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Singapore Grand Prix continues amidst corruption probe involving GP Chairman and Transport Minister Iswaran
Amidst a corruption probe involving key figures, Singapore’s Grand Prix remains undeterred, with Dr Tan See Leng, Manpower Minister and Second Minister for Trade and Industry, expressing confidence in a vibrant lineup of activities to compensate for reduced capacity.
He emphasized, “The show goes on, and everything is moving at full speed.”
SINGAPORE: Despite an ongoing investigation into allegations of corruption involving Singapore Grand Prix chairman Ong Beng Seng and Transport Minister S. Iswaran, the event scheduled for 15-17 September will proceed as planned.
Dr Tan See Leng, Manpower Minister and Second Minister for Trade and Industry, is confident “an exciting slew of activities” will make up for the dip in capacity and make the event one to remember, even as the organisers managed to add 10,000 tickets back into the inventory.
Dr Tan, who has taken charge of the Formula 1 event, assured the public, “The show goes on. And I can tell you that if you look at all of the events, everything is moving at full speed.”
He made these remarks during a media briefing on Sunday (3 Sept) while attending the Italian Grand Prix screening at HDB Hub in Toa Payoh.
“There’s no holding back of any other events whatsoever. Based on our ticket sales, it is very promising. I think this is going to be an exciting event moving forward.”
He added that in terms of our ticket sales, out of the 23 categories, 16 of them are already sold out.
“So we are left with about seven and five of them tickets are actually running out quite quickly. You can see that the response has been actually great.”
Dr Tan expressed confidence that the international standing of the Singapore Grand Prix would remain robust, citing approximately 28 MICE (Meetings, Incentives, Conventions, and Exhibitions) events scheduled in the Republic from the upcoming weekend until the week following the race.
Highlighting Singapore’s legacy of hosting the race since 2008, which has attracted over 550,000 unique foreign visitors and contributed more than S$1.5 billion in tourism revenue, Dr Tan emphasized that this event represents an enduring franchise with significant positive effects on the country’s economy and global image.
“It has brought significant spillover effects in terms of our economy and also raised the profile for our country significantly… we will continue with it.”
“If you look at it, 90 per cent of all of the outsourced work goes to local enterprises.”
“On top of that, I understand that many of the big private equity firms, hedge funds… they are all converging and alongside with the Mice events, there are also many business deals happening, and negotiations are undergoing at the same time. So there’s a lot of spillover effects.”
He also expressed confidence that there would be no shortages of manpower, as support programs and temporary quotas are in place through the Economic Development Board and the Singapore Tourism Board to support hotels and hospitality service businesses.
Last Tuesday (29 Aug), Race promoters Singapore GP announced that 16 out of 23 categories for the night race are sold out, with almost all hospitality packages already taken up.
The anticipated turnout of approximately 250,000 spectators over three days represents a 17% decline from the record-breaking attendance of 302,000 in 2022.
This decrease is attributed to the closure of the 27,000-seat Bay grandstand as part of the redevelopment of The Float @ Marina Bay, with the new site expected to be ready by the end of 2026.
“We were prepared that we would temporarily lose our biggest grandstand when we saw the redevelopment plans for the facility a few years ago and have been hard at work to actively identify potential sites for new viewing opportunities. We were always aware that we will not be able to completely replace the inventory, especially given the limitations of a street circuit,” said Adam Firth, Executive Director of Singapore GP Pte Ltd.
On 14 July, the Corrupt Practices Investigation Bureau (CPIB) disclosed that both Transport Minister S. Iswaran and prominent billionaire businessman Ong Beng Seng were arrested on 11 July.
They are currently cooperating with the authorities in connection with a case that the CPIB had discovered. However, specific details regarding the nature of the probe were not provided by the CPIB.
Mr Ong is renowned as the exclusive shareholder of the Singapore Grand Prix (GP), serving as the organizer of this annual sporting event, which forms part of the Formula One World Championship.
In addition, he owns various hotels worldwide. Ong and his wife, businesswoman Cristina Fu, are esteemed members of Singapore’s 25 richest couples.
In 2007, he secured the deal to bring the prestigious Formula One race to Singapore, primarily due to his rapport with former Formula One boss Bernie Ecclestone.
While Singaporeans await further information from the CPIB regarding Minister Iswaran’s arrest, reports by the online media outlet Asia Sentinel suggest that the origins of this affair could be linked to the London trial for fraud involving Bernie Ecclestone, former Formula One CEO.
On 2 August, Deputy Prime Minister and Finance Minister Mr Lawrence Wong, noted that the Monetary Authority of Singapore (MAS), Singapore Police Force, and Attorney General’s Chambers “have worked closely with UK authorities on their investigation and prosecution” of Ecclestone.
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Iswaran was allowed to go to Bali. The CPIB is quiet on charging him. After two months as in Ridout and KOM, no charges will be filed if the UK police do not implicate Iswaran and OBS. So it is a waiting game.
Maybe cab get the 70% to sign petition to free the waran
Does money Laundering contribute to GDP growth?
1. Can the money go into properties?
2. Can the money go into casinos?
3. Can the money go into luxury cars and coe?
I really dont know leh.
OBS related company recently won a huge contract? I have confidence he will be alright and iswaran, I just expect a small slap on his wrist and hopefully Tharman can use his clemency on him. That would be ideal.
It will still continue as money is the main aim in the island . Either way this sort of events (which are waste time , not in my interest)are made to suck money from the rich and tourists. Not many locals are not into F1
We get to choose who we want as our pimp
The pimp procures customers for us
The pimp levies taxes on us
The pimp pretends to protect us
The pimp bullies us
The pimp threatens us
But we still choose the same pimp.
We like our pimp
It is a good thing to know that investors have confidence in this country but the case of alleged corruption against the former transport minister and Ong BS still need to b updated to the p