McLaren driver Lando Norris of Britain steers his car during the first practice session of the Singapore Formula One Grand Prix at the Marina Bay Street Circuit, Singapore, Sept 15, 2023. (PHOTO / AP)

SINGAPORE - A senior Singaporean official on Monday told the parliament that the government will review the Formula One deals following allegations of corruption against former transport minister S. Iswaran.

Minister-in-charge of Trade Relations Grace Fu made the remarks while responding to parliament members' questions on contracts of the F1 Singapore Grand Prix with Iswaran's case.

Iswaran was charged with receiving benefits from local business tycoon Ong Beng Seng who brought the F1 Grand Prix to Singapore in 2008.

We remain committed to the F1 Singapore Grand Prix. Preparations for the 2024 race have started.

Grace Fu, Singapore's Minister-in-charge of Trade Relations 

The F1 contract was first reached in 2007 and was renewed in 2012, 2017 and 2022. The current contract will end in 2028, Fu said.

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She quoted a statement from the Ministry of Trade and Industry that all agreements were considered carefully by the government, and there was an independent consultancy study.

"There was nothing to suggest at that point that either the F1 contracts or other contracts were structured to the disadvantage of the government," Fu added.

"Given the allegations of corruption, we are reviewing the terms of the deal again," she said. "We have also asked the State Tourism Board to conduct an audit of the most recent race, of which accounts are ready for audit."

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"We remain committed to the F1 Singapore Grand Prix. Preparations for the 2024 race have started," Fu noted.

Fu took over the Minister-in-charge of Trade Relations in January after Iswaran resigned.