EconomyLens.com
No Result
View All Result
Wednesday, October 29, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Business

Tycoon who brought F1 to Singapore pleads guilty in graft case

Emma Reilly by Emma Reilly
August 4, 2025
in Business
Reading Time: 5 mins read
A A
3
30
SHARES
369
VIEWS
Share on FacebookShare on Twitter

Malaysian hotel tycoon Ong Beng Seng (C) leaves the State Court in Singapore, in a rare corruption case in the city-state. ©AFP

Singapore (AFP) – A Malaysian hotel tycoon who helped bring Formula One to Singapore pleaded guilty Monday to abetting the obstruction of justice, in a rare corruption case in the city-state that saw a former transport minister jailed last year.

Related

Meta shares sink as $16 bn US tax charge tanks profit

US media mogul John Malone to step down as head of business empire

Boeing reports $5.4 bn loss on large hit from 777X aircraft delays

Mercedes-Benz reassures on Nexperia chips as profit plunges

Spain’s Santander bank posts record profit

Singapore-based billionaire Ong Beng Seng, 79, was charged in October last year with helping former transport minister S. Iswaran cover up evidence in a graft investigation. He was also accused of showering Iswaran with lavish gifts, including tickets to the 2017 Singapore Formula One Grand Prix, flights on a private jet, business class travel, and a luxury hotel stay.

Ong entered his guilty plea from a glass-encased dock at a district court in downtown Singapore on Monday. Prosecutors sought a two-month jail term after Ong agreed to plead guilty. He will be sentenced on August 15. But prosecutors also agreed with defence lawyers that the court could exercise “judicial mercy” in view of Ong’s poor health — which could further reduce any sentence.

Defence lawyers pleaded for clemency, saying their septuagenarian client suffered from a litany of serious ailments, including an incurable form of cancer. They asked for a “stiff fine” instead of actual jail time. “The risks to Mr. Ong’s life increase dramatically in prison,” lawyer Cavinder Bull told the court, saying prison could not give his client sufficient care. “This man is living on the edge,” Bull added.

The Attorney General’s Chambers said in a statement that after “considering the medical evidence before the Court,” the prosecutors did not object to imposing a fine instead of jail time. The trial of Malaysia-born Ong had attracted significant media attention due to his links with Iswaran and the affluent city-state’s reputation as one of the world’s least corrupt nations.

Ong owns Singapore-based Hotel Properties Limited and is the rights holder to the Singapore Grand Prix Formula One race. He and Iswaran were instrumental in bringing the Formula One night race on a street circuit to Singapore in 2008. In July 2023, Ong was arrested as part of a graft probe involving Iswaran and was subsequently released on bail.

In October last year, Iswaran was jailed for 12 months after he pleaded guilty to accepting illegal gifts worth more than Sg$400,000 ($310,000). He was also found guilty of obstructing justice, in the city-state’s first political graft trial in nearly half a century. Iswaran completed his sentence on June 6.

© 2024 AFP

Tags: corruptionformula onepolitics
Share12Tweet8Share2Pin3Send
Previous Post

Tourism boom sparks backlash in historic heart of Athens

Next Post

Rwanda bees being wiped out by pesticides

Emma Reilly

Emma Reilly

Related Posts

Business

UK drugmaker GSK lifts 2025 guidance despite US tariffs

October 29, 2025
Business

UBS beats expectations as claws backs provisions

October 29, 2025
Business

NZ raids shipping insurer over alleged sanctions busting

October 29, 2025
Business

Apple ordered to pay French operators 39 mn euros over iPhone sales

October 28, 2025
Business

Amazon cuts staff by 14,000

October 28, 2025
Business

HSBC profit falls in third quarter, hit by legal woes

October 28, 2025
Next Post

Rwanda bees being wiped out by pesticides

Most markets rise as traders weigh tariffs, US jobs

Stocks mostly rise as traders boost US rate cut bets

Shares in UK banks jump after car loan court ruling

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
3 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

New York ruling deals Trump business a major blow

79

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

Google parent Alphabet posts first $100 bn quarter as AI drives growth

October 29, 2025

Dollar rises after Fed chair says December rate cut not a given

October 29, 2025

Meta shares sink as $16 bn US tax charge tanks profit

October 29, 2025

Trump, Xi to meet seeking truce in damaging trade war

October 29, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.