The Singapore government will review the terms of the Formula One Grand Prix deal it has with a company linked to hotel tycoon Ong Beng Seng after corruption charges were brought against former transport minister S. Iswaran last month, a ruling party lawmaker said in Parliament.
The Singapore Tourism Board first signed a contract with Singapore GP—a company controlled by Ong, managing director of Hotel Properties—in 2007 to organize the Formula One night race in the city-state and had renewed the agreement three times, with the current deal expiring in 2028. All the agreements were carefully considered by the Ministry of Trade and Industry, Grace Fu, minister-in-charge of trade relations, told members of Parliament on Monday.
“There’s nothing to suggest as of now that either the F1 contracts or other contracts were structured to the disadvantage of the government,” Fu said. “But given the allegations of corruption, we are reviewing the deal again.”
Fu added that STB has been asked to conduct an audit of the 2022 race, for which the accounts are ready for auditing. Ong, through a representative, declined to comment.
Notwithstanding the government review of F1 contracts, Fu said Singapore remains committed to hosting the night race and that the preparations for the 2024 Formula One Grand Prix are underway.
Last month, Iswaran, 61, resigned after being charged with corruption in Singapore’s biggest political scandal in decades. Currently out on bail, the former minister was slapped with 27 charges including allegedly receiving tickets to musicals and soccer matches in the U.K. He denies the charges and has vowed to prove his innocence in court.
Fu said she is not aware if the government is looking into other contracts that Ong and his companies may have with the government. Ong and Iswaran were arrested in July but no formal charges have been brought against the business tycoon, who was granted bail.
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