The Singapore government is currently reevaluating its deal with a company connected to hotel tycoon Ong Beng Seng regarding the Formula One Grand Prix, following corruption charges against former transport minister S. Iswaran. The agreement between the Singapore Tourism Board and Singapore GP, controlled by Ong Beng Seng, was first signed in 2007, and it has been renewed three times since then, with the current contract set to expire in 2028.
According to Grace Fu, the Minister-in-Charge of Trade Relations, the Ministry of Trade and Industry carefully considered all agreements before their renewal, and there is currently no evidence to suggest that any contracts, including those related to Formula One, were disadvantageous to the government. However, in light of the corruption allegations, the government is conducting a review of the deal.
