MTI: Government finds no disadvantage in F1 and other contracts

“There is nothing to suggest as of now that either the F1 contracts or other contracts were structured to the disadvantage of the government.”

This year’s edition of the Singapore night race is scheduled to take place from 20 to 22 September.

MTI said since the event’s debut in 2008, the F1 Singapore Grand Prix has attracted over 550,000 international visitors and generated approximately S$2 billion in incremental tourism receipts.

It has also raised Singapore’s reputation as a “vibrant global-asia node”.

“Between 2008 and 2022, the race captured a global audience of over 1 billion viewers,” MTI noted.

“Many international business events, such as the TIME100 Leadership Forum, the Forbes Global CEO Conference, the Milken Institute Asia Summit and SuperReturn Asia, have also been organised around the F1 race in Singapore to take advantage of the occasion for high-level networking and meetings.”

Beyond tourism, MTI emphasized the positive impact on local businesses, including logistics, transport, construction, and engineering services.

“Additionally, more than 1,000 students from the Institute of Technical Education and our polytechnics are trained for various roles around the F1 circuit park every year, providing them with a unique opportunity to participate in a world-class international event,” said MTI.

Former Minister-in-charge of Trade Relations, S Iswaran, played a significant role in the government’s dealings with Formula 1 (F1).

On Thursday morning, he entered a plea of not guilty to all 27 charges linked to his interactions with property tycoon Ong Beng Seng.

Mr Ong, who holds the rights to the Singapore Grand Prix and serves as the chairman of race promoter Singapore GP, is central to the charges against Iswaran.

In response to the legal proceedings, Iswaran took the step of resigning from several key positions on Tuesday.

His resignations include stepping down as the Transport Minister, and Member of Parliament for West Coast GRC, and relinquishing his membership in the People’s Action Party (PAP).

Transport Minister S Iswaran charged with 27 offences including corruption charges

The pre-trial conference for Iswaran’s case is scheduled for 1 March and he is currently released on S$800,000 bail.

Mr Iswaran is defended by his lawyers, including Senior Counsel Davinder Singh, Mr Navin Thevar, Ms Sheiffa Safi Shirbeeni and Mr Rajvinder Singh from Davinder Singh Chambers.

The court heard that the 27 charges included two counts of corruption under the Prevention of Corruption Act, 24 counts related to receiving items from individuals with whom he had business dealings in his capacity as a public servant, and one charge for obstructing the course of justice under the Penal Code.

According to charge sheets, between 2015 and 2022, Iswaran received “valuable things” exceeding S$384,000 (US$285,000) from Ong.

These included tickets to shows, football matches, and multiple editions of the Singapore F1 Grand Prix.

He is accused of two corruption charges under Sections 6(a) and 7 of the Prevention of Corruption Act, allegedly receiving approximately S$145,434 in gratification from billionaire Ong Beng Seng in September 2022.

This alleged inducement was to promote Ong’s interests in connection with a contract between the Singapore Grand Prix and the Singapore Tourism Board (STB).

Additionally, in December 2022, Iswaran allegedly obtained gratification valued at $20,848.03 from Mr Ong.