SINGAPORE, July 15 — A Singapore government minister and a property tycoon were arrested this week, the anti-graft body said on Friday (July 14), without giving details of what prompted the rare high-level probe that has gripped the city-state.
Transport Minister S. Iswaran and managing director of Hotel Properties Ong Beng Seng were arrested on Tuesday (July 11) and subsequently released on bail, the Corrupt Practices Investigation Bureau (CPIB) said in an emailed response to a Reuters query.
The CPIB said on Wednesday (July 12) that it has launched an investigation into Iswaran.
The case is rare in Singapore, a top Asian financial hub that prides itself on a corruption-free government. Cabinet ministers are paid handsomely to discourage graft, with some ministers’ annual salaries exceeding SG$1 million (RM3.43 million).
Ong is known for bringing Formula One races to the city-state, and his company said he is cooperating with the anti-graft agency.
Iswaran’s passport has been impounded, but the CPIB allowed Ong to travel out of Singapore on Friday.
“CPIB assessed and acceded to Ong’s request to travel overseas. Ong’s bail quantum was also increased to SG$100,000 (RM342,593). Upon his return, Ong is required to report to CPIB and surrender his passport to the bureau,” said the anti-graft body.
The Singapore-listed Hotel Properties Ltd said in a statement no charges had been filed against Ong, adding that he was asked by the CPIB to provide information on his interactions with the transport minister.
Prime Minister Lee Hsien Loong on Wednesday said he had instructed Iswaran to take a leave of absence until the investigations are completed.
The Prime Minister’s Office said on Thursday (July 13) that Iswaran was not allowed to leave Singapore during the investigation and he would have no access to any official resources or government buildings, local media reported.
The 79-year-old Ong’s company has around 38 hotels and resorts operating under brands that include COMO, Four Seasons, Hard Rock Hotels and Concorde, according to the London Stock Exchange’s Refinitiv Eikon.
Shares in Hotel Properties Ltd fell as much as seven per cent on the news and were last down 4.4 per cent, heading for their worst session in more than two years.
Malaysia-born Ong and his wife, Christina, had a net worth of $G1.75 billion (RM6 billion) in 2022, according to Forbes.
— Reuters
