THE 78-year-old Malaysian property tycoon charged in Singapore recently over his involvement in the case of former Singapore transport minister S. Iswaran is reportedly worth USD1.15 billion (RM4.84 billion).
He is best known for bringing Formula One racing to Singapore and also has political ties that go back decades.
This is the second time the co-founder of Hotel Properties Limited (HPL) has found himself embroiled in controversy and is charged with abetting Iswaran’s offences and obstructing justice.
Reports said that most of the court charges levelled against Iswaran dealt with his interactions with Ong.
These charges include Iswaran obtaining tickets for UK football matches and flying on Ong’s private jet, obtaining tickets to the F1 race in Singapore and to musicals in London.
Iswaran’s lawyers argued in court that the valuable items were gifts from his friend Ong.
A former associate of Ong, as reported by SCMP, called him “everything of a shrewd businessman; flamboyant and a risk taker to win deals”.
Ong is currently out on a USD617,000 bail. In a regulatory filing, HPL, which is owned by the 78-year-old, said that Ong had informed the company of the two charges and that he is seeking legal advice.
Ong, a Malaysian who is based in Singapore, was arrested in July 2023 and released on bail. No charges were previously filed against him.
Picture from https://singaporegp.sg/en/news/2023/on-track-to-drive-change/
F1 contract signed in 2007
Singapore’s F1 contract was first signed in 2007 and renewed in 2012, 2017 and 2022, while the current deal between Ong’s Singapore GP Pte Ltd and the country’s tourism agency will end in 2028.
The government says that F1 has generated more than S$2 billion (RM6.47 billion) in incremental tourism receipts since 2008 and Iswaran is widely credited for playing a key role in the city’s bid to host the night race.
In the 1990s, descriptions of Ong in the national media and in glossy business magazines ranged from “Sheikh of the Far East” to “Prince of a Thousand Deals”.
There is at least one reference to Ong and his wife Christina Ong – a highly successful businesswoman in her own regard – as the “Posh and Becks” of Singapore’s property and hotel scene.
Ong was born in Malaysia and moved to Singapore when he was four. He was educated at the Anglo-Chinese School and was a long jumper in school.
In 2002, Ong was part of a government-led group set up to recommend ways to restructure Singapore’s economy after the city-state suffered its worst recession in 37 years in 2001. - October 5, 2024
