Singapore F1 Tycoon Pleads Guilty in High-Profile Corruption Case
Singaporean billionaire and hotel magnate Ong Beng Seng has pleaded guilty to a charge of abetting the obstruction of justice in a rare corruption case that rocked the nation last year.
The 79-year-old tycoon, best known for bringing the Formula 1 Grand Prix to Singapore, admitted to helping former transport minister S. Iswaran conceal evidence during a corruption investigation. Prosecutors said Ong assisted Iswaran in covering up a luxury trip the minister received while they were engaged in official dealings.
The trip, which included private jet travel and five-star accommodation in Qatar, was fully paid for by Ong. Under Singaporean law, ministers must declare gifts from individuals with whom they have business relations and cannot retain them unless they reimburse the government at market value.
Although Ong initially faced up to seven years in jail, both the prosecution and defence agreed on a financial penalty in light of his deteriorating health. He is battling a rare form of bone marrow cancer and has previously been permitted to travel abroad for treatment and business.
The court heard that Iswaran requested Ong retroactively bill him for a commercial flight from Doha to Singapore, after learning that investigators had obtained flight records as part of a separate probe involving Ong’s associates. Ong complied and his company, Singapore GP, issued the invoice belatedly – an act that led to the obstruction charge.
Another charge – relating to Ong facilitating the minister’s acceptance of the entire trip, valued at over S$20,000 – was taken into consideration but not pursued further.
While Ong’s role was deemed significant in enabling the cover-up, prosecutors said his culpability was lower than that of Iswaran, who was serving as a cabinet minister at the time. Ong’s lawyers argued he had merely gone along with the plan orchestrated by the minister.
Both men were arrested in July 2023. Investigations later revealed that Iswaran had received over S$400,000 worth of perks, including luxury flights, grand prix tickets, and hotel stays. At the time, he was the government’s lead negotiator on Formula 1 matters and a member of the F1 steering committee.
Born in 1946 in what was then Malaya, Ong migrated to Singapore as a child and founded Hotel Properties Limited (HPL) in the 1980s. HPL owns and manages luxury hotel brands such as the Four Seasons and Marriott.
Earlier this year, the company announced that Ong would step down as managing director to focus on his health.
Singapore, known for its tough stance on corruption, pays some of the highest government salaries in the world – a policy intended to deter graft. This case, involving one of the country’s wealthiest businessmen and a senior minister, has tested that principle. Ong is expected to be sentenced on August 15.
