Singapore will re-examine the conditions of the contract relating to the Formula 1 Grand Prix organized on its soil after accusations of corruption which targeted its former transport minister, a member of the government said on Monday.
Subramaniam Iswaran resigned in January after being charged with 27 offenses in a rare investigation into corruption at the city-state's highest levels. This case also implicated billionaire hotel magnate Ong Beng Seng, who helped organize the first F1 night race in Singapore in 2008.
Mr. Iswaran allegedly accepted tickets for sporting events and shows from Ong. The former minister has pleaded not guilty. Trade Relations Minister Grace Fu told parliament on Monday that "in light of the allegations of corruption, we are reviewing the terms of the agreement" regarding Formula 1.
She said that to date, "there is nothing to suggest that F1 contracts have been defined to the detriment of the government." The Singapore Tourism Board (STB) has been tasked with an audit regarding the 2022 edition of the race, said the minister.
The STB signed a contract in 2007 with the promoter, Ong's Singapore GP, to organize the night race. An agreement subsequently renewed in 2012, 2017 and 2022 and which currently extends until 2028.
Ms. Fu, however, clarified that the government remained “committed to the Singapore F1 Grand Prix” and that “preparations for the 2024 race”, scheduled for September 22, had already begun.