Singapore – Hotel Properties Limited (HPL) enters a new era as billionaire founder Ong Beng Seng prepares to step down as managing director at the upcoming annual general meeting on April 29. Ong’s departure closes a 45-year chapter in which he led the company since its inception in 1980 and shaped it into a global luxury hospitality powerhouse.
Ong exits as he faces legal proceedings tied to one of Singapore’s most high-profile political scandals. The 79-year-old Malaysian tycoon plans to plead guilty later this month to a charge of obstructing justice in connection with the corruption case involving former transport minister S. Iswaran. Authorities accuse Ong of giving Iswaran lavish gifts, including flights and hotel stays. A court sentenced the former minister in October 2024 to one year in jail.
In a filing to the Singapore Exchange, HPL stated that Ong “wishes to devote more time to manage his medical conditions,” aligning with reports that he is battling multiple myeloma, a type of blood cancer. Bloomberg reported that the court granted Ong more time to enter his plea as he sought additional medical reports.
Ong continues to control a majority stake in HPL, holding about 60% of the company with his wife, Christina Ong. The company maintains a portfolio of 41 hotels across 17 countries, partnering with luxury brands such as Four Seasons, COMO Hotels & Resorts, and Marriott International.
HPL has not yet named a successor, but executive directors Christopher Lim and Stephen Lau will continue managing the company. Investors reacted positively to the announcement, sending HPL’s shares up, a signal of cautious confidence in the firm’s stability beyond Ong’s leadership.
Although Ong steps back from daily operations, he retains a significant role in shaping Singapore’s hospitality and business landscape.
Feature Image Via: Reuters