SINGAPORE — Hotel Properties Limited (HPL) managing director Ong Beng Seng has been arrested and is assisting the Corrupt Practices Investigation Bureau (CPIB) with its probe into a case linked to Transport Minister S Iswaran.

No charges have been filed against Mr Ong, the company said in an announcement on the Singapore Exchange website on Friday (July 14), adding that he has posted bail of S$100,000 . 

Mr Ong will be travelling from Friday and will surrender his passport to the CPIB upon his return to Singapore. 

When TODAY visited Mr Ong's home at Nassim Road on Friday morning, a security guard said that Mr Ong was "out of town", and that he had left the house early in the morning.

He added that he did not know when Mr Ong will return, and that Mr Ong's wife and two children were not home either.

TODAY observed a van entering and leaving the house. The driver of the van said he was a worker and declined to say more.

Mr Ong, a Singapore-based Malaysian billionaire, is the founder of HPL, which owns luxury hotels like Four Seasons, among others.

He is also credited with bringing back the Singapore Grand Prix last year, helping to secure a seven-year deal for the race to be held through to 2028.

Mr Ong is cooperating fully with CPIB and has provided the information requested, the company said on Friday.

"As this is an ongoing matter, (Mr Ong) is unable to provide further details at this point. He has undertaken to provide updates to the Board if there are subsequent material developments," HPL added.

"Mr Ong continues to be suitable to carry out his duties and responsibilities as managing director."

The company said that it will continue to monitor the progress of the matter and "will continue to re-assess the suitability of the continued appointment of Mr Ong".

On Wednesday, the CPIB revealed that Mr Iswaran was assisting the bureau with investigations into a case it had uncovered.

The anti-graft agency did not elaborate on the nature of the investigation.

Prime Minister Lee Hsien Loong has instructed Mr Iswaran to take a leave of absence until the investigations are completed.

Mr Iswaran will remain in Singapore during his leave of absence, the PMO said on Thursday.

He has been actively involved in the Government's engagements for the Singapore Grand Prix, including fronting press conferences on the race and announcing last year's extension of the contract to hold the race in Singapore.

In a statement on Friday afternoon, a Singapore Grand Prix spokesperson said that it could not provide any further information as the CPIB’s investigations are ongoing.

"Singapore GP continues with the planning and preparations for the Formula 1 Singapore Grand Prix slated for 15 to 17 September 2023," the spokesman added. 

HPL's full announcement can be found below: