Ong Beng Seng Steps Down as HPL Managing Director Amid Legal Issues, Health Concerns

Ong Beng Seng, the managing director of Hotel Properties Limited (HPL), will step down to focus on his health as he undergoes treatment for multiple myeloma, a type of cancer. He will not seek re-election at the upcoming annual general meeting on April 29. Ong's departure comes amid his involvement in a legal case linked to former Singapore transport minister S Iswaran, who was sentenced to 12 months in prison for corruption. Ong was charged with abetting a public servant in receiving gifts and obstructing justice, with court documents alleging he facilitated a luxury trip for Iswaran. His plea hearing, originally scheduled for April 2, has been postponed to April 25 to allow time for further medical evaluations. Following the announcement, HPL's shares saw a rise of 4.7%.