Shares in Hotel Properties Limited (HPL) plummetted after co-founder and former managing director, Ong Beng Seng, was fined $30,000 for abetting former Minister of Transport, S Iswaran, in the obstruction of justice.

As at 4:40 pm, shares in HPL were down by 5.45% lower to $5.2.

Ong had pleaded guilty to the charge on Aug 4.

If not for Ong’s medical condition, he would have been sentenced to jail for three months, says principal district judge Lee Lit Cheng.

Ong was reported to suffer from an uncurable cancer known as advanced multiple myeloma, which has damaged his immune system.

At the time of his hearing, both the prosecution and defence suggested that the judge could exercise “judicial mercy” and impose a fine only.

On Aug 14, HPL reported that it reversed to earnings of $11.4 million for the 1HFY2025 ended June, up from a loss of $3.5 million in the 1HFY2024.

Revenue rose by 9% y-o-y to $378.4 million, while gross profit was up by 3.5% y-o-y to $85.2 million. The increase was mainly attributable to the opening of Four Seasons Osaka in August last year.

For the period, the group recorded a mark-to-market (MTM) fair value loss on long-term investments of $9.3 million. This is compared to the $5.5 million gain reported in the 1HFY2024.