From business empire to ex-minister’s corruption scandal: 5 things to know about Singapore‑based Malaysian F1 tycoon Ong Beng Seng

Ong faces two charges, namely abetting a public servant in obtaining gifts and abetting the obstruction of justice, and is set to plead guilty next month.

While it remains unclear whether he will plead guilty to one or both charges, the case marks a dramatic turn in the career of one of Singapore’s most influential tycoons.

Here are five things to know about Ong Beng Seng — from his business empire to his controversies.

The Hotel Properties Limited empire

Billionaire hotelier Ong Beng Seng attends a news conference in Singapore May 11, 2007. Photo by Reuters

Before he stepped down this April, Ong was the managing director of Hotel Properties, which he founded in 1981.

The firm is a global player in hospitality, with interests in 41 hotels across 17 countries under well-known brands including Como Hotels and Resorts, Four Seasons, and Marriott International.

It also develops luxury residential projects, including Burlington Gate in London’s Mayfair and Nassim Jade in Singapore, according to Bloomberg.

Born into wealth, married into more money

Ong was born into a wealthy family in Malaysia and later moved to Singapore, where he attended the prestigious Anglo-Chinese School.

His business fortunes later intertwined with his personal life when he married Christina Fu, the daughter of oil trading magnate Peter Fu Yun Siak, as reported by The Independent.

Ong joined Kuo International, her father’s firm, in 1975, where his sharp instincts for oil price movements helped him amass his early wealth.

Christina is also a successful entrepreneur in the field of fashion and luxury. Dubbed "the Queen of Bond Street" for the designer franchises she owns there, she also owns designer retail chain Club 21 and leads the Como Group, which operates luxury hotels under the Como Hotels and Resorts brand.

Singapore media has described her as stylish and reserved, and noted that her business ventures began just because she needed something to do.

Together, the power couple’s wealth was estimated at $1.7 billion by Forbes last year.

Singapore’s F1 boss

A passionate motorsport fan, Ong is often credited with bringing Formula One to Singapore. In the mid-2000s, he teamed up with then-junior trade minister S. Iswaran to lead the city-state’s bid to host an F1 race.

They convinced global F1 boss Bernie Ecclestone to stage the sport’s first-ever night race in Singapore in 2008, the South China Morning Post reported. Ong now holds the rights to the Singapore Grand Prix and serves as its chairman.

Ong’s involvement in the Iswaran case

The first charge, abetting a public servant in obtaining gifts, accuses him of paying for Iswaran’s flights and hotel during a trip from Singapore to Doha in 2022, which included transporting Iswaran on Ong’s private plane to Doha, giving him a one-night stay at the Four Seasons Hotel Doha, and returning him to Singapore on a business-class flight. The total covered cost was S$20,850 (US$16,200), according to CNA.

The second one, abetting the obstruction of justice, alleges that Ong informed Iswaran that the Corrupt Practices Investigation Bureau had obtained the flight manifest for the December 2022 trip, and urged Iswaran to request that Ong bill him for the flight to evade scrutiny.

Prior controversies

The corruption scandal was not the first time Ong has found himself entangled in a controversy involving Singapore politicians.

In 1995, HPL drew public attention when then-Deputy Prime Minister Lee Hsien Loong and his father, then-Senior Minister Lee Kuan Yew, bought luxury condominiums from the firm at discounted prices, The Straits Times reported.

The unsolicited discounts, ranging from 5 to 12%, were offered on two units at Nassim Jade and another two at Scotts 28.

Although the deals sparked questions over propriety, an independent investigation later cleared both Lees of any wrongdoing.

Neither Ong nor HPL were found to have broken any laws, and the discounted amounts were subsequently donated to charity.