The government of the city-state of Singapore will review the terms of its agreement to host the Formula One Grand Prix after its former transport minister was charged with corruption, an official said today. 

Former Transport Minister Subramaniam Iswaran, known as S. Iswaran, resigned last month after being charged with 27 offences following a high-level corruption investigation in the Southeast Asian island city-state. He has pleaded not guilty to the charges, most of which relate to corruption.

As well as the former minister, the case also implicates billionaire hotel tycoon Ong Beng Seng, who is credited with helping to bring the first Formula One night race to Singapore in 2008. Minister for Trade and Industry Grace Fu told Parliament on Monday that "in light of the allegations of corruption, we are reviewing the terms of the (F1) agreement".

"So far, there is nothing to suggest that either the F1 contracts or any other contracts have been structured to the detriment of the government," the minister said. The Singapore Tourism Board (STB) has been tasked with reviewing the 2022 edition of the race, Fu said. The STB signed a contract with promoter Ong's Singapore GP in 2007 to organise the night race.

The contract was renewed in 2012, 2017 and 2022, extending the current term to 2028. "While we will review all government contracts to protect Singapore's interests, we remain committed to the Singapore F1 Grand Prix. Preparations for the 2024 race have already begun," said Grace Fu, ruling out any impact on this year's race.

These include allegations that he received bribes or payments from property tycoon Beng Seng. Some of these payments allegedly include flights on Ong's private plane and tickets to the Singapore Grand Prix, which Iswaran advised on. 

The investigation has captured the attention of Singapore, a country of five million people that has become a major global financial centre in recent decades and has a reputation for being one of the least corrupt countries in the world.