Jul.17 (GMM) Dark clouds are gathering over Formula 1’s otherwise popular and successful Singapore GP.
Billionaire hotel tycoon Ong Beng Seng, reportedly the sole owner and promoter of F1’s first night race, will be arrested by the Singapore government as he is implicated in a corruption scandal.
The scandal also involves high-ranking government minister S. Iswaran, who has also been deeply involved in the city-state’s F1 event, which has become a blue-ribbon grand prix since debuting in 2008.
Shares in Beng Seng’s company Hotel Properties Limited plummeted 6 percent at the outbreak of the news.
The company confirmed: “He will be travelling from July 14 and will be surrendering his passport upon his return to Singapore.”
And minister Iswaran has been told by Singapore prime minister Lee Hsien Loong to take a leave of absence.
It is not known if the scandal could affect the future of the Singapore GP, with the race contract having been extended for another seven years in 2022.