Ong Beng Seng to Step Down as Hotel Properties Managing Director

The property tycoon cites health challenges as he prepares for legal proceedings tied to a corruption case involving a former Singapore minister.

Ong Beng Seng, 79, will step down as managing director of Hotel Properties Limited at the conclusion of the April 29 annual general meeting.
He will not seek re-election as a board director, citing a need to focus on managing his bone marrow cancer diagnosis.
Ong is facing legal charges for abetting former transport minister S. Iswaran in obtaining gifts and obstructing justice during a corruption probe.
The announcement led to a 4.7% rise in Hotel Properties Limited's share price, reflecting positive market sentiment.
Ong is renowned for his role in bringing Formula One to Singapore and shaping the city-state's property and sporting sectors.