Two of the leading figures credited with the creation and development of the Singapore Grand Prix are currently involved in the country’s biggest graft probe for almost 40 years.

Malaysian billionaire Ong Beng Seng and Singapore transport minister S Iswaran played leading roles in bringing the now famed night race to the island state which last year secured a new contract with F1 through to 2028.

Earlier this week, the Corrupt Practices Investigation Bureau (CPIB) launched a case against Iswaran, although no details have yet been released.

Under the instruction of Prime Minister Lee Hsien Loong, Iswaran has taken a leave of absence until the investigation has been completed.

Reuters reports the case is a rare high-level probe in Singapore, with civil servants paid handsomely – some in excess of AU$1.1 million – to discourage graft, a form of political corruption defined as ‘the unscrupulous use of a politician’s authority for personal gain’.

Ong has been issued with a notice of arrest warrant given his links with Iswaran. He is due to surrender his passport upon his return to Singapore from a business trip, has posted bail of AU$110,000.

A statement issued via his company, Hotel Properties Ltd, which has a portfolio of around 40 hotels, confirmed that managing director Ong “has been requested by the Corrupt Practices Investigation Bureau to provide information in relation to his interactions with Minister S Iswaran”.

It added that “no charges have been filed against Mr Ong” who is “cooperating fully with CPIB and has provided the information requested”.

Further, it read that “As this is an ongoing matter, he is unable to provide further details at this point. He has undertaken to provide updates to the board if there are subsequent material developments.”

Ong will continue to carry out his duties as managing director, with the board to “continue to monitor the progress of the matter”, as well as continuing to “re-assess the suitability of the continued appointment of Mr Ong”.

This year’s Singapore GP is scheduled to take place between September 15-17.