STB audit of F1 grants, procurement finds internal controls ‘satisfactory’; review of contracts ongoing

FOLLOWING corruption charges against former transport minister S Iswaran, the Singapore Tourism Board’s (STB) audit of Formula 1 (F1) grants and procurement has concluded that internal controls were “satisfactory”, said Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong on Wednesday (Nov 13).

A separate review of F1 contracts between the government and race promoter Singapore GP is ongoing, he said in a written answer to a parliamentary question filed by Workers’ Party Member of Parliament Gerald Giam.

In February, Minister-in-charge of Trade Relations Grace Fu said in Parliament that the government would review the terms of its contract with the F1 Singapore Grand Prix and conduct an audit on the race.

Giam asked if the Ministry of Trade and Industry had completed this review, and if any irregularities or compliance lapses had been identified. He also asked whether the ministry will release the full findings.

In response, DPM Gan said STB has completed the audit covering the disbursement of F1 grants and procurement matters from 2019 to 2022.

“The audit concluded that STB’s internal controls were satisfactory, with no significant findings,” he said.

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The audit of Singapore’s F1 races came after the former minister of transport was hit with corruption charges relating to dealings with Ong Beng Seng, the Malaysian tycoon who helped to bring F1 to Singapore.

Iswaran later pled guilty to amended charges that no longer related to corruption, but rather to the acceptance of gifts by public servants. He is currently serving a 12-month jail sentence.

More recently, Ong was charged with obstruction of justice and abetting in relation with his dealings with Iswaran. Ong’s case has been adjourned to Nov 15.