Singapore officials have said that the future of the nation's Formula 1 race remains unaffected by an ongoing corruption probe involving the country’s former government minister S. Iswaran and event promoter Ong Beng Seng.
Iswaran, the former transport minister, has resigned following his indictment on 27 charges related to his dealings with Ong Beng Seng, who holds the rights to the Singapore Grand Prix and serves as the chairman of the event's organizing company.
The charges stem from allegations that Iswaran received £100,000-worthof kickbacks from Ong, a prominent local property tycoon. These alleged kickbacks reportedly included private jet flights and tickets to the Singapore GP, for which Iswaran served as an advisor.
Iswaran has vehemently denied the accusations, maintaining his innocence and vowing to clear his name. Ong, on the other hand, has not been charged with any wrongdoing, but an investigation into his dealings is underway.
Currently, the Singapore GP has a contract with Formula 1 until 2028, but there has been speculation that the race's future could be jeopardized by the ongoing investigation.
But in a statement released on Thursday by the Ministry of Trade and Industry, Singapore officials said that there “is nothing to suggest as of now that either the F1 contracts or other contracts were structured to the disadvantage of the government.”
"The terms of all the agreements were considered carefully by the government," they said. "There was an independent consultancy study.
"All preparations for the F1 Singapore Grand Prix in 2024, which is scheduled for 20 – 22 September 2024, are on track."
The Ministry's statement clearly reaffirms the government's commitment to hosting the Singapore GP, highlighting its economic and tourism benefits worth an estimated SGD 2 billion ($1.5 billion) in revenue.
"The F1 Singapore Grand Prix has also raised Singapore's reputation as a vibrant Global-Asia node," it added.
"Beyond the tourism sector, the race has also benefited many Singapore companies that are involved in different aspects of the race, e.g., in logistics, transport, construction and engineering services."
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