Yahoo Finance F1 Singapore race has brought 'substantial benefits', contracts did not disadvantage govt: MTI
In response to media queries, MTI has reaffirmed that the 2024 Singapore F1 Grand Prix remains green-lit.
The Ministry for Trade and Industry (MTI) says there is “nothing to suggest” that the F1 Singapore Grand Prix or other agreements were designed to put the government at a disadvantage, after corruption charges were brought against former Transport Minister S Iswaran on Jan 18.
“The terms of all the agreements were considered carefully by the government,” reads MTI’s statement. “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’s statement follows former Transport Minister S Iswaran’s first appearance in court that same day. Iswaran, represented by Senior Counsel Davinder Singh, pleaded not guilty to all 27 charges brought against him.
Among the list of charges, 24 were for receiving “valuable things” from billionaire hotelier and chairman of the race’s organiser, Ong Beng Seng, between 2015 and 2022. As minister-in-charge of trade relations at the MTI, Iswaran had been actively involved with Ong for F1-related matters.
The Attorney-General’s Chambers (AGC) will make a decision about the investigations against Ong after the case against Iswaran is completed, said a spokesperson on Jan 18.
Since the debut of the F1 Singapore Grand Prix in 2008, the annual race has generated around $2 billion of incremental tourism receipts, capturing a global audience of over 1 billion viewers and attracting more than 550,000 international visitors, says MTI.
The ministry also says that many international events, such as the TIME100 Leadership Forum and Forbes Global CEO Conference, have been organised around the event, and many Singaporean companies have benefited.
In addition, more than 1,000 students from the Institute of Technical Education (ITE) and polytechnics are trained for various roles around the F1 circuit annually, providing a unique opportunity for students to participate in a world-class international event, MTI adds.
All preparations for the F1 Singapore Grand Prix in 2024, which is scheduled to run from Sept 20 to 24, are on track, says MTI.
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