Grace Fu on MTI’s review and audit of STB-SGP deal after S Iswaran charges

In 2007, the Singapore Tourism Board (STB) entered into a contract with Singapore GP Pte Ltd to organise the F1 night race in Singapore. STB renewed this contract three times  - in 2012, 2017 and 2022. It is in the fourth term of its contract, which will end in 2028. Given the allegations against former Minister-in-charge of Trade Relations S Iswaran, the Ministry of Trade and Industry (MTI) is reviewing the terms of the deal again. It has asked STB to conduct an audit of the most recent race, held in 2022. Replying to MPs' questions in Parliament on Monday (Feb 5), Minister-in-charge of Trade Relations Grace Fu stressed that there is nothing to suggest, as of now, that either the F1 contracts or other contracts, were structured to the disadvantage of the Government. She said Singapore remains committed to the F1 Singapore Grand Prix and is preparing for the 2024 race. Like other Government agencies, Singapore’s economic agencies abide by the Public Service Code of Conduct, which sets out the principles and rules of engagement, she said. These include interactions with private entities, such as rules on accepting gifts and hospitality.