P1racenews AI automatic summary:
F1 tycoon pleads guilty over corruption scandal
Singapore-based billionaire hotelier Ong Beng Seng has pleaded guilty to abetting the obstruction of justice, with an estimated net worth of $1 billion as the managing director of Hotel Properties Ltd, responsible for bringing F1 to Singapore in 2008.
Ong aided in securing an extension for the Singapore Grand Prix to host the race through to 2028, becoming a staple on the F1 calendar for over two decades.
He admitted to helping ex-transportation minister Subramaniam Iswaran cover up evidence during a corruption investigation and faces sentencing on August 15, likely a fine due to poor health from a rare bone marrow cancer.
Iswaran received over S$403,000 in gifts from Ong, with the court highlighting ministerial gift declaration rules and market value payments to the government.
Ong will step down as managing director of Hotel Properties Ltd to manage his medical conditions, amidst his involvement in the corruption scandal.
