Singapore reviewing terms of F1 deal again amid Iswaran charges

For Monday’s parliament sitting, Mr Gan Thiam Poh (PAP – Ang Mo Kio) had asked how the Ministry of Trade and Industry (MTI) assessed the benefits of the F1 contracts.

Mr Edward Chia (PAP – Holland-Bukit Timah), meanwhile, had asked if STB had conducted an assessment of the relationship between Iswaran and Mr Ong Beng Seng with regard to the F1 race.

Associate Professor Jamus Lim (WP – Sengkang) also asked about the government’s contracts with Mr Ong’s companies, while some MPs asked if there had been any non-compliance with processes.

Ms Fu said that STB had in 2007 signed a contract with Singapore GP to organise the F1 night race in Singapore. The tourism board renewed this contract three times, in 2012, 2017 and 2022. The contract is currently in its fourth term, which will end in 2028.

MTI said on Jan 18 that the terms of all the agreements were considered carefully by the government and there was “nothing to suggest as of now that either the F1 contracts or other contracts were structured to the disadvantage of the government”.

Ms Fu added: “Whilst we will review any government contracts to safeguard Singapore’s interest, we remain committed to the F1 Singapore Grand Prix. Preparations for the 2024 race have started.”

Replying to Leader of the Opposition and Workers’ Party chief Pritam Singh’s supplementary question on which agency is reviewing the F1 deal, Ms Fu said that MTI is leading the review and may involve other agencies.

In response to CNA’s queries about the scope of the review, a MTI spokesperson said on Monday night that the details of the review are being worked out and that it would work with the board of STB to review the F1 agreements. 

“We remain committed to the F1 Singapore Grand Prix and all preparations for the 2024 race are on track,” the spokesperson added.