SINGAPORE: A Singapore-based property tycoon known for bringing Formula One races to the city-state is cooperating with the anti-graft agency in a case launched earlier this week involving the transport minister, his company said on Friday.

The Singapore-listed Hotel Properties Ltd said in a statement no charges had been filed against its managing director Ong Beng Seng, adding that he was asked by the Corrupt Practices Investigation Bureau (CPIB) to provide information on his interactions with transport minister S Iswaran.

Contacted by Reuters, the CPIB said it had no immediate comment on the issue.

The CPIB earlier this week said it had launched an investigation into Iswaran, but did not provide further details. Prime Minister Lee Hsien Loong on Wednesday said he had instructed Iswaran to take aleave of absence until the investigations were completed.

The case is a rare high-level probe in Singapore, a top Asian financial hub that prides itself on a corruption-free government. Civil servants are paid handsomely to discourage graft, with some ministers' annual salaries exceeding S$1 million ($758,000).

Ong, who was travelling on Friday, will surrender his passport to the CPIB upon his return to Singapore, his company said. He has been given a notice of arrest and posted bail of S$100,000, it added.

The 79-year-old's company has around 38 hotels and resorts operating under brands that include COMO, Four Seasons, Hard Rock Hotels and Concorde, according to the London Stock Exchange's Refinitiv Eikon.

Shares in Hotel Properties Ltd fell as much as 7% on the news and were last down 4.4%, heading for their worst session in more than two years.

Malaysia-born Ong is also credited with bringing Formula One (F1) motor racing to Singapore in 2008. He and his wife Christina Ong had a net worth of $1.75 billion in 2022, according to Forbes.