Singapore minister and tycoon arrested on Tuesday, out on bail

July 15, 2023

Singapore minister and tycoon arrested on Tuesday, out on bail

PETALING JAYA: Singapore’s transport minister S Iswaran and a property tycoon were arrested on Tuesday in related investigations before being released on bail, said the city’s anti-graft agency.

Channel NewsAsia reported that this is the first mention of Iswaran being taken into custody since news first broke on Wednesday that the veteran politician was assisting the Corrupt Practices Investigation Bureau’s (CPIB) investigation.

The bureau told CNA that billionaire property tycoon Ong Beng Seng was also arrested on Tuesday and subsequently released on a S$100,000 bail.

Media reports have said Iswaran had business ties with Ong while working at Singapore’s sovereign wealth fund Temasek Holdings and was actively involved in the government’s engagements with Formula One racing.

CNA said Ong played a key role in Singapore obtaining the rights to host the first-ever Formula One night race in 2007; he also owns the rights to the Singapore Grand Prix and is chairman of race promoter Singapore GP.

Iswaran, whose political career spans over 26 years, has been instructed by Singapore’s prime minister Lee Hsien Loong to take a leave of absence until the investigation is completed.

Iswaran was first elected as a member of Parliament in 1997 before being appointed to the Cabinet in 2006. He has been transport minister since May 2021 and has concurrently been minister-in-charge of trade relations since May 2018.