In a recent development, the managing director of Hotel Properties (HPL), Ong Beng Seng, has been arrested and requested by the Corrupt Practices Investigation Bureau (CPIB) to disclose information regarding his interactions with Minister S Iswaran, as per a statement by HPL.
Despite the ongoing investigation, HPL confirmed that no formal charges have been filed against Ong yet. As of July 14, Ong is abroad and has committed to surrendering his passport to the CPIB upon his return to Singapore. In addition to the arrest, Ong was given an arrest notice and has subsequently posted bail of SG$100,000.
Also Read: PVR-INOX’s Terrifying Challenge: Watching ‘Insidious: The Red Door’ Alone in Theatres
“Mr Ong is fully cooperating with the CPIB and has provided the requested information. Due to the ongoing nature of the investigation, he is unable to disclose further details at this time,” stated HPL. The company also added, “He has committed to providing updates to the Board if there are any significant developments in the future.”
HPL’s Nominating Committee has assessed the situation and determined that despite the ongoing investigation, Ong continues to be suitable to execute his duties and responsibilities as the managing director. The statement read, “The Board and the Nominating Committee will keep a close eye on the progress of the matter, and the Nominating Committee will continuously re-assess the suitability of Mr Ong’s continued appointment.”
Following this announcement, HPL shares took a hit, dropping over six per cent from the previous close of SG$3.86 when the market opened on Friday.
The arrest of Ong Beng Seng is related to Minister S Iswaran’s current cooperation with the CPIB in a case investigation, as stated by CPIB. Iswaran was arrested on July 11 and subsequently released on bail, with his passport also impounded.
Although the CPIB has stressed the ongoing nature of the investigation, it has confirmed its intention to conduct a thorough investigation. “CPIB will investigate this case thoroughly with a strong resolve to establish the facts and the truth, and to uphold the rule of law,” the bureau declared.
This news is based on Marketing Interactive.
