East Asia
Who is Ong Beng Seng, the Malaysian tycoon linked to Singapore’s fallen ex-minister Iswaran?
At the centre of Singapore’s most talked-about political scandal centred on former minister S Iswaran, one other name stands out – Ong Beng Seng, among the richest tycoons in the city state and widely credited for bringing Formula One racing to its shores.
The co-founder of Hotel Properties Limited (HPL) has found himself embroiled in controversy – for a second time – and is charged with abetting Iswaran’s offences and obstructing justice.
Earlier this week, the former transport minister was sentenced to 12 months in prison after admitting he had accepted more than S$400,000 in gifts from Ong and fellow businessman Lum Kok Seng, resulting in a fallout that has reverberated through Singapore’s network of politics and business, raising eyebrows over the intertwining lives of its elite.
A former associate of Ong called him “everything of a shrewd businessman; flamboyant and a risk taker to win deals”.
“A super networker, he can smell great business opportunities from miles away,” said the source who spoke on condition of anonymity.
Another former business associate from the region expressed sympathy for Ong and told This Week in Asia: “He really loves Singapore so much. And he did so much for the place. He injected the city state with style and pizazz.”
