Who is Ong Beng Seng, the hotelier caught up in Iswaran-linked CPIB probe?

Hotel Properties Limited (HPL) on Friday (July 14) announced that the Corrupt Practices Investigation Bureau (CPIB) has asked its co-founder and managing director, Ong Beng Seng, to provide information on his interactions with Minister for Transport S Iswaran.

Who is Ong Beng Seng?

Popularly known by his initials OBS, Ong, who is Malaysian and has a degree in insurance, earned millions of dollars from accurately predicting the ups and downs of oil prices during his time at Kuo International, an oil trading company owned by his father-in-law Peter Fu Yun Siak.

He joined the company in 1975, and the capital he earned during his time there allegedly helped finance his later investments and property development.

He and his Singaporean wife, Christina Ong, rank among one of Singapore's wealthiest couples, and were estimated by Forbes to have a net worth of US$1.7 billion (S$2.2 billion) as at August 2022.

The hotel and property tycoon is also known for being one of those responsible for first bringing the Formula 1 night race to Singapore in 2008, and owns the rights to the Singapore Grand Prix.

What is HPL involved in?

Singapore-listed HPL is a conglomerate with interests in hotel ownership, management and operations, property development, and investment holdings.

As at December 2022, the group's hotel division had a portfolio of 38 hotels and resorts across 15 countries including Singapore, Italy, the Maldives and Vanuatu. Brands within its portfolio include Four Seasons Hotels & Resorts, Hard Rock Hotels and Marriott International.

Its latest acquisition is Kanuhura Maldives, which is undergoing major refurbishments and is expected to open under the management of Six Senses Hotels & Resorts in H2 2023.

HPL's Singapore portfolio of prime commercial and retail properties comprises Forum The Shopping Mall and Concorde Shopping Mall. The group used to own seven units in Ming Arcade, which it agreed to sell for S$61 million in December 2022.

Its luxury residential developments in Singapore include Cuscaden Residences, Four Seasons Park and Nassim Jade.

What are some of Ong's past dealings?

In May 2022, HPL, in partnership with units of Singapore investment company Temasek, purchased the real estate assets of media giant Singapore Press Holdings for $2.8 billion.

Other instances when Ong previously mounted challenges for Singapore-listed companies in partnership with Temasek-linked entities include his 2002-2003 bid for steelmaker NatSteel, through a consortium led by Ong.

The consortium, which also involved Temasek, narrowly won control of the company following a battle with Indonesian business tycoon Oei Hong Leong.

ALSO READ: Hotelier Ong Beng Seng issued notice of arrest, out on bail for Iswaran-linked CPIB probe

This article was first published in The Business Times. Permission required for reproduction.