SINGAPORE — Minister-in-charge of Trade Relations Grace Fu said that the government is reviewing the terms of the Formula 1 agreements between the Singapore Tourism Board (STB) and Singapore GP Private Limited. These agreements, spanning back to 2007, have been renewed three times, and is set to end in 2028.
Fu was responding to Parliament questions on Monday (5 February) regarding the F1 contracts in response to the Corrupt Practices Investigation Bureau’s (CPIB) findings on S Iswaran, which led to the former transport minister being handed 27 charges including corruption last month.
She said the government had carefully considered the terms of the agreements via an independent consultancy study. She reassured the Parliament, stating, “There is nothing to suggest, as of now, that either the F1 contracts or other contracts were structured to the disadvantage of the government.
“But as members would appreciate, given the allegations of corruption, we are reviewing the terms of the deal again. We have also asked STB to conduct an audit of the most recent race held in 2022, of which accounts are ready for audit.”
Audit for the recent F1 race
The Parliament questions had covered whether STB was instructed to conduct a full assessment of the relationship between Iswaran and property tycoon Ong Beng Seng, who is the chairman of Singapore GP, in regards to the F1 Singapore Grand Prix. The questions also aimed to ascertain if there were possible lapses in due diligence and reporting processes.
Ong, one of those who played a key role in bringing F1 to Singapore, was also arrested to assist with CPIB investigations last July, around the same time as Iswaran’s arrest.
Fu highlighted that, despite the ongoing review, the government remains committed and preparations for the 2024 F1 Singapore Grand Prix have already commenced.
Responding to Sengkang GRC Member of Parliament Jamus Lim’s question on whether the government will be reviewing any other contracts that it has with Ong’s companies over and beyond the F1 race, Fu said she was not aware that the government has contracts with Ong’s companies that are of the same nature and relevance.
Speaker informs Parliament about Iswaran’s resignation
In Monday’s Parliament session, Speaker Seah Kian Peng informed the house that Iswaran had resigned as an MP, leaving his seat in the West Coast electoral division vacant.
Iswaran, who had resigned from his government positions on 16 January, pleaded not guilty to all charges, including allegations of corruptly receiving over S$166,000 worth of flights, hotel stays, and event tickets. Fu had taken over the portfolio of Minister-in-charge of Trade Relations after Iswaran’s resignations.
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