Singapore tycoon, who brought F1 races to city-state, arrested in high-level graft probe

A property tycoon in Singapore, who is known for bringing Formula One races to the city-state, was arrested this week in a rare high-level graft investigation. According to a report by the news agency Reuters on Friday (July 14), the Corrupt Practices Investigation Bureau (CPIB) said that Ong Beng Seng, the managing director of Hotel Properties and Singapore's Transport Minister S. Iswaran were arrested on Tuesday and subsequently released on bail.

Transport Minister Iswaran's passport has been impounded but Ong was allowed to travel out of Singapore on Friday.

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"CPIB assessed and acceded to Ong’s request to travel overseas. Ong’s bail quantum was also increased to S$100,000. Upon his return, Ong is required to report to CPIB and surrender his passport to the bureau," the CPIB said.

Probe detailsnot yet known, minister toldto go on leave

The details of the investigation have not been disclosed by the anti-corruption bureau yet. On Wednesday, Prime Minister Lee Hsien Loong said that he ordered Iswaran to take a leave of absence until the investigation was over.

And a day later, the Prime Minister's Office said that the transport minister was not allowed to leave Singapore during the investigation and he would not have access to any official resources or government buildings.

No charges filed against Ong, says his company

In a statement, Singapore-listed Hotel Properties said that no charges had been filed against Ong and he was asked by the CPIB to provide information on his interactions with Iswaran.

As per London Stock Exchange's Refinitiv Eikon, Ong's company has around 38 hotels and resorts operating under brands that include COMO, Four Seasons, Hard Rock Hotels and Concorde.

(With inputs from agencies)

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