S’pore Worked Closely With the UK on the Investigation of ex-F1 Boss Bernie Ecclestone

The local Formula 1 scene is heating up, and I’m not talking about the race track.

So lest you’re unaware, three influential figures with connections to the Formula 1 brand (in one way or another) have been under fire of late: Minister S Iswaran, who was probed for apparent corruption issues; tycoon Ong Beng Seng, who was called in to assist with investigations, and ex-F1 boss Bernie Eccleston, who faced accusations of fraud since 2022.

What a “race” it has been, and this could just be the start.

Fraud Charge

Back in 2022, it was revealed that ex-F1 boss Bernie Ecclestone was facing a fraud charge for stowing hidden assets in an overseas bank. Apparently, more than 400 million pounds (S$659 million) of overseas assets were not declared.

The designated bank was in Singapore.

At the time, Ecclestone vehemently denied accusations of false representation that reportedly occurred between July 2013 and October 2016. He had previously been asked whether he was involved in any overseas trusts, to which he replied that he only had one and that it was for his daughters.

He claimed he was “not the settler nor beneficiary of any trust in or outside the UK”.

The setup was reportedly unravelled after a “complex and worldwide criminal investigation” by Britain’s tax authority, His Majesty’s Revenue and Customs (HMRC).

Fast forward to 2023, and it’s revealed that Singapore has been working proactively with the relevant UK authorities to provide information.

S’pore Worked Closely With the UK on the Investigation ex-F1 Boss Bernie Ecclestone

According to Finance Minister Lawrence Wong, the Monetary Authority of Singapore, the Singapore Police Force and the Attorney-General’s Chambers have been involved in the proactive sharing of information.

The statement was made in the Parliament, in response to questions by Worker’s Party (WP) MPs Louis Chua and He Ting Ru.

He also stated that in 2017, MAS had inspected the affiliated bank’s controls and its relationship with Ecclestone. It should be noted that when Ecclestone first gained “notoriety” in 2013, the bank had upgraded its monitoring controls where Ecclestone’s account was concerned.

The former F1 chief will be trialled later this year, in November.

This is not the first time that Ecclestone has undergone public scrutiny. He has made headlines for illegally carrying a gun and was previously drawn into his then-son-in-law’s money laundering case.

The Future of F1 Singapore

In Parliament, WP MP Gerald Giam also questioned the existing F1 Singapore Grand Prix contract, and whether it will continue in the same vein.

Lest you’re unaware, a new seven-year F1-Singapore deal was announced in January last year (27 January 2022).

It will last from 2022 to 2028.

Minister S.Iswaran, currently the primary figure in a CPIB probe, had said at the time that the collaboration would be a “strong focal point for tourists, global events and business meetings.”

Singapore’s reputation, he said, will be sustained as a global city with a vibrant lifestyle, and international visitors will increase.

Regarding this topic, Minister for Trade and Industry Gan Kim Yong was careful with his words, stating that he cannot comment on any ongoing investigations.

However, he clarified that the initial contractual decision was influenced by an independent study conducted by the Singapore Tourism Board.

He said the race has churned over $1.5 billion in incremental tourism receipts since 2008 and more than 550,000 unique visitors.

He also acknowledged the study’s conclusion, that the race will likely continue to benefit Singapore.