$1,000,000,000 Worth Hotel Magnate Renowned for Success of Singapore GP Faces the Heat as Authorities Launch High Profile Probe in Corruption Case

The Singapore GP made a return to the sport after an absence of two-long years in 2022. We are not sure how if the drivers were pleased to be back on the most physically testing circuit on the calendar. However, now the iconic night race on the Marina Bay Street Circuit is here to stay, at least till 2028. Positive news for the organizers and the investors of the Singapore GP. Although, one year one, the leading figures who are credited with the creation and development of the Singapore GP might not be able to bear the fruit of their hard work. The leading figures are now under investigation for the country’s biggest graft probe for almost 40 years.

Malaysian billionaire and Hotel magnate Ong Beng Seng and Singapore transport minister S Iswaran are the men responsible for the Singapore GP. However, earlier this week, the two came under fire for some serious corruption accusations as reported by SpeedCafe.

The Corrupt Practices Investigation Bureau (CPIB) launched a case against S Iswaran. According to reports, the civil servant received over $750,000 for reasons unknown, for now. Beng Seng also became part of this rare high-profile corruption case for his links with Iswaran.

The CPIB issued an arrest warrant for the Malaysian billionaire. However, Beng Seng has posted a $75K bail and he will surrender his passport after returning to Singapore. Being part of the biggest corruption scandal in the last 40 years of the country is career suicide for anyone, especially when the hospitality sector booms during the F1 weekend.

Read More: Why is the Singapore GP Also Called the F1 Night Race?

However, the managing director of Hotel Properties Ltd. still has support from his company.

Hotel Properties Ltd. issues a statement revealing the side of the man responsible for the Singapore GP

Amidst any scandal, a lot of speculation and misinformation makes its way to the public. To get ahead of all the speculations and attacks, Hotel Properties Ltd. issued a statement putting their billionaire MD’s side in front.

The statement confirmed Beng Seng, “has been requested by the Corrupt Practices Investigation Bureau to provide information in relation to his interactions with Minister S Iswaran.” However, “no charges have been filed against Mr. Ong” and he is “cooperating fully with CPIB and has provided the information requested.”

Although, there are no details coming out at the moment. “As this is an ongoing matter, he is unable to provide further details at this point. He has undertaken to provide updates to the board if there are subsequent material developments.”

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The corruption scandal hopefully won’t affect the Singapore GP. However, there might be plenty of discussion around the track if the investigation stretches out.