Independent review finds Singapore F1 deal fair, safeguards Government’s interests: Gan Kim Yong
Singapore’s independent review of the Formula 1 race contract found no irregularities or misconduct, with the government’s approach described as “diligent and rigorous.” Deputy Prime Minister Gan Kim Yong said the deal continues to bring economic and branding benefits to the country.
- An independent review of Singapore’s Formula 1 race deal found no irregularities or wrongdoing.
- The review committee affirmed that the government’s interests were well protected and the agreement was fair and reasonable.
- Deputy Prime Minister Gan Kim Yong said economic benefits from hosting F1 continue to outweigh the costs.
Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong said on 15 October 2025 that an independent review of Singapore’s Formula 1 race deal had found no irregularities.
The review, convened by the Singapore Tourism Board (STB) in 2024, concluded that the government had been “diligent, rigorous, and careful” in managing the Formula 1 project.
According to Gan’s written parliamentary reply, external legal counsel was appointed to vet the facilitation agreement, ensuring that Singapore’s interests were adequately protected.
The clarification came in response to a parliamentary question from Holland-Bukit Timah GRC MP Edward Chia, who had requested an update on the outcome of the review.
Gan explained that he had issued a ministerial direction in 2024 for STB to establish an independent review committee to assess the terms of its ongoing contract with Singapore GP, which governs the hosting of the Singapore Grand Prix from 2022 to 2028, now in its fourth term.
The committee found that the terms of the agreement represented a “fair and reasonable exchange of commercial obligations and benefits” between the government and the event organiser.
Gan added that the deal’s economic benefits continued to exceed its costs, noting that foreign visitorship and incremental tourism receipts resulting from the Formula 1 races had surpassed targets.
The committee further determined that the Singapore Grand Prix remained relevant and significant, continuing to enhance the nation’s global profile. “The races in Term 4 have thus far performed well,” Gan said.
In addition to affirming the integrity of the existing contract, the committee proposed ways to strengthen processes between STB and Singapore GP, ensuring greater protection of government interests and identifying improvements for future contract renewals.
However, Gan stated that the committee’s report would not be published due to business confidentiality considerations.
The Deputy Prime Minister also recalled that in 2024, STB’s internal audit covering grant disbursements and procurement related to F1 between 2019 and 2022 had found the board’s internal controls to be satisfactory, with no significant findings.
Questions surrounding the F1 contract had surfaced after the arrest of former Transport Minister S Iswaran in July 2023 by the Corrupt Practices Investigation Bureau (CPIB).
Iswaran had been closely involved in the government’s dealings with Formula 1, including attending press conferences on the race’s future.
He later pleaded guilty on 24 September 2024 to four charges under Section 165 of the Penal Code, which prohibits public servants from receiving valuable items from individuals connected to their official duties.
Iswaran was sentenced on 3 October 2024 to 12 months’ imprisonment for accepting gifts valued at about S$403,300 (US$313,200) over seven years. He has since completed his period of home detention.
