Government is reviewing terms of Formula 1 deal again: MTI

Government is reviewing terms of Formula 1 deal again: MTI

Mr. Gan Thiam Poh ( PAP- Ang Mo Kio ) had questioned how the Ministry of Trade and Industry ( MTI ) evaluated the advantages of the F1 contracts for the parliament’s meeting on February 5.

Mr. Edward Chia ( PAP, Holland, Bukit Timah ) had enquired as to whether STB had evaluated the relationship between Ong Beng Seng and Iswaran in relation to the F1 race.

While some MPs enquired as to whether there had been any non-compliance with processes, Associate Professor Jamus Lim ( WP-Sengkang ) inquired about the government’s contracts with Mr. Ong’s companies.

According to Ms. Fu, STB and Singapore GP entered into a contract in 2007 to host the F1 day race in Singapore. This agreement was renewed by the tourism table three periods: in 2012, 2017, and 2022. The contract’s third term, which may expire in 2028, is currently in effect.

There was “nothing to indicate as of now that either the F1 deals or other arrangements were structured to the detriment of the state,” according to MTI on January 18.

Ms. Fu continued,” We remain committed to the F1 Singapore Grand Prix, and we will evaluate any government agreements to protect Singapore’s interests.” The 2024 race’s procedures have begun.

In response to Pritam Singh’s secondary topic about which company is reviewing the F1 package, Ms. Fu said that MTI is in charge of the evaluation and may require different agencies.