The Ministry of Trade and Industry (MTI) will review the terms of the contract the Singapore Tourist Board (STB) entered with Singapore GP Private Limited to organise the annual Formula 1 (F1) Singapore Grand Prix night race.

Minister-in-charge of Trade Relations Grace Fu said in parliament on Feb. 5, 2024, that STB has also been asked to audit the race held in 2022, where the accounts are ready for audit.

She said that while they will review any government contracts to safeguard Singapore's interest, they remain committed to the F1 Singapore Grand Prix, and preparation for the 2024 race has already started.

"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."

MTI leading review

Concerns over the F1 race were raised after former transport minister S Iswaran was charged with corruption on Jan. 18, 2024, and details regarding the allegations against him were revealed.

Member of Parliament (MP) Pritam Singh asked which agency is reviewing the F1 contract.

Fu replied that MTI would lead the review and might work with other agencies in the process.

MP Jamus Lim asked if the government will review other governmental contracts with Ong Beng Seng's companies beyond F1.

Ong is recognised and credited with bringing the night race to Singapore, as he was instrumental in talks between STB and then-F1 boss Bernie Ecclestone.

Fu responded that she was unaware that the government has contracts with Ong's companies of the same nature and relevance.

Not detected any reservations or impacts on investor confidence

MP Yip Hon Weng questioned whether the ministry had assessed any potential impact of Iswaran's case on investor confidence in Singapore.

Fu said they have not detected "any reservations or impacts", but they will "keep a very close eye" and respond "quickly, expeditiously and robustly if need be".

Top photo Singapore GP Pte Ltd/Facebook