Progress of Review of F1 Contracts and Tender Processes, and Lapses Uncovered

Mr Gerald Giam Yean Song asked the Deputy Prime Minister and Minister for Trade and Industry (a) whether the Ministry has completed the review of the Formula 1 contracts and tender processes as stated during the Parliamentary session in February 2024; (b) if so, what specific irregularities or compliance lapses have been identified in the review; and (c) whether the Ministry will publicly release the full findings to ensure transparency and restore public confidence.

Minister Grace Fu had indicated in Parliament that the Government was reviewing the terms of our Formula One (F1) contracts.  The Singapore Tourism Board (STB) would also conduct an audit of the 2022 race.

The review of the F1 contracts between the Government and Singapore GP Pte Ltd is ongoing.

STB completed the audit covering the disbursement of grants and procurement matters relating to F1 from 2019 to 2022. The audit concluded that STB’s internal controls were satisfactory, with no significant findings.