A PERSON from billionaire Ong Beng Seng’s inner circle was behind the purchase of a superyacht previously owned by Google co-founder Sergey Brin, according to people familiar with the matter.
The 73-metre Capricorn was transferred to a new holding company in late October, according to filings reviewed by Bloomberg, which did not disclose the ultimate beneficial owner. The people did not identify, or give further details about the buyer. Earlier that month, the real estate tycoon had been charged in a political scandal that stunned Singapore.
As an accused person, Ong was required to stay in Singapore while on bail and apply for the court’s permission to leave the country. A visit to the luxury vessel was on his itinerary during a court-approved trip, though it’s unclear whether he stepped on board, said the people, who asked not to be identified discussing private information.
The Malaysian tycoon, who along with Bernie Ecclestone brought Formula One night racing to Singapore in 2008, was fined S$30,000 last month after being convicted of abetting former Singapore transport minister and longtime friend S. Iswaran in obstructing the course of justice.
Prosecutors said Ong in 2023 helped to bill Iswaran for a S$5,700 business class ticket while authorities were investigating the matter.
Ong and a spokesperson for Brin did not respond to requests for comment.
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Ong has a net worth of about US$1.4 billion, according to the Bloomberg Billionaires Index. Together with his wife Christina, he controls Singapore’s Hotel Properties Ltd., which backs premier hotels across the globe, including the Concorde Hotel New York and Four Seasons in the city-state.
Hotel Properties did not respond to a request for comment. The couple also have a majority stake in British luxury handbag maker Mulberry Group.
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The yacht was advertised for sale at about 27 million euros (S$40.8 million) in June last year by yacht broker Y.CO, according to a post on Instagram. At the time, the yacht was named Dragonfly. The acquisition price was not disclosed.
A representative of Y.CO said the firm is unable to comment.
The yacht at the time featured a slew of indoor and outdoor amenities, including a helipad, a large collection of water sports gear, and an outdoor cinema and jacuzzi.
Built in 2009 and refurbished since, it has eight cabins that can accommodate as many as 18 people, including more luxurious ones for VIPs, according to the yacht broker’s website.
Superyacht deals are often transacted through a web of companies, many in tax havens, making it hard to pinpoint the ultimate owner.
Capricorn is registered to the Cayman Islands. Records reviewed by Bloomberg News show that the vessel changed ownership around late-October 2024 to an entity called Aquatic Holdings, from Marshall Islands-based Prime Meridian. Brin, one of the world’s richest men, was a previous owner of the yacht.
Aquatic Holdings has only one vessel – Capricorn – in its fleet, often taken as a sign by the maritime community that it’s an entity set up purely to hold the vessel.
Travel permission
Authorities granted Ong permission to travel twice outside of Singapore while on bail, after being charged in early October 2024, according to the court judgment.
The second trip lasted from April 28 to May 15, according to the judgment.
During it, Ong was allowed to travel to the US, Britain and Italy for work and medical appointments, a Singapore court spokesperson said. A subsequent application to vary some of the destinations to include Venice, Dubrovnik and Bari was also approved, according to the spokesperson.
Capricorn anchored at various European destinations during that period, including in Italy and Croatia, according to shipping data tracked by Bloomberg.
Dubrovnik is a historical coastal city in Croatia, known for its churches, monasteries, palaces and fountains. It is also a summer hotspot for superyachts.
The billionaire’s lawyers said he suffers from several medical conditions, including an incurable form of cancer.
The judge concluded the trips “were carefully managed to minimise health risks through private aviation, which significantly reduced exposure to infections compared to commercial travel.” Ong’s lawyer said he travelled on both trips in his private jet.
The judge fined the tycoon after concluding a jail sentence could place Ong’s life “at substantial risk.” BLOOMBERG
