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10 Facts About Ong Beng Seng, the First Person Named in the Iswaran CPIB Probe

2023-07-14 , 8:52 pm

Unless you’ve been living under a rock, you’ve probably heard of the Corruption Practices Investigation Bureau’s (CPIB) probe into Transport Minister S. Iswaran.

If you haven’t, you can read more about it here.

Since then, there have been several developments. The 61-year-old has been put on leave until the CPIB investigation is completed. Panggang loh!

At the time of writing, the most recent update is this: the billionaire Ong Beng Seng has been named for CPIB’s probe into Mr Iswaran.

Huh, who is this Ong Beng Seng?

Goody Feed’s got your back. Here are ten facts about Ong Beng Seng so you can pretend to be smart at the kopitiam.

Who is Ong Beng Seng?

Ong Beng Seng, otherwise known as OBS (not to be mistaken for the camp you were forced to go on in secondary school), is a 77-year-old Singapore-based businessman.

And not just any businessman—he’s a billionaire.

He is the founder and managing director of Hotel Properties Limited (HPL), a company which is literally what its name sounds like; it dabbles in hotels and properties.

Why Ong Beng Seng is Embroiled in the CPIB Probe

So, what business (pun intended) does a billionaire like Ong Beng Seng have with CPIB?

The honest answer is this: for now, we don’t know for sure, aside from the fact that Ong was questioned about his interactions with Mr Iswaran.

“As this is an ongoing matter, he is unable to provide further details at this point,” HPL shared.

The billionaire has since posted bail of $100K and will travel aboard on Friday (14 July).

Ong will surrender his passport to CPIB upon his return.

Well, we hope he does return.

Singaporeans have Ong Beng Seng to Thank for Formula One

If you’re seeing Post Malone and 88rising this September, you have Ong Beng Seng to thank for it.

Ong, the chairman of the Singapore Grand Prix (Singapore GP), was the one who brought Formula One (F1) to Singapore in 2008.

Fortunately, the 77-year-old’s embroilment in the Iswaran CPIB probe will not affect the F1 night race this September.

You’ll still be able to watch your favourite drivers speed down the Marina Bay Street Circuit and your favourite artists’ performances.

The Ministry of Trade and Industry (MTI), where Mr Iswaran also serves as the Minister-in-charge of Trade Relations, funds the $135 million race alongside the Singapore Tourism Board and Singapore GP.

Founded By Ong Beng Seng, HPL Owns Hotels and Resorts Across 15 Countries

Perhaps the most flashy thing under the billionaire’s belt is HPL, which he founded in 1980.

Since then, HPL has skyrocketed to success and, as of December 2022, owns 38 hotels and resorts across 15 countries.

Yes, you read that right. HPL owns hotels and properties across Singapore, Italy, the Maldives, Canada, Australia, Britain and even the US.

The next time you book accommodation at Four Seasons Hotels & Resorts, Hard Rock Hotels or Marriott International, remember that these are all under HPL’s belt.

If you book those hotels, you’re supporting local businesses in a way, I guess…

And HPL is far from done—they’ll be opening the Kanuhura Maldives this year and a 150-room hotel in Croatia next year.

Heng, ong, huat! Now you know what the “Ong” in OBS’s name means.

In the meantime, as CPIB’s investigations continue, Ong will continue his duties as HPL’s managing director.

However, HPL added that Ong’s suitability for his continued appointment as managing director will be assessed as the CPIB investigation unfolds.

Well, even if Ong’s continued appointment as managing director is uncertain, we know that one thing’s sure: Ong should probably carve out some extra time to pray for HPL’s shares, which have dropped by 5.4% since his involvement in the CPIB probe.

HPL Part of Consortium that Bought SPH’s Real Estate Assets

That’s not all that Ong’s company has brought to the table.

In May 2022, HPL, together with Singapore’s state-owned investment firm Temasek, was part of the consortium that bought the real estate assets of Singapore Press Holdings (SPH).

The assets were worth nearly US$2.8 billion.

Yes… They just called you “broke” in a million languages.

Ong Beng Seng was Embroiled in Saga with LKY and LHL

The current CPIB investigation isn’t the first time Ong is getting embroiled in trouble.

You might recognise Ong’s name from an earlier controversy in 1996 when he sold properties to then-Senior Minister Lee Kuan Yew and Prime Minister Lee Hsien Loong at a discount. The matter was so severe it even went to Parliament.

Sounds familiar. Ah… Singaporeans and their properties.

The 1996 saga involved the purchase of four luxury condominiums developed by HPL—two units in Nassim Jade and two units in Scotts 28.

LKY and LHL were given discounts of up to 12%.

For context, units at Nassim Jade currently range between $4.5 million to $16 million, while units at Scotts 28 range between $2.7 million to $6 million.

We’re just waiting for a particular opposition politician to write about this.

Fortunately, the conclusion made by then-Prime Minister Goh Chok Tong was that there was no shady business going on. The discounts were akin to “early bird discounts”, and the discounted sums were funnelled to charity.

Ong Beng Seng’s 2nd Saga: In Cahoots with Former Maldives’ President?

That’s not the end of it. Ong was also embroiled in another recent saga involving the former Maldives’ president Abdulla Yameen and other officials.

TLDR, Mr Yameen was sentenced to 11 years in jail for illegally leasing Maldivian islands to developers and pocketing the money afterwards.

The Organised Crime and Corruption Reporting Project (OCCRP) opened its investigation into this matter in 2018. Ong, unfortunately, found himself in the crosshairs of the OCCRP as well.

The reason? Ong had provided Mr Yameen and his vice-president luxury hotel accommodation amid negotiations to lease Maldivian islands to HPL.

Bad timing.

Obviously, Ong did not have to jiak kali png with Mr Yameen and his officials. We’ll have to watch and see if, this time, he will.

Born in Malaysia

Alright, enough with Ong’s controversies; let’s look at his early life.

The billionaire wasn’t always in Singapore. He was born in Sabah, Malaysia, to wealthy parents.

Say nicer, is wealthy parents. Not so nice, is silver spoon.

Ong Beng Seng’s Education

Ong moved to Singapore when he was four years old and studied at Anglo-Chinese School (ACS).

Yes, you read that right. He bleeds red, blue, and gold, I guess.

Ong might be giving other hoteliers a run for their money now, but he started racing from a young age—he was a champion sprinter and long jumper in ACS.

Later, he obtained a degree in insurance from the UK.

Power Couple: Ong Beng Seng & Wife are One of the Richest in Singapore

Ong is married to Christina Fu, a successful businesswoman who runs Como Hotels and Resorts and the luxury brand Mulberry.

The Club 21 stores you see around shopping malls? Ong’s wife runs those too.

The couple are among the richest in Singapore, with a combined net worth of nearly US$1.7 billion (S$2.2 billion).

That makes them the 24th richest in Singapore.

Wah… Power couple.