The 2023 Singapore Grand Prix could be in trouble after a notice of arrest has been given to Mr. Ong Beng Send who was the mastermind behind bringing Formula 1 to Singapore.
A notice of arrest has been issued to Ong Beng Seng due to accusations of Corruption. Details of the accusations are yet to be announced. However, a statement was issued by Ong Beng Seng’s company.
“No charges have been filed against Mr Ong. He will be travelling from July 14 2023 and will be surrendering his passport to CPIB upon his return to Singapore. He has been given a notice of arrest and has posted bail of S$100,000 (US$75,675),”
HPL managing director Ong Beng Seng issued notice of arrest, requested by CPIB to provide information about interactions with Minister S Iswaran https://t.co/sTwLWVr04q pic.twitter.com/5FqPGDqagf
— CNA (@ChannelNewsAsia) July 14, 2023
“Mr. Ong is cooperating fully with CPIB and has provided the information requested. 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.”
A few days back, S. Iswaran was asked to help CPIB with a case. Iswaran was serving as the Minister for Transport since 2021. After he was summoned by the CPIB, the Prime Minister asked Iswaran to take a leave of absence from his duties. Iswaran helped Ong Beng Seng in bringing Formula 1 to Singapore. It seems as though the case has connected Iswaran and Ong Beng Seng.
While his current whereabouts have not been released, we do know that he is expected to surrender himself on July 14. Let’s take a look at Ong Beng Seng’s history and how he played an important role in bringing Formula 1 to Singapore.
What is Ong Beng Seng’s net worth?
Ong Beng Seng is the founder of the Hotel Properties which is based in Singapore. Apart from this, he has made several investments in multiple businesses. His net worth is estimated to be around a billion US dollars.
In 2008, he played a very important role in bringing Formula 1 into the country. He was able to convince former F1 CEO, Bernie Ecclestone to hold the Singapore Grand Prix in the night. At the time, Formula 1 had never done this. As it turned out the first-ever night race turned out to be a huge success. For the 2023 Formula 1 season, there are a total of 5-night races on the calendar.
Ong Beng Seng, who’s caught up in a #CPIB probe involving Transport Minister S Iswaran, clinched a multi-million dollar #F1 deal for #Singapore. He also reportedly worked with Iswaran before, when the latter was at Temasek Holdings.https://t.co/ImiIvXaX8D pic.twitter.com/TRvF9vIXKC
— MustShareNews (@MustShareNews) July 14, 2023
Since the first Singapore Grand Prix, Ong Beng Seng has played an active role as the chairman of race promoter for the Singapore Grand Prix. Since 2008, the Singapore Grand Prix was there on the Formula 1 calendar every year except for 2020 and 2021. During these 2 years, the race was not held due to the COVID restrictions.
Ong Beng Seng plays a very important role in organizing the Singapore Grand Prix every year. Due to these allegations, it is currently unclear if the Singapore Grand Prix will take place this year. It could be good news that Ong Beng Seng is cooperating with the officials. Over the years, he has maintained a good relationship with the current Formula 1 CEO, Stefano Domenicali.
Formula 1 returned to Singapore for the 2022 season. So far, there is no cancellation of the Singapore Grand Prix for the 2023 season. So let us keep our fingers crossed and hope that Singapore stays on the calendar.