Independent review found Govt’s interests ‘sufficiently safeguarded’ in current F1 contract: DPM Gan

SINGAPORE - An independent committee set up to review the current Formula One (F1) contract was satisfied that the Government’s interests in the deal were “sufficiently safeguarded”, said Deputy Prime Minister Gan Kim Yong on Oct 15.

The committee also assessed that the Government was “diligent, rigorous and careful” in approaching the F1 project and no irregularities were observed, he added.

For instance, the Government appointed external legal counsel to vet the contract to ensure its interests were sufficiently protected.

These report findings were submitted to him and Minister-in-charge of Trade Relations Grace Fu, who oversees tourism, after the committee completed its work, said DPM Gan in a written parliamentary reply.

He was responding to Mr Edward Chia (Holland-Bukit Timah GRC), who had asked for an update of the review that was convened in 2024.

DPM Gan said the committee also found that the deal, which covers 2022 to 2028, constituted a “fair and reasonable exchange” of commercial obligations and benefits between the Government and Singapore GP, which organises the races.

The economic benefits that accrued to Singapore outweighed the costs, and the foreign visitorship and incremental tourism receipts that Singapore received from hosting F1 exceeded targets, he added.

The committee also identified ways to enhance the existing pro­cesses between the Singapore Tourism Board (STB) and Singapore GP, as well as areas of improvement for any future renewal of the F1 project. The contract is now in its fourth term.

DPM Gan said he had issued a ministerial direction in 2024 for STB to convene an independent committee to review the terms of its current contract with Singapore GP for the Singapore Grand Prix 2022 to 2028.

“Members will understand that the report of the review committee will not be published due to business confidentiality,” said DPM Gan.

In response to queries from The Straits Times, a Ministry of Trade and Industry (MTI) spokesperson said the review committee was chaired by STB chairman Olivier Lim. It comprised senior civil servants and board members of statutory boards with private sector experience and experience in public projects of comparable scale.

The review started in May 2024 and concluded in September 2025, the spokesperson added.

In February 2024, Ms Fu said in Parliament that MTI was reviewing the terms of the deal between STB and Singapore GP to organise the F1 night race here.

She was responding to questions then on whether STB had been directed to conduct a full assessment of the relationship between former transport minister S. Iswaran and property tycoon Ong Beng Seng concerning the F1 Singapore Grand Prix.

She also said STB would conduct an audit of the 2022 race. In a November 2024 written parliamentary reply, DPM Gan said the audit, which covered the disbursement of grants and procurement matters relating to F1 from 2019 to 2022, found STB’s internal controls to be satisfactory, with no significant findings.

Mr Ong was the majority shareholder of Singapore GP at the time the deal was struck, while Mr Iswaran was then chairman of the F1 steering committee.

In October 2024, Mr Iswaran was sentenced to 12 months’ jail for various offences including for obtaining gifts from Mr Ong as a public servant, while Mr Ong was fined $30,000 in August 2025 for abetting the obstruction of justice in a case linked to Mr Iswaran.

DPM Gan said on Oct 15 that the review committee had also assessed that the Singapore Grand Prix continued to grow in relevance and importance to Singapore. Hosting the F1 race continued to elevate Singapore’s international branding.

The races since 2022 have performed well, he added.