Singapore to review Formula One deal, audit 2022 race following S. Iswaran probe

Minister-in-charge of Trade Relations Grace Fu told in parliament that “there is nothing to suggest as of now” that either the F1 contracts or other contracts were structured in a way they would disadvantage the government.

“But as members would appreciate given the allegations of corruption, we are reviewing the terms of the deal again,” she said, referring to the contract between the Singapore Tourism Board and Singapore GP Private Ltd. to organise the F1 night race in the city state.

Singapore ranks as 5th least corrupt country in 2023 index led by Denmark

Singapore has also asked the Tourism Board to conduct an audit of the race back in 2022, “of which accounts are ready for audit,” Fu said.

Iswaran, 61, resigned last month after being charged with corruption in the city state’s biggest political scandal in almost four decades. The former minister, who’s out on bail, was slapped with 27 charges, including allegedly obtaining tickets to musicals and soccer matches in the UK. He denies the charges and has pledged to defend his innocence in court.

Iswaran is accused of receiving bribes in various forms with a total value of close to S$400,000 (US$298,000) from Ong, the republic’s corruption watchdog said in a statement.

Some of these alleged bribes were in exchange for advancing Ong’s business interests in matters related to a contract between Singapore Grand Prix and the country’s tourism board, it added.

Iswaran, widely credited for bringing Formula One racing to the city state, is also accused of obtaining tickets to the Singapore Grand Prix, and taking flights on Ong’s private plane.

Ong Beng Seng’s ‘buddy-buddy’ ties with Singapore minister in spotlight amid probe

Among the charges include two counts of corruption, 24 counts of obtaining “valuable things” from someone he had business dealings with as a public servant, and one for obstructing justice. If convicted, he faces fines and a possible jail term.

Singapore’s F1 contract was first signed in 2007, and renewed in 2012, 2017 and 2022. The current deal will end in 2028. The Ministry of Trade and Industry previously said the terms of all the agreements were carefully considered, and all preparations for this year’s F1 Singapore Grand Prix are on track.