Who is Singapore-based billionaire Ong Beng Seng, F1 tycoon who pleaded guilty in corruption case?

In a sensational development on Monday (Aug 4), Singapore-based billionaire hotelier and Formula One tycoon Ong Beng Seng has pleaded guilty to one charge connected to a rare corruption scandal that shocked the nation in 2024. Ong Beng Seng, who is the founder of the Singapore-based organisation Hotel Properties Limited (HPL), has been accused of bribing former minister Subramaniam Iswaran. The latest developments mean Beng Seng will now await the verdict, which is reserved until Friday (August 15).

Who is Ong Beng Seng?

Born in 1944 in Teluk Anson, Perak Federated Malay States (now Malaysia), Beng Seng was one of four siblings and had a deep interest in business. While Beng Seng was young, his family migrated to Singapore from Malaysia, where he later secured citizenship. It was not until 1975 that he came into the limelight as he joined hands with Kuo International, founded by businessman Peter Fu Yun Siak, and there he met his later-to-be spouse, Christina.

Beng Seng would soon become a household name in the nation for his increasing financial power. He would soon leave Kuo International and found his own Hotel Properties Limited (HPL). His business adventure saw exponential growth in the 1980s and 1990s, and he became a billionaire. Beng Seng’s rise saw him establish firms in Europe, including business settlements in London’s Bond Street.

Beng Seng brings F1 to Singapore

As Beng Seng’s influence grew in the nation, he started attracting international brands and lured them to Singapore. Part of the deal included the inaugural Formula One race in Singapore in 2008. The inaugural Singapore GP was a huge success, attracting thousands of F1 fans. Since then, the country has been on the F1 calendar for every single season. A huge credit is given to Beng Seng for attracting Formula One and placing the nation on the calendar.

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Controversies surround Beng Seng

In a shocking revelation in 2024, Beng Seng was accused of giving expensive gifts, including tickets to the Formula 1 Grand Prix and a ride on a private jet to ex-transportation minister Subramaniam Iswaran while they were engaged in official business. Ministers in Singapore cannot keep gifts unless they pay the market value of the gift to the government, and they must declare anything they receive from those with whom they have business dealings.

The 79-year-old is also accused of abetting Iswaran in obtaining an all-expenses-paid trip to Doha, said to be worth around S$20,850 ($16,188). Ong faces up to two years in jail for abetting a public servant in obtaining gifts, while the maximum jail term he faces for the abetment of obstruction of justice is seven years.

On the other hand, Hotel Properties Limited had earlier in April said that Ong would step down as its managing director to "manage his medical conditions”.