Billionaire with a controlling stake in Mulberry Group Plc faces charges for abetting a public servant and obstructing justice
Singapore’s most significant ministerial misconduct investigation in decades has resulted in charges against billionaire Ong Beng Seng, the 78-year-old businessman known for bringing Formula One racing to the city. Ong has been charged with abetting a public servant in receiving gifts and with obstructing justice. The charges follow his arrest in July 2023, after which he was released on bail. He has yet to enter a plea, with the case set for its next hearing on November 15.
A spokesperson for Ong stated on October 4 that he is “seeking legal advice on the charges” but was unable to provide further information due to the ongoing legal matter.
Ong, managing director of Hotel Properties Ltd., is worth approximately $1.15 billion, according to the Bloomberg Billionaires Index. His charges are connected to dealings with former Transport Minister S. Iswaran, who was sentenced to 12 months in prison for receiving gifts from Ong.
Singapore’s F1 contract, first signed in 2007, has been renewed multiple times, with the current deal running through 2028. The government reports that the race has contributed over $1.5 billion in tourism revenue since 2008.
Ong’s Hotel Properties portfolio includes interests in Four Seasons Hotels & Resorts, luxury condominiums, and a controlling stake in Mulberry Group Plc, a British luxury handbag brand. Born in Malaysia, Ong moved to Singapore at a young age and was educated at the Anglo-Chinese School. In 2002, he was part of a government group tasked with advising on the restructuring of Singapore’s economy after a recession.