The Republic of Singapore has long prided itself on being one of the world’s rare anti-corruption havens — but things are changing now in a wild saga that involves Formula 1’s Grand Prix in the city-state. Transport Minister S. Iswaran has resigned after being charged with corruption, CNN reports, and part of that corruption involves allegations that he accepted gifts from Malaysian billionaire Ong Beng Seng, a hotel tycoon who helped bring F1 to Singapore and serves as the sole shareholder of the Grand Prix. Right now, Singapore insists that the upcoming September 2024 race will go on as planned, but it’s time to dig into this saga.
Let’s wind it back to establish a little context. In order to discourage corruption and the temptation to accept bribes, Singapore pays its government ministers quite handsomely — on average, over $800,000 per year, CNN reports. Its last corruption scandal involving a minister took place all the way back in 1986 (and involving the guy who wanted to ban chewing gum; he died before he was able to be charged), earning it high marks in 2022’s Corruption Perception Index, which ranks 180 countries based on their perceived levels of public sector corruption. Singapore secured fifth place, tied with Sweden. By contrast, the U.S. ranks down in 24th.
That makes this current scandal all the more shocking. According to CNN, Iswaran received the gift equivalent of what amounted to roughly $119,000 in bribes from hotel tycoon Ong Beng Seng — which included tickets to Singapore’s F1 race, among other luxurious “gifts.” Iswaran is facing 27 charges, including corruption add obstructing justice, and resigned on January 18 despite pleading not guilty.
“I resigned as (a) Cabinet Minister, Member of Parliament and as a member of the People’s Action Party because I believe it was the right thing to do,” Iswaran said in a statement to CNN. “These past months have been most difficult for my family and me. I am innocent and will now focus on clearing my name.”
One of the big issues here is that Iswaran served as an advisor to Ong, who organized the Grand Prix. Both parties were arrested in July of 2023 and later released on bail. Despite that, Ong has not been subject to any current legal action; Singapore will be pursuing charges based on the outcome of Iswaran’s trial. He has been warned by various courts previously for failing to disclose discounts he provided to politicians, company board directors, and close friends or family.
All of that being said, the Grand Prix is still set to take place in September, as far as Singapore is concerned. The event is currently contracted to run until 2028, and Singapore’s Ministry of Trade and Industry is currently satisfied that the organization of the event was legally conducted. However, it’s another example of the kinds of corruption that can happen in and around the high-dollar racing world.