Billionaire Pleads Guilty in Gift Scandal That Rattled Singapore
Ong Beng Seng leaves the State Courts in Singapore on Aug. 4.
Photographer: Edwin Koo/BloombergA billionaire best known for bringing Formula One night racing to Singapore has pleaded guilty in relation to a scandal to supply a senior politician with luxury gifts, as the yearslong saga nears conclusion.
On Monday, 79-year-old Ong Beng Seng conceded that he abetted former Singapore transport minister S. Iswaran in obstructing the course of justice, while another charge was taken into consideration. The hearing at Singapore’s State Courts revealed the most detailed picture yet of the Malaysia-born businessman’s health, raising questions about succession for his $1.5 billion real estate fortune that has swelled by some $400 million this year.