Singapore’s Ministry of Trade and Industry was quick to dispel worry regarding the state of this year’s Singapore Grand Prix, announcing on Thursday that a corruption probe connecting a former government minister to the event promoter did not threaten the race.
The Republic of Singapore is amid a rare corruption scandal, which connects GP event promoter Ong Beng Seng to the recently resigned Transport Minister S. Iswaran.
Iswaran resigned after being charged with corruption, facing 27 charges in total – It is the Singapore Government’s first corruption scandal since 1986.
The former transport minister is alleged to have received kickbacks from Beng Seng which according to Singapore’s Corrupt Practices Investigation Bureau (CPIB) include private plane tickets and tickets to the Singapore GP.
With Iswaran also serving as an advisor for the Singapore F1 race, speculation began regarding whether the race’s place on the F1 calendar was in jeopardy.
The Ministry of Trade and Industry responded with the following statement on January 18: “The terms of all the agreements were considered carefully by the Government,” began the press release.
“There was an independent consultancy study. There is nothing to suggest as of now that either the F1 contracts or other contracts were structured to the disadvantage of the Government.
“All preparations for the F1 Singapore Grand Prix in 2024, which is scheduled for 20 – 22 September 2024, are on track.”
The statement also wrote of the importance the Singapore GP has on the local area and claimed since the race’s debut in 2008, “It has attracted more than 550,000 international visitors and generated around SGD2 billion of incremental tourism receipts.”
The race is also said to have “captured a global audience of over 1 billion viewers” from 2008 to 2022 and “more than 1,000 students from the Institue of Technical Education” along with the Republic’s “polytechnics are trained for various roles around the F1 circuit every year.”
In his resignation letter, Iswaran rejected the allegations and in a separate statement, the Singapore Prime Minister added ” I am determined to uphold the integrity of the Party and the Government, and our reputation for honesty and incorruptibility.
“Singaporeans expect no less.”
Beng Seng has incurred no charges of wrongdoing.
As it stands, the Singapore Grand Prix has a contract with F1 to remain on the calendar through the 2028 season.
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