- Former transport minister S. Iswaran charged with corruption
- Seng owns the rights to the Singapore GP and is chairman of the promoting company
The Formula One Singapore Grand Prix remains on track despite a corruption probe centered on the country’s former transport minister.
S. Iswaran has announced his resignation following the corruption charge. He pleaded not guilty to 27 charges.
Charge sheets released by prosecutors revealed allegations that he was gifted more than S$160,000 (US$119,100) worth of flights, hotel stays, and Grand Prix tickets, in exchange for advancing property tycoon Ong Beng Seng’s business interests.
Beng Seng owns the rights to the Singapore Grand Prix and is chairman of the promoting company. This case is particularly notable as Singapore prides itself on its corruption-free image.
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Playing down any fears of the Grand Prix being affected by this case, Singapore’s Ministry of Trade and Industry said: “The terms of all the agreements were considered carefully by the government. 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 20th to 22nd September, are on track.”
The Singapore Grand Prix, which currently has a contract until 2028, attracts more than 550,000 international visitors and generates around S$2 billion (US$1.5 billion) in tourism revenue.