with a guide price of S$820 million or about S$1,801 per plot ratio (ppr). This price includes S$213.1 million to extend the lease to a new 99-year term, based on a proposed mixed-use scheme of 40% hotel, 40% residential, and 20% commercial use. See also Unsold properties in Johor worth $1.24 billion, cause for concern HPL, through Luxury Peak, later announced the en bloc purchase on Nov 7, 2024, for S$821 million, a million more than the guide price. /TISG Read also: Savills: Singapore private home prices could rise up to 7% amid strong demand and record-high new launches
