Embattled Billionaire Ong’s Firm to Be Run by Veteran Executives

Ong Beng Seng, the billionaire set to plead guilty for his role in a Singapore graft scandal, will step down as the managing director of the property firm he founded more than four decades ago.

Two long-time executives at Hotel Properties Ltd.,Christopher Lim and Stephen Lau, “will continue to manage the company,” according to a spokesperson for the Singapore-listed firm. Ong will provide “strategic oversight and direction” to the firm, the spokesperson said in response to queries from Bloomberg News.

The company said earlier that Ong “wishes to devote more time to manage his medical conditions,” ...