As Ong Beng Seng exits HPL management, selling his stake is logical next step 

[SINGAPORE] Since news broke in mid-July 2023 of the Corrupt Practices Investigation Bureau’s questioning of Ong Beng Seng regarding his dealings with former transport minister S Iswaran, Ong has tenaciously held on as managing director of Hotel Properties Limited (HPL).

However, Ong, who is HPL’s co-founder and a member of its board of directors since 1980, will relinquish his managing director role soon. He will not seek re-election at HPL’s forthcoming annual general meeting on Apr 29. 

The Malaysian tycoon was scheduled to plead guilty to charges of abetting a public servant in obtaining gifts and to obstruction of justice on Apr 2. But the hearing was rescheduled to Apr 25 to give Ong time to obtain further reports from his doctors on his medical condition.