SINGAPORE will once again review the terms of its contract with the F1 Singapore Grand Prix, and conduct an audit on the race held in 2022, in light of corruption charges brought against former transport minister S Iswaran.

The contract review will be performed by the Ministry of Trade and Industry (MTI), while the audit will be conducted by the Singapore Tourism Board (STB), said Minister-in-charge of Trade Relations Grace Fu in Parliament on Monday (Feb 5).

This is as the 2022 race’s accounts are ready for audit, she said.

But she added: “While we will review any government contracts to safeguard Singapore’s interest, we remain committed to the F1 Singapore Grand Prix. Preparations for the 2024 race have started.”

STB first entered into a contract with Singapore GP to organise the night race in Singapore in 2007, and has renewed the contract three times: in 2012, 2017 and 2022. The current and fourth term of the contract will end in 2028.

MTI previously said that the terms of all agreements relating to the F1 race were carefully considered by the government, and there is nothing to suggest that either the F1 contracts or other contracts were structured to its disadvantage. There was also an independent consultancy study on the matter.

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Fu was one of several ministers responding to a total of nine questions from Members of Parliament on the case.

Speaker of Parliament Seah Kian Peng noted that while the case is before the courts, he allowed these questions to stand as he was satisfied that they do not require answers that venture into legal issues.

Aside from the impact on the F1 contracts, People’s Action Party MP Yip Hon Weng asked if the government will appoint a Committee of Inquiry (COI) to investigate Iswaran’s case “at the appropriate juncture”.

To this, Minister in the Prime Minister’s Office Indranee Rajah noted that the purpose of a COI is to “investigate something with a view of finding out how it happened”.

But in this case, the Corrupt Practices Investigation Bureau has already investigated the matter, and the Attorney-General’s Chambers (AGC) has taken the view that there is basis for criminal charges to be brought against the former minister, she noted.

“Determination of criminal offences is a matter for the court, which is currently dealing with the case. We should wait for the court proceedings to conclude before deciding if anything else needs to be done,” she added.

Iswaran faces 27 charges in total, including two charges of corruption. He has pleaded not guilty to all the charges against him.

As for Ong Beng Seng, the Singapore Grand Prix chairman and billionaire hotelier, the AGC said it will make a decision about the case against him after the matter against Iswaran is complete.