Singapore's transport minister, S. Iswaran, has just announced his resignation after facing 27 charges in relation to the interaction with Beng Seng, who owns the rights to the Singapore GP and is president of the company promoting the event.
The matter concerns alleged bribes that Singapore's Corrupt Practices Investigation Bureau (CPIB) believes Iswaran may have received from property tycoon Beng Seng, including flights on Ong's private plane and tickets to the Singapore GP, for which Iswaran was an advisor .
Iswaran has rejected the charges against him and issued a statement saying he is determined to clear his name, while Beng Seng, chairman of the company that promotes the GP, has not been accused of any wrongdoing. As Singapore is a country that prides itself on its lack of corruption, the case has clearly attracted great interest in the region.
Furthermore, with Beng Seng being a centerpiece of the Singapore GP, there have been questions as to whether or not there will be any implications for the future of the F1 race, which currently has a contract until 2028. The Ministry of Trade and Industry of Singapore said on Thursday that the government was satisfied that the tender agreement had been carried out rigorously, including through an independent consultancy firm.
Photo by: Zak Mauger / Motorsport Images
Carlos Sainz, Ferrari SF-23, George Russell, Mercedes F1 W14, Charles Leclerc, Ferrari SF-23, Lando Norris, McLaren MCL60, Lewis Hamilton, Mercedes F1 W14, the rest of the starting grid
“The terms of all agreements have been carefully considered by the government. There has been an independent consultancy. There is nothing to suggest that the F1 contracts or any other contracts have been structured to the government's disadvantage. All Preparations for the 2024 Singapore F1 Grand Prix, scheduled for 20-22 September 2024, are underway.”
The Ministry added that the benefits of hosting the Singapore GP are clear: it attracted more than 550,000 international visitors and generated approximately SGD2 billion ($1.5 billion) in tourism revenue.
“The F1 Singapore Grand Prix has also enhanced Singapore's reputation as a global-Asian node,” he added.
“In addition to the tourism sector, the tender has also benefited many Singaporean companies that are involved in different aspects of the tender, such as logistics, transportation, construction and engineering services.”
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