The future of the Singapore Formula 1 race will not be affected by the corruption investigation involving a former government minister and event promoter Beng Seng. Singapore’s government itself confirmed this, expressing satisfaction with how the agreement has been verified by an independent consulting firm.
Singapore’s Minister of Transport, S. Iswaran, has just announced his resignation after facing 27 charges related to his interaction with Beng Seng, who owns the rights to the Singapore GP and is the president of the event’s promoting company.
Iswaran has denied the charges against him and released a statement stating his determination to clear his name, while Beng Seng, the president of the company promoting the GP, has not been accused of any wrongdoing. Given that Singapore prides itself on being corruption-free, the case has clearly sparked significant interest in the region.
Moreover, as Beng Seng is a central figure in the Singapore GP, questions have arisen about whether there will be implications for the future of the F1 race, which currently has a contract until 2028. Singapore’s Ministry of Trade and Industry stated on Thursday that the government is satisfied that the race agreement has been upheld rigorously, even through an independent consulting study.
“The terms of all agreements have been carefully considered by the government. There has been an independent consulting study. There is nothing to suggest that the F1 contracts or other contracts have been structured to the disadvantage of the government. All preparations for the 2024 Singapore F1 Grand Prix, scheduled for September 20-22, 2024, are underway.”
The Ministry added that the benefits from hosting the Singapore F1 GP are evident: it has attracted over 550,000 international visitors and generated around SGD 2 billion (USD 1.5 billion) in tourism revenue.
“The F1 Singapore Grand Prix has also enhanced Singapore’s reputation as a global-Asian hub,” it added.
“In addition to the tourism sector, the race has also benefited many Singaporean businesses involved in various aspects of the race, such as logistics, transportation, construction, and engineering services.”