https://forums.hardwarezone.com.sg/threa...093/page-3
It appears that the affair may have originated in the London trial for fraud of former Formula One boss Bernie Ecclestone, who in June formally pleaded not guilty to a fraud charge over his alleged failure to declare millions of dollars held in a trust in Singapore to Britain's government. A source said the F1 accounts were adduced in evidence to prove corruption. One of the entries was said to be payment to Ong Beng Seng as his reimbursement for having paid for Iswaran's use of the VIP lounge of F1 in Singapore. A Singaporean is said to have spotted it and emailed the CPIB.
Given Ong’s ties to the island state’s ruling elite, the affair is also inconvenient for the long-ruling People’s Action Party, which is said to be gearing up for national elections well in advance of the November 2025 deadline imposed by parliamentary rules. Iswaran, 62, is a 22-year veteran lawmaker for the ruling People’s Action Party who has served as Transport Minister since 2021 and Minister of trade relations.
Ong, who owns hotels across the world, and his socialite wife. businesswoman Cristina Fu, are listed among Singapore’s 25 richest couples.
News reports said he recently secured an unprecedented seven-year contract for Singapore to continue the 15-year-old F1 race from 2022 to 2028, which blasts through surface streets in mid-September each year at speeds exceeding 325 km per hour. It is one of the major social events of the Singapore year, attracting fans from all over the world along with socialites of all stripes addicted to the glamor of high-speed racing.
According to other reports circulating in Singapore, which have not been confirmed, Ong allegedly organized a trip to the Silverstone track in the UK for Iswaran and a team from the transportation ministry in courting them to renew the annual race, which is a mixed benefit, generating debate on whether there is still value in hosting it.
While it has put the city on the world map and publicized the extravagant gaming and entertainment facilities in Sentosa, it costs S$150 million annually to produce, with the government picking up 60 percent of the cost. The Tourism Board said it draws as many as 350,000 visitors annually and generates hundreds of millions in receipts and sales.
Ong reportedly put the ministry staffers up in one of his London hotels and arranged a dinner in addition to the tickets to the concert by Adele, an English pop-soul singer-songwriter named Entertainer of the Year for 2012. The ministry team were said to be uncomfortable with the blandishments and all but one staffer were said ro begged off.
In Ong’s defense, the viral message alleged that as half of the Singapore side organizing the F1 Singapore Grand Prix, he had paid for the VVIP suite offered to Minister Iswaran, but then unwittingly claimed it as expense from his joint organizing partner, the Singapore Tourism Board (STB).
Further enquiries directed at reliable insider sources who had access to what was described as Ong’s “old boys’ network” also alleged Ong had provided advance notice to business bosses within his network regarding his renewal of the F1 race. His business contacts were then able to prepare in advance for bidding on Formula One-related contracts ranging from hospitality to construction and scaffolding before the tenders were officially announced.
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