Singapore property tycoon cooperating with anti-graft agency

By Reuters   July 13, 2023 | 10:05 pm PT
Singapore property tycoon cooperating with anti-graft agency
Hotel and property tycoon Ong Beng Seng watches the second practice session for the Singapore F1 Grand Prix, September 26, 2008. Photo by Reuters
Singaporean property tycoon Ong Beng Seng is cooperating with the city-state's anti-graft agency in a case launched earlier this week involving the transport minister, Ong's company said on Friday.

"No charges have been filed against Mr Ong," the company Hotel Properties Ltd said in a statement, adding that Ong has been given a notice of arrest and posted bail of S$100,000 ($75,843.76).

The company added that Ong was asked by the Corrupt Practices Investigation Bureau (CPIB) to provide information on his interactions with transport minister S Iswaran.

Contacted by Reuters the CPIB said it had no immediate comment on the issue.

Shares in Hotel Properties were down 4.4% on the news.

The case, about which the CPIB has provided few details, is a rare high-level probe in a country that prides itself on a government free from corruption.

Prime Minister Lee Hsien Loong on Wednesday said he had instructed Iswaran to take leave of absence until the investigations were completed.

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