Singapore Hotel Billionaire Ong Beng Seng & Singapore Minister of Transport Iswaran Arrested by Corrupt Practices Investigation Bureau on 11th July 2023, Ong Beng Seng is Founder of Hotel Properties Limited with $1.8 Billion Fortune
14th July 2023 | Hong Kong
Singapore hotel billionaire Ong Beng Seng and Singapore Minister-in-Charge of Trade Relations & Minister of Transport S Iswaran had been arrested by Singapore Corrupt Practices Investigation Bureau (CPIB) on 11th July 2023 and subsequently released on bail. Ong Beng Seng is the founder of Hotel Properties Limited (HPL), which owns, builds, invests and operates properties including hotels such as Four Seasons, Marriott, COMO, InterContinental, Concorde & Hard Rock hotels. Ong Beng Seng has an estimated fortune of around $1.8 billion (with wife Christina Ong, COMO group including fashion group Club 21). Ong Beng Seng was born in Malaysia (1946) and moved to Singapore at the age of 4. In 1980, Ong Beng Seng founded Hotel Properties and acquired Hilton Hotel for S$72 million ($54 million). Hotel Properties Limited is listed on Singapore Exchange (SGX) with a market capitalization of $1.48 billion (14/7/23: S$1.96 billion). In 2007, Ong Beng Seng signed a contract with Formula 1 (motor racing, then Formula 1 CEO Bernie Ecclestone) to bring the motor-racing event to Singapore. In 2022 August, former Formula 1 CEO & British billionaire Bernie Ecclestone (Age 91) was charged in court (pleaded not guilty) for failing to declare a $650 million (£400 million) trust fund in Singapore between 2013 to 2016. The charge was filed by United Kingdom (UK) HM Revenue & Customs.
“ Singapore Hotel Billionaire Ong Beng Seng and Singapore Minister of Transport Iswaran Arrested by Corrupt Practices Investigation Bureau on 11th July 2023, Ong Beng Seng is Founder of Hotel Properties Limited with $1.8 Billion Fortune “
Mr S. Iswaran, Singapore Minister-in-charge of Trade Relations & Minister of Transport – Mr S Iswaran joined the Singapore Administrative Service in 1987. He served in the Ministries of Home Affairs and Education, was seconded to the National Trade Union Congress, and later to the Singapore Indian Development Association as its first Chief Executive Officer. Mr Iswaran was Director for International Trade at the Ministry of Trade and Industry in the lead up to Singapore’s hosting of the WTO Ministerial Conference in 1996. He then joined the private sector, as Director for Strategic Development at Singapore Technologies Pte Ltd. Later, as Managing Director at Temasek Holdings, he undertook investments, takeover, buy-out and merger transactions in the pharmaceuticals, biotech, hi-tech manufacturing, transport and logistics sectors. Mr Iswaran has been elected as a Member of Parliament in six General Elections since 2 January 1997. Prior to his appointment to Cabinet in 2006, he served on several Government Parliamentary Committees, and as the Deputy Speaker of Parliament from September 2004 to June 2006. Mr Iswaran is currently the Minister for Transport, with responsibilities spanning land, air, and sea transport. Key focus areas include rebuilding the Singapore air hub and the safe reopening of air travel amid the COVID-19 pandemic; strengthening Singapore’s maritime hub; and building a reliable, sustainable, and inclusive land transport system. Mr Iswaran is concurrently Minister-in-charge of Trade Relations at the Ministry of Trade and Industry where he oversees various bilateral and multilateral trade negotiations. Mr Iswaran has also held Ministerial positions in the Ministry of Communications and Information, the Ministry of Home Affairs, and the Ministry of Education. Mr Iswaran read Economics at the University of Adelaide and graduated with First Class Honours. He also holds a Masters in Public Administration from Harvard University.
Opening Remarks by MOS Iswaran on the Formula 1 Singapore Grand Prix
Opening Remarks By Mr S Iswaran, Minister Of State For Trade And Industry, At The Press Conference On The Formula 1 Singapore Grand Prix At Ura Centre Theatrette On 11 May 2007
11th July 2007 – Thank you all for coming to this press conference at short notice.I am pleased to be here this afternoon with Mr Ong Beng Seng and Mr Lim Neo Chian.We are also glad to be joined via teleconference by Mr Bernie Ecclestone, Chief Executive of the Formula One Group.
I think our presence here speaks for itself.We are pleased to announce that Singapore will be hosting the Formula 1 Grand Prix from 2008.Singapore GP Pte Ltd, of which Mr Ong is the controlling shareholder, has secured the rights from the Formula One Group to host an F1 race in Singapore for 5 years from 2008, with the option for FOA (Formula One Administration) to extend for a further 5 years thereafter.The Singapore Tourism Board (STB) has evaluated the company’s proposal and found it to be worthy of support.The first race will take place in September or early October 2008 in a street circuit around Marina Centre.
First Night Race in the World
I am also pleased to announce that Singapore could potentially stage the first-ever F1 night race.A night race will be unique, different and allow the Singapore event to reach out to television audiences in Asia, Europe and the US.Safety is of paramount concern to all of us.Therefore, we will proceed with a night race only if the safety and operational requirements of all parties including the FIA, FOA and Formula 1 teams are fully met.If not, we will revert to a day race.
Economic Benefits and Positive Spill-overs from F1
Let me now briefly touch on our strategic rationale for hosting an F1 race. Singapore is a leading business centre and our aim is to be a vibrant global city that is abuzz with high quality entertainment and events.A world class event like the F1 race, with more than 500 million viewers worldwide, will take us closer to this objective.F1 will give a strong boost to our tourism sector.It is expected to generate incremental tourism receipts of about S$100 million a year.Hotels, night spots, restaurants, retailers, airlines, taxi drivers, and many other groups will benefit.The hive of activity surrounding the race will create opportunities for individuals and companies alike.Neo Chian will elaborate on this.
There will be broader economic spin-offs as well.Our growing private wealth management industry, strong contingent of MNCs and local companies, and diverse retail and entertainment establishments can all take advantage of the event to derive benefits for their clients and their business.
Government will Co-fund the Event
As I said in Parliament earlier in March, F1 is a major financial undertaking for any company.The annual cost of staging an F1 race can be up to S$150 million.Revenue from ticket sales, merchandising and sponsorship will defray some of the costs.However, given the larger economic benefits from an F1 race that do not accrue to the Race Promoter, there is a case for commensurate support from public funds.STB will, therefore, co-fund about 60 percent of the cost of the event from the Tourism Development Fund.
Need for Support from Hoteliers ….
However, the Government cannot do this alone. While the tourism-related businesses and the economy, in general, will benefit from the F1 Grand Prix, the hotels, in particular, will be significant beneficiaries.Hotels in Monaco and Melbourne, for instance, are near full occupancy and are known to raise their room rates by up to 2 to 3 times, with stipulated minimum stays of 3 to 4 nights, during the race period.We expect hotels in Singapore to benefit similarly and we need our hotels to contribute their fair share.
The Government, therefore, intends to impose a special F1 cess on hotel room revenues to defray some of the cost of staging the F1 race in Singapore.The F1 cess will be for a limited period of about 7 days around the race.It will be tiered so that track-side hotels which will benefit from the highest increases in room rates will pay a higher rate, and those further away will pay a lower rate.We are looking at a cess of no more than 30 percent to ensure that hoteliers still keep a significant share of the upside whilst making a meaningful contribution.The F1 cess is expected to raise an average of about S$15 to S$20 million per year.
We have consulted members of the hotel industry, including members of the Singapore Hotel Association (SHA) EXCO, and the feedback has been positive.More details will be announced when ready. … And Other Stakeholder.
We will also need the support of other key stakeholders.These include building owners, retailers and the general public.
As some roads will have to be closed in the period leading up to the race, during the race days, as well as after the race, there will be disruption to traffic.There may also be some access restrictions around the track during the race period.We will need the understanding and cooperation of all Singaporeans and stakeholders affected by such inconveniences.I would like to assure everyone that our Government agencies will work closely with all stakeholders concerned to minimise any disruptions and inconveniences.We will set up an inter-agency committee for this purpose to work in partnership with the Race Promoter to ensure that Singapore stages a world-class F1 race whilst doing our best to mitigate the inconveniences.
Broad Participation and Involvement
In conclusion, let me say that, over the past few months, there has been a palpable buzz at home and internationally at the prospect of Singapore hosting an F1 race.Singaporeans from all walks of life are excited and we share their excitement.By holding the race on a street circuit in Marina Centre, we will bring the buzz and excitement into the heart of the city, so that everyone can join in the festivities.And there will be ample opportunity for broad-based participation in the event – whether as a guest, a spectator, a volunteer, or simply to participate in the events that will be held around the race.
I would like to thank Mr Ong Beng Seng and his team, Mr Bernie Ecclestone, and our officers at MTI and STB for their tireless and patient work over the past few months to bring F1 to Singapore.We still have a long way to go before reaching the chequered flag, and I look forward to the support of our government agencies, various stakeholder groups and all Singaporeans as we work towards an excellent Formula 1 Singapore Grand Prix which all of us will be proud of.
Let me now invite Mr Ecclestone followed by Mr Ong and Neo Chian to share their thoughts.
Former Formula 1 CEO & British Billionaire Bernie Ecclestone Charged for Failure to Declare $650 Million Trust Fund in Singapore
27th August 2022 – Former Formula 1 CEO & British billionaire Bernie Ecclestone (Age 91) had been charged in court (pleaded not guilty) for failing to declare a $650 million (£400 million) trust fund in Singapore between 2013 to 2016. The charge was filed by United Kingdom (UK) HM Revenue & Customs. According to the charge in court, Bernie Ecclestone had disclosed only 1 trust to tax authorities and is not the beneficiary of the trust, or any other trust. Bernie Ecclestone had been granted bail, with the next hearing on 18th September 2022. Bernie Ecclestone is most known for leading Formula 1 for more than 40 years (1970s to 2017), and is a billionaire with an estimated net worth of more than $3 billion.
Bernie Ecclestone denies £400m fraud at court hearing
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