F1 Tycoon Pleads Guilty in Landmark Singapore Corruption Case

The billionaire credited with bringing Formula One to Singapore has pleaded guilty to corruption in one of the highest-profile white-collar crime cases in the country’s history.

Hotel and motorsport entrepreneur Ong Beng Seng admitted to charges related to bribing a senior government minister, casting a shadow over the glamorous image of the Singapore Grand Prix and raising questions about corporate influence in public life.

The 79-year-old tycoon, who heads the Singapore GP and owns the luxury hospitality group Hotel Properties Limited (HPL), was fined S$100,000 (approx. A$113,000) after admitting he gave bribes to former Transport Minister S. Iswaran in the form of paid flights, hotel stays, and tickets to high-profile events including the F1 races in Singapore and Europe.

The charges relate to offences committed between 2015 and 2022, and come as part of a broader corruption scandal that saw Iswaran resign from public office and agree to return salary payments. Singapore’s Corrupt Practices Investigation Bureau (CPIB) led the case, with officials describing the prosecution as one of the most serious since the agency’s formation.

Ong, who was charged in March with 27 counts under the Prevention of Corruption Act, pleaded guilty to one charge under a deal with prosecutors. The remaining charges were taken into consideration.

He admitted to paying over S$150,000 worth of benefits to Iswaran, which included business class airfares for the minister and his wife, accommodation at luxury hotels in Doha and Monaco, and entry to events such as the 2019 British Grand Prix and West End theatre shows.

The prosecution argued that Ong’s intention was to “cultivate favour” with the minister, whose role involved approving and supporting the contract extension of the Singapore Grand Prix. Iswaran was the key point of contact between the government and Singapore GP Pte Ltd, the company controlled by Ong that holds the race rights.

In court, Deputy Public Prosecutor David Koh said that Ong had “demonstrated genuine remorse” and cooperated fully with investigators, including voluntarily surrendering all relevant evidence. He was also said to be in declining health, a factor taken into account during sentencing.

The court noted that the offence occurred “in a setting where public-private sector partnerships are common,” and that while Ong’s intent was to maintain a strong relationship with the minister, such acts were nonetheless a serious breach of anti-corruption laws.

Singapore’s strict anti-graft reputation made this case particularly significant, as the city-state has long marketed itself as a clean and transparent hub for global business. The CPIB said the result showed “no one is above the law.”

SINGAPORE, SINGAPORE – SEPTEMBER 21: Charles Leclerc of Monaco driving the (16) Ferrari SF-24 on track during qualifying ahead of the F1 Grand Prix of Singapore at Marina Bay Street Circuit on September 21, 2024 in Singapore, Singapore. (Photo by Clive Mason/Getty Images)

The Singapore Grand Prix, first staged in 2008, was the first night race in Formula One and quickly became one of the most prestigious and visually spectacular events on the calendar. Ong played a central role in securing the rights for the city-state and has long been regarded as the architect behind its success.

Despite the scandal, the future of the race appears secure. Formula One has confirmed that the event will continue under the existing contract, which was renewed in 2022 and runs until at least 2028. Singapore GP Pte Ltd also released a statement reaffirming its commitment to upholding high standards of integrity and transparency.

The incident does, however, shine an uncomfortable spotlight on the often-opaque world of event negotiations, sponsorship deals and political lobbying that underpins global motorsport.

Ong remains a powerful figure in Southeast Asian business circles, with investments in hospitality, real estate, and event promotion. His company owns and operates several high-profile hotels across the region, including the Four Seasons and Hilton properties in Singapore.

The case is the latest in a series of controversies that have surfaced in Formula One’s global expansion, with scrutiny intensifying around its commercial operations in the Middle East, Asia and the United States.