F1

Korea F1 circuit denies budget corruption

183 views

Even after hosting its inaugural Grand Prix less than two weeks ago, a cloud is above the future of Korea's Formula One race. The Yeongam circuit has failed a state safety inspection and cancelled a F3 race scheduled for November, amid new...

Even after hosting its inaugural Grand Prix less than two weeks ago, a cloud is above the future of Korea's Formula One race.

The Yeongam circuit has failed a state safety inspection and cancelled a F3 race scheduled for November, amid new reports of apparent corruption within the organising company and F1 promoter KAVO.

The Korea Herald said the South Jeolla provincial government is set to investigate, with some money from the circuit's construction budget spent without documentation.

"Over the next week, we're going to look through all the documents of KAVO," said Jung Hwan-dae, the vice-chairman of the provincial assembly.

"We're also planning to summon officials from KAVO to investigate how the money was spent. There is something wrong here," he added.

The undocumented expenditure amounts to more than $50 million, with other media reports alleging construction firms were paid off to avoid fees.

A KAVO spokesman would not say how the missing money was spent, but commented: "No illegal conduct took place."

Write a comment
Show comments
About this article
Series F1

User photos

akazoinho
F1

akazoinho

4 photos
Tim Holmes
F1

Tim Holmes

25 photos
EuroRacer
F1

EuroRacer

38 photos
Evan_DeCiren
F1

Evan_DeCiren

27 photos
jimmykwoods
F1

jimmykwoods

2 photos
nickmossdesign
F1

nickmossdesign

1 photos
EricDebris
F1

EricDebris

411 photos
hanmerdesign
F1

hanmerdesign

7 photos
Upload photo