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Hotel Properties shares plummet after Ong Beng Seng arrested in relation to Iswaran CPIB probe

Hotel Properties shares plummet after Ong Beng Seng arrested in relation to Iswaran CPIB probe

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Property tycoon Ong Beng Seng, who is the managing director of Hotel Properties (HPL) has been arrested and has been asked by the Corrupt Practices Investigation Bureau (CPIB) to provide information in relation to his interactions with Minister S Iswaran, according to a statement by HPL. 

According to HPL, no charges have been filed against Ong yet. However, he is travelling as of 14 July and will be surrendering his passport to CPIB upon his return to Singapore.

He has also been given a notice of arrest and has posted bail of SG$100,000

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"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," said HPL. "He has undertaken to provide updates to the Board if there are subsequent material developments."

HPL added that the Nominating Committee has assessed the above and has determined that Ong continues to be suitable to carry out his duties and responsibilities as managing director. T

"The Board and the Nominating Committee will continue to monitor the progress of the matter and the Nominating Committee will continue to re-assess the suitability of the continued appointment of Mr Ong," it said. 

After the announcement, shares in HPL were down more than six per cent from the previous close of SG$3.86 when trading opened on Friday, according to media reports

Ong was arrested in relation to Minister S Iswaran who is currently assisting the CPIB with an investigation into a case uncovered by it, according to CPIB in a statement.

Iswaran was then arrested on July 11 and released on bail, according to CNA. His passport was also impounded. 

However, CPIB noted that as investigations are ongoing, it is unable to provide further details.

"CPIB will investigate this case thoroughly with strong resolve to establish the facts and the truth, and to uphold the rule of law," it said.

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