Singapore to review Grand Prix deal amid corruption probe
Singapore will review the terms of its Formula One Grand Prix and audit the 2022 race amid a corruption probe in a former transport minister.
Singapore will review the terms of its F1 Grand Prix and audit the 2022 event following a corruption probe. (Rudy Carezzevoli/Getty Images/Red Bull Content Pool)
Trade Relations minister Grace Fu told the country’s parliament on Monday that the F1 deal and other contracts would be investigated after allegations were raised against former Transport Minister S. Iswaran, reported Bloomberg.
Iswaran was arrested by Singapore’s Corrupt Practices Investigation Bureau (CPIB) in July last year and faces 27 charges including corruption.
He pleaded not guilty at a hearing in January and was released on bail.
The Straits Times reported that most offences relate to property tycoon Ong Beng Seng, who brought Formula 1 to Singapore in 2008.
“As members would appreciate given the allegations of corruption, we are reviewing the terms of the deal again,” said Fu.
The Singapore Tourism Board (STB) will review the terms of the Grand Prix and audit the 2022 event.
The F1 contract began in 2007 and has been renewed three times, with the current contract to end in 2028.
The 2022 Singapore Grand Prix, won by Sergio Perez, will be audited by the Singapore Tourism Board. (File/Peter Fox/Getty Images/Red Bull Content Pool)
Iswaran is accused of taking benefits from Mr Ong in relation to the grand prix between 2015 and 2022, including hundreds of thousands of dollars of tickets to the Grand Prix, a trip to Doha, tickets to the English Premier League, and shows including Hamilton and Harry Potter And The Cursed Child.
The 61-year-old faces a fine of up to $100,000 SGD for each of two corruption charges, with the maximum penalty of seven years jail.
He faces further fines and jail time over the inducements and obstruction the course of justice.
“I am innocent and will now focus on clearing my name,” said Iswaran earlier this month.
“My family and I are deeply touched by the continued support, kindness and encouragement of our friends and well-wishers.”
The Ministry of Trade and Industry (MTI) has previously stated that the terms of the deal had been carefully considered and reviewed by independent consultants.
Iswaran’s pre-trial conference is scheduled for March 1.
