Ong Beng Seng, the billionaire property tycoon who was a driving force behind the creation of the Singapore Grand Prix, has been issued a notice of arrest.
His arrest has come about as part of an investigation of Singapore’s minister for transport S Iswaran. Both are significant figures in the organisation of the race, though there has been no indication the investigation relates to the grand prix.
Iswaran was instructed to take a leave of absence from his position on Wednesday by Singapore’s prime minister. Local media have described the investigation into Iswaran as one of the most significant corruption probes for decades.
A statement issued by the Board of Directors of Ong’s Hotel Properties Limited company said it “has been notified by Mr Ong Beng Seng, managing director of the company, that he has been requested by the Corrupt Practices Investigation Bureau (“CPIB”) to provide information in relation to his interactions with Minister S Iswaran. Mr Ong has further updated the Board as set out below.”
HPL noted that “no charges have been filed against Mr Ong” who is travelling today and will hand his passport to the CPIB when he returns to Singapore. He has paid a bail fee of SIN$ 100,000 (£57,000).
“Mr Ong is cooperating fully with CPIB and has provided the information requested,” the statement continued. “As this is an ongoing matter, he is unable to provide further details at this point. He has undertaken to provide updates to the Board if there are subsequent material developments.”
Seng’s properties include a number of hotels in Singapore. He collaborated with former F1 CEO Bernie Ecclestone on the creation of the grand prix 15 years ago, which brought the championship to Singapore and established its first night race.
Formula 1 agreed a contract extension with the Singapore Grand Prix last year, securing its place on the calendar until 2028. This year’s race will take place on September 17th.
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