On July 11, Malaysian born billionaire tycoon Ong Beng Seng was arrested along with Singapore’s Transport Minister S Iswaran. Ong Beng Seng, Managing Director of Hotel Properties Limited, and Iswaran has their passports impounded, according to the Corrupt Practices Investigation Bureau. Both individuals have been released on bail.
Ong’s request to fly out of Singapore was granted, but his bail amount was increased to S$100,000, and he must report to CPIB and surrender his passport upon returning to Singapore. Investigations are ongoing, and Prime Minister Lee Hsien Loong has instructed Iswaran to take a leave of absence. Senior Minister of State Chee Hong Tat will act as Minister for Transport during this period.
Ong Beng Seng and Formula One
The Malaysian is said to be one of Singapore’s richest men and a society fixture who brought Formula One Grand Prix racing to the city in 2008. The arrest of Ong and Iswaran may have resulted from the rumored gift of benefits for the Transport Minister elated to keeping the race going in the city state, according to texts circulating in Singapore. Read a sensational article here!
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Photos From YouTube screen grab and Wikipedia
