Former Singapore transport minister S Iswaran was one of the leading figures in bringing the now famed night race to the island state which in 2022 secured a new contract with F1 through to 2028.
In July, the Corrupt Practices Investigation Bureau (CPIB) launched a case against Iswaran, resulting in 27 charges, predominantly relating to bribery and corruption. The 61-year-old has pleaded not guilty on all counts and has vowed to fight his case.
The charges relate to Iswaran’s interactions with Malaysian billionaire Ong Beng Seng, who owns the rights to the Singapore GP and is chairman of race promotion.
In Singapore, civil servants are 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’.
Iswaran was elected to the Singapore government’s cabinet in 2006, following which he has held a number of ministerial positions, with his most recent as Minister of Transport and Minister-in-charge of Trade Relations at the Ministry of Trade and Industry.
The CPIB has so far not elaborated on the timing or the nature of the alleged kickbacks.
Secure your spot today.
Given Iswaran’s relationship with Ong, however, it has led to speculation that the Singapore GP could lose its place on the calendar.
But a statement from the Ministry of Trade and Industry confirmed that “the terms of all the agreements were considered carefully by the government”.
It added: “There was an independent consultancy study. There is nothing to suggest as of now that either the F1 contracts or other contracts were structured to the disadvantage of the government.”
According to the ministry, since its debut in 2008, the F1 Singapore GP has brought substantial benefits to Singapore.
Over the near-16 years the grand prix has been staged, Singapore has benefitted considerably.
The MTI stated the event had “attracted more than 550,000 international visitors and generated around SG$2 billion (AUD $2.267bn) of incremental tourism receipts”.
It added: “The F1 Singapore Grand Prix has also raised Singapore’s reputation as a vibrant Global-Asia node.
“Beyond the tourism sector, the race has also benefited many Singapore companies that are involved in different aspects of the race, e.g., in 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,”
Discussion about this post