The Singapore government announced on Monday that it would review the terms of its contract with the Formula 1 Grand Prix after its former transport minister was indicted on corruption charges.
S. Iswaran resigned in January after being indicted on 27 charges in an unusual top-level corruption investigation in the city-state.
The case also involved billionaire hotel mogul Ong Beng Seng, who is credited with helping organize F1’s first night race in Singapore in 2008.
Trade Relations Minister Grace Fu told Parliament on Monday: “We are reviewing the (F1) contract terms again in light of the corruption allegations.”
“There is nothing at this time to suggest that the F1 contract or any other contract was structured to disadvantage the government,” she said.
Mr Foo said the Singapore Tourism Board (STB) had been instructed to audit the 2022 edition of the race.
In 2007, STB signed a deal with promoter Ongs Singapore GP to host night races.
The contract was renewed in 2012, 2017, and 2022. His current contract expires in 2028.
“While we will review our contract with the government to protect Singapore’s interests, we remain committed to the F1 Singapore Grand Prix. Preparations have begun for the 2024 race,” Mr Foo said.
Iswaran has maintained his innocence as most of the charges relate to corruption.
Among other accusations, he allegedly received tickets to high-profile sporting events and stage shows from Ong.
The investigation has troubled Singapore, a global financial hub known as one of the least corrupt countries in the world. — Agence France-Presse