Billionaire behind Singapore Grand Prix hit with arrest warrant
Singapore’s anti-graft agency has issued an arrest warrant for Ong Beng Seng, a key pillar behind Formula 1’s arrival in Singapore.
The warrant has been issued in response to an ongoing corruption investigation involving the nation’s transport minister, S Iswaran.
While no charges have been made against Ong Beng Seng, according to his Hotel Properties Limited company, he has been ordered by the Corrupt Practices Investigation Bureau (“CPIB”) to provide information as to his “interactions with Minister S Iswaran”.
Ong, a business tycoon and current managing director of Hotel Properties Limited, owns the rights to the Singapore Grand Prix through his Singapore GP firm, and is credited with being the driving force behind Formula 1 going racing in the nation since 2008.
The contract for the race was recently extended through to 2028.
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Ong is said to be cooperating fully with the investigation, which at this stage is not believed to carry links to the Singapore Grand Prix.
“He will be travelling from 14 July and will be surrendering his passport to CPIB upon his return to Singapore,” read the statement from Hotel Properties Limited. “He has been given a notice of arrest and has posted bail of $100,000.
“Mr Ong is co-operating fully with CPIB and has provided the information requested. As this is an ongoing matter, he is unable to provide further details at this point.”
The Singapore Grand Prix, held as a night race throughout its Formula 1 tenure, has been virtually ever-present on the calendar since its 2008 debut.
Only in 2020 and 2021 was it absent from the schedule due to the impacts of the COVID-19 pandemic.
Red Bull and Mercedes are the most successful constructors to have gone racing around the Marina Bay Street Circuit, both teams boasting four victories apiece.
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Source: Planet F1
