Arrest warrant against top Singapore GP: Implications for GP?

Singapore's fraud squad today issued an arrest warrant for billionaire Ong Beng Seng, reports US news agency CNBC. Beng Seng has been a key figure for the organisers of the Singapore Grand Prix since 2008. Whether his arrest will affect the Grand Prix to be held in September is currently unknown.

A week earlier, Singapore's transport minister was already under investigation, after which he was temporarily suspended. So today it was announced that Ong Beng Seng will also be heard in a major corruption investigation. He is to make a statement and provide all information about his contacts with Minister Iswaran. Once the billionaire returns to Singapore, he will be asked to surrender his passport.

Key figure for Singapore GP

Ong Beng Seng is seen as the man who managed to bring F1 to Singapore in 2008. His company also managed to work with the Singapore Tourism Board last year to secure the race on the F1 calendar until at least 2028. Since 2008, the Grand Prix has already generated over one and a half billion dollars for the Singapore government and tourism has increased exponentially.

Consequences for Singapore GP?

Beng Seng is the CEO of HPL, a major international hotel chain. In an official statement today, the company revealed that the CEO will continue in office for now but that HPL will continue to monitor the matter and reconsider Ong Beng Seng's suitability if necessary. The Singapore GP organisation has yet to comment on the arrest warrant. Whether and what consequences this will have for the Grand Prix will become clear in the coming weeks.