Singaporean officials said the future of Formula 1 racing in the country remains unaffected by the ongoing corruption investigation involving former government minister S. Iswaran and event promoter Ong Bentsen.
Iswaran, a former transport minister, resigned after being indicted on 27 charges related to his dealings with Ong Beng Seng, who owns the rights to the Singapore Grand Prix and is chairman of the organizing company.
The charges stem from allegations that Mr Iswaran received kickbacks worth £100,000 from prominent local property tycoon Ong. These alleged kickbacks reportedly included private jet flights and tickets to the Singapore Grand Prix, where Iswaran was an advisor.
Iswaran vehemently denies the accusations, maintains his innocence and vows to clear his name. Meanwhile, Mr Ong has not been charged with any wrongdoing, but an investigation into his dealings is ongoing.
The Singapore Grand Prix’s current contract with F1 runs until 2028, but there is speculation that the ongoing investigation could put the future of the race at risk.
However, Singaporean officials said in a statement released by the Ministry of International Trade and Industry on Thursday that “there is nothing to suggest that the F1 contract or any other contract was structured against the government at this time.”
“The terms of all agreements have been carefully considered by the government,” they said. “There was an investigation by an independent consultant.
“All preparations for the 2024 F1 Singapore Grand Prix scheduled for September 20-22, 2024 are progressing smoothly.”
The ministry’s statement clearly reaffirms the government’s commitment to hosting the Singapore Grand Prix, highlighting the economic and tourism benefits worth an estimated S$2 billion ($1.5 billion) in revenue.
“The F1 Singapore Grand Prix also reinforced Singapore’s reputation as a vibrant global Asia nexus,” it added.
“Beyond the tourism sector, the race also benefited many Singaporean companies involved in various aspects of the race, including logistics, transport, construction and engineering services.”
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