A close associate of billionaire property tycoon Ong Beng Seng was behind the purchase of a 73-metre luxury superyacht once owned by Google co-founder Sergey Brin, according to a report by Bloomberg, citing individuals familiar with the matter.
The vessel, named Capricorn, was transferred to a new holding company, Aquatic Holdings, in late October 2024. The filings reviewed by Bloomberg did not disclose the ultimate beneficial owner.
The timing of the transaction coincided with legal developments in Singapore, where Ong was charged in a political corruption case involving former transport minister S Iswaran.
Under his bail conditions, Ong was required to remain in Singapore unless granted court permission to travel.
During one approved trip, a visit to the yacht was included in his itinerary, though Bloomberg’s sources stated it was unclear whether he actually boarded the vessel.
The superyacht, previously named Dragonfly, was listed for sale at about €27 million (US$31.7 million) in June 2024, according to a Y.CO post on Instagram. The final purchase price was not disclosed.
At the time of sale, the yacht featured a helipad, an outdoor cinema, jacuzzi, and water sports equipment, with eight cabins capable of housing up to 18 people, according to the yacht broker’s website.
Built in 2009 and subsequently refurbished, it was considered a high-end vessel.
Capricorn is registered in the Cayman Islands. Bloomberg’s review of maritime records found the vessel had transferred ownership from Marshall Islands-based Prime Meridian to Aquatic Holdings, a company with no other listed ships — often a sign the entity exists solely to hold the asset.
Bloomberg tracking data showed that Capricorn anchored in multiple European locations, including Croatia and Italy, during Ong’s court-approved trip between 28 April and 15 May 2025.
The Singapore court allowed Ong to travel to the US, UK, and Italy, later approving additional destinations such as Venice, Dubrovnik, and Bari. The trip was facilitated through private aviation due to medical needs.
Ong, 79, was diagnosed with advanced multiple myeloma, an incurable cancer of the plasma cells. He is immunosuppressed and suffers from skeletal damage and a non-healing foot wound, among other complications.
On 15 August 2025, the billionaire was fined S$30,000 (US$23,285) for abetting the obstruction of justice after pleading guilty to the offence. He had assisted Iswaran in improperly billing a S$5,700 business class ticket during an active investigation by the Corrupt Practices Investigation Bureau (CPIB).
Principal District Judge Lee Lit Cheng imposed the maximum fine available to a district court, citing strong humanitarian grounds. Medical evidence presented to the court showed that imprisonment would likely endanger Ong’s life due to his health status.
Judge Lee stated that even with access to a medical ward in prison, the risk of trauma, infection, and lack of familiar caregiving support made incarceration disproportionately dangerous.
She also noted that Ong’s two overseas trips over the past year had been “carefully managed” with his own medical team and private travel arrangements, significantly reducing his exposure to public health risks.
The judge emphasised that judicial mercy was warranted based on medical—not financial—grounds. While acknowledging that the offence was serious and warranted condemnation, she determined that humanitarian concerns prevailed in this case.
Court documents indicated that Iswaran had initiated the billing arrangement, and that Ong maintained proper documentation without attempting to conceal the delay.
Ong paid the fine immediately after sentencing and chose not to appeal.
Ong, credited with bringing Formula One night racing to Singapore in 2008 alongside Bernie Ecclestone, has an estimated net worth of US$1.4 billion, according to the Bloomberg Billionaires Index.
He and his wife Christina Ong control Hotel Properties Limited, which owns premium hotels such as the Four Seasons in Singapore and the Concorde Hotel in New York. They also hold a majority stake in British luxury brand Mulberry Group.
Neither Ong nor a spokesperson for Sergey Brin responded to Bloomberg’s requests for comment. Hotel Properties also declined to comment.
A representative for Y.CO said the firm was unable to discuss the transaction.
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