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Singapore F1 Contract Review Amid Corruption Scandal

Singapore F1 Contract Review Amid Corruption Scandal

06/02/2024

Singapore reviews its F1 deal amid a scandal, casting uncertainty on the night race’s future.

Singapore is still reviewing the contract with Formula 1 amidst a scandal. The Ministry of Trade and Industry is taking over the file. A dark cloud continues to hover over the future of Singapore’s Formula 1 night race.

In January, we had reported that the event was expected to survive the corruption scandal that engulfed the Singapore GP promoter, high-ranking government minister Subramaniam Iswaran, who resigned last month.

The Singapore Ministry of Trade and Industry had insisted: “At this point, nothing suggests that the F1 contracts or any other contracts were structured to the government’s disadvantage.”

However, Singapore’s Minister for Trade Relations, Grace Fu, admitted to Parliament that the contract with Formula 1 was indeed still under review.

“Members will understand that I cannot say more at this stage,” she stated.

Fu’s comments came after other members of Parliament had raised several questions about the F1 corruption scandal, but she informed them that she could not respond before Iswaran’s trial.

But Fu acknowledged that it would be the Ministry of Trade and Industry that would review the Formula 1 agreement.

“It is not appropriate for us to speculate or prejudge the outcome of the proceedings,” she insisted. “I will respond as much as possible.”

“While we will examine any government contract to safeguard Singapore’s interests, we remain committed to the Singapore GP. Preparations for the 2024 race have begun.”

Singapore F1 contract scandal. Singapore F1 contract scandal

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