HPL requests trading halt ahead of Ong Beng Seng’s expected charging over Iswaran case

SINGAPORE: Hotel Properties Limited (HPL), the company owned by tycoon Ong Beng Seng, requested a trading halt on Friday morning (Oct 4) ahead of the billionaire’s scheduled court appearance. 
The reason given for the trading halt was the pending release of an announcement, according to a Singapore Exchange notice submitted at about 7.45am.
The hotelier and Singapore GP head is expected to be charged on Friday afternoon over former Singapore transport minister S Iswaran’s case. 
The charges appear to be for abetting one count each under Section 165 and Section 204A of the Penal Code. Section 165 relates to a public servant obtaining valuables while Section 204A pertains to obstructing justice.
Court records also indicated that the property tycoon is out on S$800,000 (US$617,000) bail.
Mr Ong, a Malaysian who is based in Singapore, was arrested in July 2023 and released on bail. No charges were previously filed against him.
The 78-year-old was named in Iswaran’s initial graft charges, which alleged that the then-transport minister had corruptly obtained from Mr Ong tickets to the 2022 Singapore Formula 1 Grand Prix, as well as flights and a hotel stay in Doha.
The charges under the Prevention of Corruption Act alleged that these gifts were obtained as inducement for advancing Mr Ong’s business interests in contracts with the Singapore Tourism Board for Singapore GP and the ABBA Voyage virtual concert.
These charges were amended by the prosecution to lesser charges under Section 165 of the Penal Code, for obtaining valuables from someone linked to him in an official capacity.
Iswaran pleaded guilty on Sep 24 to four charges under Section 165 and one count of obstruction of justice. 
The former minister was sentenced to a year’s jail on Oct 3.