Advertisement
Singapore markets closed

  • Straits Times Index

    3,307.90
    -6.15 (-0.19%)
     

  • S&P 500

    5,308.13
    +4.86 (+0.09%)
     

  • Dow

    39,806.77
    -196.82 (-0.49%)
     

  • Nasdaq

    16,794.88
    +108.91 (+0.65%)
     

  • Bitcoin USD

    71,341.98
    +4,354.84 (+6.50%)
     

  • CMC Crypto 200

    1,542.10
    +53.56 (+3.60%)
     

  • FTSE 100

    8,388.82
    -35.38 (-0.42%)
     

  • Gold

    2,431.00
    -7.50 (-0.31%)
     

  • Crude Oil

    78.14
    -1.66 (-2.08%)
     

  • 10-Yr Bond

    4.4320
    -0.0050 (-0.11%)
     

  • Nikkei

    38,946.93
    -122.75 (-0.31%)
     

  • Hang Seng

    19,220.62
    -415.60 (-2.12%)
     

  • FTSE Bursa Malaysia

    1,622.09
    -5.41 (-0.33%)
     

  • Jakarta Composite Index

    7,186.04
    -80.65 (-1.11%)
     

  • PSE Index

    6,633.66
    -49.12 (-0.74%)
     

HPL shares fall after managing director Ong Beng Seng issued CPIB arrest notice

HPL said in a statement that no charges have been filed against the billionaire yet.

Esther Au Yong
·Finance Editor
Updated ·1-min read
HPL hotel and property tycoon Ong Beng Seng.
HPL shares fell after its managing director Ong Beng Seng was issued a CPIB arrest notice. (PHOTO: REUTERS/Bazuki Muhammad (SINGAPORE)) (Bazuki Muhammad / reuters)

SINGAPORE – Shares of Hotel Properties Limited (HPL) fell at the start of trading on Friday (14 July), after news that its managing director and co-founder Ong Beng Seng had been issued a notice of arrest by Singapore's Corrupt Practices Investigation Bureau (CPIB).

HPL shares opened at S$3.65, down 21 cents from the previous closing of S$3.86.

At 7.30am on Friday, HPL said in a filing to the Singapore stock exchange that Ong, a controlling shareholder, has been requested by CPIB to provide information in relation to his interactions with Transport Minister S. Iswaran, who has been assisting the anti-graft body in an investigation.

ADVERTISEMENT

HPL said in the statement that no charges have been filed against the 77-year-old billionaire yet.

"He will be travelling from 14 July 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 $100,000," the statement said.

"Mr Ong is co-operating 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."

HPL added that its nominating committee has assessed the situation and Ong remains suitable to carry out his duties and responsibilities as the company's managing director.

Follow us on Facebook, Instagram, TikTok and Twitter.

Yahoo Singapore Telegram
Yahoo Singapore Telegram