Singaporean billionaire Ong Beng Seng, the man behind the Singapore GP, is in grave trouble after having received a notice of arrest from the Corrupt Practices Investigation Bureau (CPIB). Ong is currently cooperating with the agency regarding his dealings with Transport Minister S Iswaran, with whom he had a close relationship while hosting the F1 event.
Currently, no charges are being pressed against OBS, However, upon returning from a business trip today, the businessman will have to surrender his passport, having already paid SGD 100,000 [$75,740] as bail.
His partner-in-crime, Minister Iswaran has been forced into a temporary leave of absence until the investigation concludes.
Who is Ong Beng Seng?
Known by his initials OBS, Ong Beng Seng is a Malaysian with a degree in insurance. He initially worked at Kuo International, an oil-trading firm owned by his father-in-law. There, he earned millions by accurately predicting oil prices, which helped finance his investments and property development in the future.
Married to Christina Ong, the duo is one of Singapore’s wealthiest couples and has a net worth of $1.7 billion as of August last year.
He founded Hotel Properties Limited [HPL] in 1980, with the aim of buying Hilton Singapore for SPD 72 Million. This marked his venture into the property, hotel, and retail sectors. The Singapore-listed conglomerate dabbles in hotel ownership, management and operations, property development, and investment holdings.
Will there be a Singapore GP this season?
OBS is responsible for footing 40% of the expenses associated with the Singapore GP, which benefits from his network of hotels and restaurants. It remains unclear if the F1 race itself is under scrutiny as a part of the ongoing investigation.
Notably, the government bears the rest of the cost, partly offsetting them through a special F1 weekend tax imposed on hotels during the weekend. The Grand Prix has bestowed tremendous success on the state, amplifying its international reputation and substantially bolstering the tourism industry.
The organizers had recently put pen to paper on a new 7-year extension, securing the circuit’s presence on the calendar until 2028. Thus, the 2023 race shouldn’t be affected or prone to cancellation.
