Ong Beng Seng, a major shareholder in Mulberry, has been charged in Singapore, linked to a former minister’s receipt of extravagant gifts.
- The charges are connected to former transport minister Subramaniam Iswaran, who accepted gifts worth over £228,930 from Ong.
- These gifts included high-value experiences like Premier League tickets, Formula 1 access, and private jet trips.
- Seng faces legal challenges amid a takeover attempt for Mulberry by Frasers Group, which he recently rejected.
- Ong, holding a 56% stake in Mulberry, is seeking legal counsel but has not commented further.
Ong Beng Seng, a pivotal figure in the luxury brand Mulberry, is currently embroiled in legal proceedings in Singapore. This development stems from his alleged involvement in a high-profile case concerning former Singapore transport minister Subramaniam Iswaran. The charges against Ong, which include abetment and obstruction of justice, follow revelations of Iswaran’s acceptance of gifts considered extravagant for a public official.
During the trial, prosecutors detailed that Iswaran, while serving as a public official, received gifts from Ong valued at over £228,930. These gifts encompassed exclusive experiences such as tickets to English Premier League football matches, attendance at the Formula 1 Grand Prix, tickets to London musicals, and a private jet ride to Doha. While Iswaran’s legal team argued these were gestures of friendship, the court deemed them inappropriate, leading to his sentencing of one year in prison.
Amid these legal troubles, Ong also faces strategic business challenges. Recently, Frasers Group put forward a bid amounting to £83 million in an attempt to take over Mulberry. Ong, who under his family’s Challice Group holds a substantial 56% ownership of the brand, has chosen to decline a 130p-per-share offer from the Mike Ashley-led retail conglomerate. This rejection coincided with Frasers Group’s acquisition of additional Mulberry shares at a rate of 100p per share, amidst the company’s broader initiative to sell 10 million shares as a capital-raising effort.
A spokesperson for Ong has indicated that he is actively seeking legal advice regarding the charges but is unable to disclose further details at this juncture. This statement highlights the ongoing and unresolved nature of the legal proceedings, and the significant impact these charges could have on both Ong’s personal and professional endeavors.
Ong Beng Seng’s legal and business hurdles present significant challenges amid ongoing investigations and corporate manoeuvres.
