SINGAPORE: Billionaire Ong Beng Seng, who is set to plead guilty in a court case related to a graft scandal involving a former Singapore minister, will step down as the managing director of his property firm.
Singapore-listed Hotel Properties Ltd said he "wishes to devote more time to manage his medical conditions,” according to an exchange filing Monday (April 14).
He will also not put himself up for re-election as a board director at the firm’s annual general meeting on April 29.
Ong, 79, was scheduled to plead guilty in early April in relation to one charge of obstructing justice related to former Singapore transport minister S. Iswaran, who was earlier jailed for obtaining gifts from the property tycoon.
The billionaire got permission to do so at a later date after requesting time to get more detailed reports from his doctors on his medical condition, and the ongoing monitoring and treatment. - Bloomberg
