Government assures no unfair terms in F1 agreements amid corruption charges against former minister
The Ministry of Trade and Industry (MTI) assured that there is currently no evidence suggesting that the Formula 1 (F1) Singapore Grand Prix contracts have been structured to the government’s disadvantage. The statement comes after former transport minister S Iswaran faced 27 charges related to corruption and obstruction of justice, most involving businessman Ong Beng Seng, who brought F1 to Singapore in 2008.
MTI emphasized that all F1-related agreements were carefully reviewed, including an independent consultancy study. Preparations for the 2024 Singapore Grand Prix, scheduled from September 20 to 24, are proceeding on schedule.
The charges against Iswaran include allegations of accepting gifts such as tickets, hotel stays, and flights in exchange for advancing Ong’s business interests with the Singapore Tourism Board (STB). Despite the charges, MTI highlighted that the F1 event has brought substantial benefits to Singapore, including more than 550,000 international visitors and generating around S$2 billion in tourism receipts since its debut.
Observers believe the corruption case will not affect the future of F1 in Singapore, with many stakeholders focused on the entertainment value of the event rather than the political aspects. The unique night race and electric atmosphere in Singapore make it an irreplaceable part of the F1 calendar.
