[SINGAPORE] Hotel Properties Limited (HPL) announced on Monday (Apr 14) that managing director Ong Beng Seng will be stepping down from the position to devote more time to manage his medical condition.
The company said in a bourse filing that Ong, 79, will not be putting himself up for re-election as a director as well. He will no longer hold both positions following HPL’s annual general meeting to be held on Apr 29.
“As Mr Ong wishes to devote more time to manage his medical conditions, he will not be putting himself up for re-election as a director,” HPL said in the SGX filing. The company did not state who Ong’s replacement in either position would be.
In February, it came to light that the tycoon was receiving treatment for cancer – multiple myeloma, a form of white blood cell cancer.
Ong, known for bringing the F1 night race to Singapore, has been embroiled in the high-profile conviction of former transport minister S Iswaran for accepting gifts as a minister and obstructing justice. It marked the first time a former Cabinet minister was sentenced.
The hotelier and property magnate was named in some charges to which former minister Iswaran pleaded guilty, including abetting a public servant in obtaining of gifts, and one charge of obstruction of justice.
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The Malaysian had previously been scheduled to plead guilty to both charges on Apr 2. The hearing was rescheduled to Apr 25 to allow the businessman time to obtain further reports from his doctors on his medical condition.
Ong originally made millions at Kuo International, an oil trading company owned by his father-in-law Peter Fu Yun Siak which he joined in 1975. Ong is married to Fu’s daughter, COMO Group owner Christina Ong. The couple rank among Singapore’s wealthiest couples, estimated by Forbes to have a net worth of US$1.7 billion as at August 2022.
The Malaysian businessman later moved into the hotel and properties business, founding HPL in 1980. Among the company’s early ventures was the Hilton Singapore hotel, which Ong bought for S$72 million. Singapore-listed HPL is now a conglomerate with interests in hotel ownership, management and operations, property development, and investment holdings.
Ong is also known for being one of those responsible for first bringing the Formula 1 night race to Singapore in 2008, and owns the rights to the Singapore Grand Prix (GP). Then junior trade minister, Iswaran was involved in negotiations with parties including Ong’s HPL and then F1 boss Bernie Ecclestone.
On July 11, 2023, Ong and Iswaran were arrested after the former minister was revealed to be assisting the Corrupt Practices Investigation Bureau (CPIB) with investigations on an undisclosed case.
Iswaran was later charged with 27 counts of corruption and obtaining gratification from Ong in January 2024, with charge sheets stating that he received more than S$300,000 in tickets to shows, football matches and flights between November 2015 and December 2022.
The former minister pled guilty to four charges of receiving gifts while in office and 1 charge of obstruction of justice. He was convicted of all 5 charges on Sep 25, 2024, and sentenced to 12 months imprisonment on Oct 3. On Feb 7 this year, he was placed on the Home Detention Scheme after the prisons service found him to be suitable for the scheme.
