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Grace Fu: STB auditing 2022 F1 Race amidst corruption allegations against Iswaran

Singapore Tourism Board is is conducting an audit on the 2022 Formula One Singapore Grand Prix amidst corruption allegations against ex-transport minister Iswaran, as revealed by Minister Grace Fu in Parliament.

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SINGAPORE: The Formula One Singapore Grand Prix, 2022 edition, is currently under audit by the Singapore Tourism Board (STB) due to corruption allegations against former transport minister S. Iswaran.

Minister-in-charge of Trade Relations, Grace Fu, told the House on Monday (5 February) that the Ministry of Trade and Industry (MTI) is also scrutinizing the agreement between STB and Singapore GP to ensure Singapore’s interests are protected.

In response to queries from MPs regarding the F1 contracts and the relationship between Iswaran and Ong Beng Seng, the property tycoon chairing Singapore GP, Grace Fu addressed concerns about potential lapses in due diligence and reporting processes.

The F1 contract, initially established in 2007 and subsequently renewed in 2012, 2017, and 2022, is set to conclude in 2028.

Ms Fu emphasized that the government had previously assessed the terms of agreements with independent consultancy studies, finding no indications of disadvantageous structuring.

However, in light of corruption allegations, a renewed review of the deal’s terms is underway.

“We are reviewing the terms of the deal again. We have also asked SDB to conduct an audit of the most recent race held in 2022 of which accounts are ready for audit.”

Ms Fu highlighted the importance of safeguarding Singapore’s interests while expressing continued commitment to the F1 Singapore Grand Prix, with preparations for the 2024 race already underway.

Ms Fu, who assumed the role of Minister-in-charge of Trade Relations in January following Iswaran’s resignation, acknowledged that some questions raised by MPs may be addressed during Iswaran’s trial.

The latter was charged in January with corruption and other offences six months after being arrested by the Corrupt Practices Investigation Bureau (CPIB).

Yip Hon Weng, PAP MP for Yio Chu Kang SMC, inquired about the collaboration between economic agencies and private entities to maintain Singapore’s reputation for integrity in the global business community.

In response, Minister Fu assured that economic agencies adhere to the Public Service Conduct Code, including guidelines on interactions with private entities and accepting gifts.

“These include interactions with private entities, such as rules on accepting gifts and hospitality.”

Addressing Pritam Singh’s question on the F1 contract review, Minister Fu confirmed MTI’s lead role and the potential involvement of other agencies.

Responding to Workers’ Party MP Associate Professor Jamus Lim’s query about reviewing other contracts with Ong’s companies beyond the F1 race, Ms Fu stated that she was not aware of similar contracts.

She reiterated the commitment to scrutinizing government contracts to safeguard Singapore’s interests.

Additionally, she expressed continued dedication to the F1 Singapore Grand Prix, with preparations already in progress for the 2024 race.

In a supplementary question, Yip asked about the ministry’s assessment of the case’s impact on investor confidence.

In response, Minister Fu said MTI have not detected any reservations or any impact, “we will keep a very close eye and will respond quickly expeditiously and robustly if need be.”

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What? Is disgraceful suggesting that each and every multimillion dollars f1 in the past since inception had never been audited at all?? How is this possible, knowing full well that casinos and f1s worldwide are well known vessels of corruption and money laundering, vice, and crimes of all shapes and sizes? With hundreds of millions of Singaporean taxpayers at stake and thrown into f1, how can that be acceptable that no past audits of f1 was done, or audit open to public scrutiny at all?? This in itself – is this not atrocity? Isn’t this lack of accountability the very… Read more »

It is a good to conduct findings so to ensure that nothing serious happened.

Did OBS claim his expenses on Iswaran from the STB?

She should know better where F1 goes corruptions prevails. Is she being naive or plain dumb if Ecclestone did for the love of racing cars???? Perhaps it may be true long time ago but not in the 20th and 21st centruy where gratification takes prime motive. Malaysia has to ditch F1 due to lack of funds. Singapore should ditch it on high moral grounds. Is it also appropriate as the Minister of Environment and Sustainability to move the motion to ditch the F1 if she truly cares for the environment of our city state and her people. Let’s not waste… Read more »

Doing an audit….my balls….wayang…so which officials are also involved in enjoying those perks fat Iswaran did?😆😆😆🤣🤣🤣🤣

After 1 got caught unfortunately, now all sorts of drama checks here and there. Had he got away with it nothing would’ve been done. This is another drama queen.

Has the HORSE bolted?

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