Ong Beng Seng to step down as managing director of Hotel Properties

Property tycoon Ong Beng Seng, who is set to plead guilty in a court case linked to former transport minister S. Iswaran, will step down as managing director of Hotel Properties Limited (HPL) at the close of the company’s annual general meeting (AGM) on April 29.

HPL said in an exchange filing on April 14 that Ong, 79, “wishes to devote more time to manage his medical conditions”.

He will also not put himself up for re-election as a board director at the AGM.

Ong has held the reins at HPL for 45 years since he was first appointed in March 1980.

When asked by The Straits Times about Ong’s successor, an HPL spokesman said: “Mr Christopher Lim and Mr Stephen Lau will continue to manage the company as executive directors, reflecting the company’s ongoing commitment to strong leadership and operational excellence. Mr Ong Beng Seng continues to be the controlling shareholder of HPL, providing strategic oversight and direction.”

Ong and his wife Christina control about 60 per cent of HPL directly and through holding companies, according to the company’s latest annual report released on April 14.

Their children do not sit on the board, but Mrs Ong’s brother David Fu Kuo Chen is a director.

Known as the man who brought Formula One to Singapore in 2008, Ong was charged on Oct 4, 2024, with abetting a public servant in obtaining gifts and with abetting the obstruction of justice.

Iswaran was handed a 12-month prison sentence in October 2024 for obtaining gifts from the property tycoon.

In February, the former minister was placed on home detention.

It was reported in February that Ong was receiving treatment for multiple myeloma, a form of white blood cell cancer.

He had previously been scheduled to plead guilty on April 2. However, the hearing was rescheduled to April 25 to allow him time to obtain further reports from his doctors on his medical condition.

Shares of HPL rose 3.5 per cent, or 12 cents, to $3.55 on April 14. This beat the wider Straits Times Index’s rise of 1.04 per cent.

HPL has interests in 41 hotels across 17 countries as at end-2024, according to its annual report. Its famous brands include Como Hotels & Resorts, Concorde Hotels, Four Seasons Hotels & Resorts, Hard Rock Hotels and Marriott International.

Source: The Straits Times © SPH Media Limited. Permission required for reproduction.

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