Singaporean billionaire given arrest notice in anti-graft probe involving country's transport minister

Singapore's anti-graft bureau issued an apprehension announcement for billionaire Ong Beng Seng arsenic portion of its probe involving transport curate S Iswaran.

Ong, who is managing manager of Singapore-listed edifice proprietor and relation Hotel Properties Limited, has been asked to supply accusation connected his interactions with Iswaran.

In a filing, HPL said nary charges person been filed against Ong and that helium is afloat cooperating with the agency. While helium is traveling Friday, the institution said Ong volition surrender his passport to the Corrupt Practices Investigation Bureau erstwhile helium returns to Singapore.

The institution added that Ong has provided requested information, but is incapable to supply further details astatine this point.

HPL said Ong "continues to beryllium suitable to transportation retired his duties and responsibilities arsenic managing director," but volition proceed to show the substance and "re-assess the suitability of the continued assignment of Mr Ong."

HPL's portfolio includes 38 hotels and resorts successful 15 countries, operating nether brands including Four Seasons, Intercontinental Hotels and Marriott International.

Shares of HPL slid arsenic overmuch arsenic 6.7% connected Friday, earlier recovering slightly.

Earlier this week, Prime Minister Lee Hsien Loong asked Iswaran to instrumentality a leave of absence aft CPIB revealed Iswaran was assisting with an investigation.

Singapore media also reported that successful effect to queries, the premier minister's bureau said Iswaran volition stay successful the state and volition not person entree to immoderate authoritative resources and authorities buildings portion the probe is ongoing. CNBC has besides reached retired for comment.

Ong was credited with bringing Formula 1 to Singapore successful 2008. In 2022, his privately owned steadfast Singapore GP and the Singapore Tourism Board secured the rights to big the Singapore Grand Prix until 2028.

Singapore's tourism committee estimates that since its debut successful 2008, the contention has generated much than 1.5 cardinal Singapore dollars ($1.13 billion) successful incremental tourism receipts and attracted much than 550,000 unsocial planetary visitors.

When the rights hold was announced, Iswaran said the contention "continues to beryllium a beardown focal constituent for tourists, planetary events and concern meetings. We person decided to proceed hosting the F1 contention for different 7 years, aft thoroughly evaluating the agelong word benefits that a word hold could bring to Singapore."