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.
Fu also shared that the Singapore Tourism Board has been requested to conduct an audit of the 2022 race, as the accounts are ready for auditing. Ong Beng Seng, through a representative, has chosen not to comment on the matter.
Despite the ongoing review, Fu emphasized that Singapore is still committed to hosting the iconic night race. Preparation for the 2024 Formula One Grand Prix is already underway. The government's focus now is to ensure transparency and fairness in all contracts related to the event.
Last month, former transport minister S. Iswaran resigned after being charged with corruption in what has become one of Singapore’s biggest political scandals in recent history. Iswaran denies the charges and is currently out on bail, awaiting his court hearing. He faces 27 charges, which include allegations of receiving tickets to musicals and soccer matches in the United Kingdom.
Regarding other contracts between Ong Beng Seng and the government, Fu stated that she is unaware of any ongoing investigations. Ong and Iswaran were both arrested in July, but formal charges have yet to be brought against the business tycoon, who was granted bail.
As the Singapore government navigates through this corruption scandal, they remain committed to upholding integrity and fairness in their dealings, particularly when it comes to hosting major international events like the Formula One Grand Prix. The reviews and audits being conducted will shed light on any potential irregularities, ensuring that future agreements are conducted with the utmost transparency and adherence to regulations.
