The Business Times reported this morning that co-founder and managing director of Hotel Properties Limited (SGX: H15), Ong Beng Seng, was asked by the Corrupt Practices Investigation Bureau (CPIB) to provide information on his interactions with Minister for Transport S Iswaran.
Details of the probe had yet to be revealed, and no charges had been filed against the Singaporean tycoon, though an arrest notice had been issued which had been bailed for s$100,000.
Ong Beng Seng, known as OBS, was travelling when the report broke out. Hotel Properties Limited said that he will surrender his passport upon his return. Meanwhile, Minister for Transport S Iswaran was asked earlier this week by Prime Minister Lee Hsien Loong to take a leave of absence.
According to Forbes, OBS and his wife Christina Ong had a net worth of US$1.7 billion as at August 2022. The tycoon is well-known for being the one who brought the Formula 1 race to Singapore.
The share price of Hotel Properties Limited closed lower by 2.59% at SGD 3.76 per share.
