Singapore Launches Independent Review of F1 Grand Prix Amidst CPIB Probe

Singapore has initiated a comprehensive independent review into the agreements and dealings between government agencies and the Singapore Grand Prix (SPG) company. This significant move, led by Minister for Trade and Industry Gan Kim Yong, comes in the wake of an ongoing Corrupt Practices Investigation Bureau (CPIB) probe that has raised concerns about the Formula 1 event's arrangements.

The review aims to meticulously examine various aspects of the government's engagement with the F1 event.

Its scope includes a deep dive into how resources were allocated, the obligations undertaken by the government, and the benefits derived from these contracts. This proactive step underscores the government's commitment to transparency and accountability, especially concerning major public events and financial commitments.

Minister Gan Kim Yong emphasized that while the independent review is distinct from the CPIB's investigation, it shares a common goal of ensuring that all processes are robust and that public interests are always safeguarded.

The CPIB's probe involves high-profile figures, including Transport Minister S Iswaran and hotelier Ong Beng Seng, the latter being a key figure in bringing the F1 Grand Prix to Singapore.

The current contract for the F1 race in Singapore is set to run until 2028. The independent review will critically assess whether the government has adequately protected its interests throughout the various contractual periods.

This includes scrutinizing the terms, financial arrangements, and overall management of the event to ensure that the public purse is handled responsibly and efficiently.

This review sends a clear message about Singapore's dedication to upholding the highest standards of integrity in all its dealings.

By thoroughly examining the F1 contracts, the government seeks to reassure its citizens and international partners that its processes are resilient and capable of withstanding scrutiny, ultimately reinforcing trust in public institutions and ensuring the long-term sustainability and integrity of major national initiatives.