Who is Ong Beng Seng, the tycoon involved in the Iswaran graft scandal?
The prominent businessman is widely known for bringing the F1 night race to Singapore
[SINGAPORE] Ong Beng Seng, the billionaire property tycoon embroiled in the case involving former transport minister S Iswaran and the Formula 1 night race, has pleaded guilty to abetting the obstruction of justice. (*see amendment note)
A prominent business figure in Singapore, Ong is the founder and former managing director of Hotel Properties Ltd (HPL) and is widely known for bringing the F1 night race to Singapore. Earlier in April 2025, he stepped down as managing director of HPL to tend to existing medical conditions relating to an incurable cancer. It was announced that he would also not seek re-election as a director at the company’s annual general meeting on Apr 29.
Ong was handed dual charges in relation to his involvement with Iswaran – who in 2024 was convicted of charges related to obtaining valuable items as a public servant and obstructing justice, and sentenced to 12 months’ jail.
In October 2024, he was charged with abetting offences under Section 165 of the Penal Code – which forbids public servants from accepting gifts from people involved with them in an official capacity – and with abetting the obstruction of justice.
The first charge relates to flights and a hotel stay as 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.
The second charge was for allegedly instructing Singapore Grand Prix (GP) director Mok Chee Liang, in May 2023, to bill Iswaran for the business-class ticket from Doha to Singapore – which led to the obstruction of justice charge.
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On Monday (Aug 4), Ong, 79, admitted to the second charge. The other charge, for abetting an offence under Section 165, was taken into consideration for sentencing.
At the hearing, the prosecution accepted that there is basis for judicial mercy for Ong, given his cancer condition. Judicial mercy refers to Singapore courts’ discretionary power to issue more lenient sentences than would otherwise be warranted, in the light of exceptional mitigating circumstances.
The prosecution said it would not object to Ong only being fined the maximum amount, instead of an eight-week jail sentence that would ordinarily be appropriate for his crime.
The business magnate suffers from advanced multiple myeloma, an incurable cancer which has damaged his immune system and makes him vulnerable to life-threatening infections.
These are some things to know about him.
Origins
A Malaysian citizen, Ong was born in 1946 in the state of Perak, Malaysia, to a wealthy family.
He moved to Singapore at the age of four and attended Anglo-Chinese School, where he was a champion sprinter and long jumper.
He later obtained a degree in insurance after studying in the UK and worked in insurance underwriting and broking in Europe.
In 1975, he joined oil trading company Kuo International, which was owned by his father-in-law Peter Fu, where he made millions from accurately predicting the ups and downs of oil prices.
The capital he earned during his time there allegedly helped finance his later investments and property development – laying the groundwork for the establishment of HPL.
HPL empire
In 1980, Ong ventured into the property, hotel and retail sectors, establishing HPL to buy the Hilton Singapore hotel for S$72 million.
HPL swiftly acquired more hotels and properties, especially those located in the prime Orchard Road area, and became publicly listed in 1982.
The company formed a joint venture with the Four Seasons chain of hotels in 1984 and acquired hotels in cities such as London, Montreal, Texas and Perth.
Now a conglomerate with interests spanning hotel ownership, management and operations, property development, and investment holdings, HPL’s hotel division had interests in 41 hotels across 17 countries as at December 2024, its annual report showed.
The countries include Bhutan, Indonesia, Japan, Italy, Malaysia, the Maldives, Singapore, the UK and the US.
Its properties operate under hospitality brands such as Como Hotels and Resorts – which is owned by Ong’s wife, Concorde Hotels, Four Seasons Hotels and Resorts, Hard Rock Hotels, IHG Hotels & Resorts, Marriott International and Six Senses Hotels & Resorts.
HPL’s Singapore portfolio of prime commercial and retail properties include Forum The Shopping Mall and Concorde Hotel and Shopping Mall, which it bought in late 2024 for S$821 million.
The group formerly owned seven units in Ming Arcade, which it agreed to sell for S$61 million in December 2022.
In May 2022, HPL, in partnership with units of Singapore investment company Temasek, purchased the real estate assets of media giant Singapore Press Holdings (SPH) for S$2.8 billion.
Another instance when Ong posed challenges for Singapore-listed companies was in partnership with Temasek-linked entities in his 2002-2003 bid for steelmaker NatSteel.
The consortium, which also involved Temasek, narrowly won control of the company following a battle with Indonesian business tycoon Oei Hong Leong.
HPL drew scrutiny in 1996 over its sale of discounted condominium units to Senior Minister Lee Hsien Loong, then deputy prime minister, and his father, the late founding prime minister Lee Kuan Yew.
Then prime minister Goh Chok Tong cleared the father and son of wrongdoing as they said they were not aware of the discounts.
Pioneering the F1 race in Singapore
In 2008, Ong brought in the F1 night race to Singapore. He owns the rights to the Singapore Grand Prix.
Iswaran is also widely credited for playing a vital role in the country’s bid to host the Grand Prix since 2008.
As a junior trade minister then, he was involved in negotiations with parties such as HPL and then global F1 boss Bernie Ecclestone.
In 2022, Ong secured an extension to host the F1 race through 2028, through his company Singapore GP – the race promoter for the Grand Prix – and Singapore’s tourism agency.
Personal life
Ong is said to be a relatively private person.
He has been married to prominent hotelier and businesswomen Christina Ong since 1972, and they have a son and a daughter.
Christina Ong runs Como Hotels and Resorts’ high-end fashion retailer Club 21, which she founded in 1972 at the age of 24.
The Ongs have a beneficial interest of around 56.3 per cent of the voting rights in handbag maker Mulberry, which is listed on the London Stock Exchange’s alternative investment market under the ticker symbol MUL, according to its website.
They are one of the most influential couples in Singapore, with a reported net worth of US$1.7 billion as at August 2022, according to Forbes estimates.
As at mid-2022, the couple was said to be the 24th richest business persons in Singapore – months after HPL joined Temasek in buying SPH assets.
*Amendment note: This article previously stated that Ong was involved in a corruption case involving former transport minister S Iswaran; the amendment is made to clarify that Ong’s charges relate to abetting offences under Section 165 of the Penal Code and abetting the obstruction of justice.
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