logo
FIA head Ben Sulayem laughs off 'reign of terror' jibe

FIA head Ben Sulayem laughs off 'reign of terror' jibe

Straits Timesa day ago
Sign up now: Get ST's newsletters delivered to your inbox
FILE PHOTO: FIA President Mohammed Ben Sulayem addresses delegates during the FIA General Assembly at the Kigali Convention Center, in Kigali, Rwanda December 13, 2024. REUTERS/Jean Bizimana/File Photo
SILVERSTONE, England - FIA head Mohammed Ben Sulayem laughed off talk of a 'reign of terror' inside motorsport's world governing body and promised on Sunday the coming presidential election would be fair and transparent.
The Emirati is seeking a second term in December after being first elected in 2021, with American Tim Mayer the sole declared opponent.
Mayer announced his candidacy on Friday ahead of the British Formula One Grand Prix at Silverstone, telling a press conference he saw a "failure in leadership" at the FIA.
"Those people work very hard. They deserve leadership that provides them with tools, with a vision, with resources and more than anything else does not have a reign of terror every time they walk into the office," Mayer said.
Ben Sulayem found the assertion ridiculous.
"I just laughed. I actually had a smile. I said whoever is saying this, they are disconnected with the FIA. Honestly," he told Reuters.
"You go to the FIA and just enter and see. Sit with them, tell them it's just between you and them, and ask them the question. I think maybe he's confusing the period," he added.
Top stories
Swipe. Select. Stay informed.
Singapore First BTO project in Sembawang North to be offered in July HDB launch
Singapore Woman on SMRT bus 190 injured after bottle thrown at vehicle leaves hole in window
Asia 'Don't be seen in India again': Indian nationals pushed into Bangladesh at gunpoint
Asia Two women fatally stabbed at bar in Japan by man
Business High Court orders Instagram seller to pay Louis Vuitton $200,000 in damages over counterfeit goods
Singapore MOH studying 18 proposals to integrate TCM into public healthcare
Asia Malaysian commando dies during military diving exercise off Kuantan coast
Singapore His world crashed when he got F9 in O-level Tamil but PropNex co-founder Ismail Gafoor beat the odds
The FIA headquarters in Paris is on the Place de la Concorde, where from 1793-94 public executions by guillotine were carried out during the French revolutionary 'Reign of Terror'.
There has been a high turnover of senior staff since Ben Sulayem took office, including former Deputy President for Sport Robert Reid who resigned in April.
"Decisions are being made behind closed doors, bypassing the very structures and people the FIA exists to represent," Reid said then.
Ben Sulayem, whose reign so far has featured a number of controversies including statute changes that opponents say make it harder for rivals to stand against him, defended his record.
"Have you ever read any article where I said negatively about a single person? That's not me," he said.
Reminded he had told Reuters in May that he had "cleaned up the FIA house" and rid it of enemies who wanted to stab him in the back, Ben Sulayem smiled:
"It's not because they don't want to stab me, it's because there's no space left.
"Truly numbers do not lie... they (the members) are happier, they can see that the money is invested back in. And in everything there is governance."
Of the election, the former rally driver said he was prepared.
"It's like putting your helmet and gloves back on. Really it reminds me of competitions, and competition is always good," he added.
"We have such clear guidelines that now you cannot fiddle around with anything and that will never happen, not in my reign."
Mayer, 59, is the son of former McLaren team principal Teddy Mayer and has previously served as a voluntary steward and FIA commission member and national association representative for the United States.
He was also senior vice-president of racing operations at IndyCar/Champ Car from 1998-2003 and COO of the IMSA and American Le Mans sportscar Series from 2004-2009. REUTERS
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

US: Wall St opens lower on tariff jitters; Tesla down on Musk's political plans
US: Wall St opens lower on tariff jitters; Tesla down on Musk's political plans

Business Times

time32 minutes ago

  • Business Times

US: Wall St opens lower on tariff jitters; Tesla down on Musk's political plans

[NEW YORK] Wall Street's main indexes opened lower on Monday (Jul 7) as tariff tensions kept investors on edge, while Tesla shares slid after CEO Elon Musk announced his plans to launch a political party. The Dow Jones Industrial Average fell 25.2 points, or 0.06 per cent, at the open to 44,803.36. The S&P 500 fell 20.3 points, or 0.32 per cent, at the open to 6,259.04​, while the Nasdaq Composite dropped 110.6 points, or 0.54 per cent, to 20,490.55 at the opening bell. REUTERS

US signals trade announcements imminent as deadline looms
US signals trade announcements imminent as deadline looms

Straits Times

timean hour ago

  • Straits Times

US signals trade announcements imminent as deadline looms

Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: Cranes at the Port of Los Angeles are empty of cargo ships as shown with a drone at in San Pedro California, U.S., May 13, 2025. REUTERS/Mike Blake/File Photo WASHINGTON/BRUSSELS - The United States will make several trade announcements in the next 48 hours, Treasury Secretary Scott Bessent said on Monday, adding that his inbox was full of last-ditch offers from countries to clinch a tariff deal before a July 9 deadline. The clock is ticking down for countries around the world to conclude deals with the U.S. after President Donald Trump unleashed a global trade war that has roiled financial markets and sent policymakers scrambling to protect their economies. Bessent did not say which countries could get deals and what they might contain. Trump has kept much of the world guessing on the outcome of months of talks with countries hoping to avoid the hefty tariff hikes he has threatened. "We've had a lot of people change their tune in terms of negotiations. So my mailbox was full last night with a lot of new offers, a lot of new proposals," Bessent said in an interview with CNBC. "So it's going to be a busy couple of days." TARIFF LETTERS TO START GOING OUT Trump said the U.S. would start delivering tariff letters from 12 p.m. ET (1600 GMT) on Monday, but Bessent said they would not necessarily contain ultimatums. "It's just 'thank you for wanting to trade with the United States of America,'" he said. "'We welcome you as a trading partner, and here's the rate, unless you want to come back and try to negotiate'." Top stories Swipe. Select. Stay informed. Singapore Eligible S'poreans to get up to $850 in GSTV cash, up to $450 in MediSave top-ups in August Singapore Four golf courses to close by 2035, leaving Singapore with 12 courses Singapore Singapore's second mufti Shaikh Syed Isa Semait dies at age 87 Singapore Fewer marriages in Singapore in 2024; greater marital stability for recent unions Singapore Shell heist: Second mastermind gets more than 25 years' jail for siphoning $100m of fuel Asia 72-year-old man on diving trip to Pulau Tioman in Malaysia found dead on the beach Singapore Jail for ex-auxiliary police officer who loaded one bullet and accidentally discharged revolver Singapore $1.46b nickel scam: Ng Yu Zhi opts to remain silent after judge calls for his defence For its part, the European Union still aims to reach a trade deal by July 9 after Commission President Ursula von der Leyen and Trump had a "good exchange", a Commission spokesperson said. It was not immediately clear, however, whether there had been a meaningful breakthrough in talks to stave off tariff hikes on the United States' largest trading partner. Adding to the pressure, Trump threatened to impose a 17% tariff on EU food and agriculture exports, it emerged last week. Trump had on Sunday said the U.S. was close to finalising several trade pacts and would notify other countries by July 9 of higher tariff rates. He said they would not take effect until August 1, a three-week reprieve. He also put members of the developing nations' BRICS group in his sights as its leaders met in Brazil, threatening an additional 10% tariff on any BRICS countries aligning themselves with "anti-American" policies. The BRICS group comprises Brazil, Russia, India and China and South Africa along with recent joiners Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates. Trump's comments hit the South African rand. EU SEEKS EFFECTIVE APPROACH TO TRUMP More broadly, stocks drifted and the U.S. dollar held near multi-year lows after the U.S. flagged the tariff reprieve but failed to provide specifics. The EU has been torn over whether to push for a quick and light trade deal or back its own economic clout in trying to negotiate a better outcome. It had already dropped hopes for a comprehensive trade agreement before the July deadline. "We want to reach a deal with the U.S. We want to avoid tariffs," the spokesperson told reporters at a daily briefing. "We want to achieve win-win outcomes, not lose-lose outcomes." Without a preliminary agreement, broad U.S. tariffs on most imports would rise from their current 10% to the rates set out by Trump on April 2. In the EU's case, that would be 20%. Von der Leyen also held talks with the leaders of Germany, France and Italy at the weekend, Germany said. Chancellor Friedrich Merz has repeatedly stressed the need for a quick deal to protect industries vulnerable to tariffs ranging from cars to pharmaceuticals. The German spokesperson said the parties should allow themselves "another 24 or 48 hours to come to a decision". Germany's Mercedes-Benz said on Monday its second-quarter unit sales of cars and vans had fallen 9%, blaming tariffs. Russia said BRICS was "a group of countries that share common approaches and a common world view on how to cooperate, based on their own interests". "And this cooperation within BRICS has never been and will never be directed against any third countries," said Kremlin spokesman Dmitry Peskov. REUTERS

Explainer-Konstantin Strukov, the Russian gold billionaire facing Russian asset seizure
Explainer-Konstantin Strukov, the Russian gold billionaire facing Russian asset seizure

Straits Times

timean hour ago

  • Straits Times

Explainer-Konstantin Strukov, the Russian gold billionaire facing Russian asset seizure

Sign up now: Get ST's newsletters delivered to your inbox MOSCOW - Russian prosecutors are seeking to seize billionaire Konstantin Strukov's majority stake in major gold producer Uzhuralzoloto (UGC) for the state. A hearing at the Sovetsky District Court in the Urals city of Chelyabinsk is scheduled for July 8 in a case that marks the latest in a string of asset seizures by the Russian state. WHO IS KONSTANTIN STRUKOV? Strukov, born in Russia's Orenburg Region in 1958, worked in mining straight after graduating from Magnitogorsk State Technical University. Uzhuralzoloto was founded as a Soviet enterprise in 1976 and was privatised in 1993 following the Soviet Union's collapse. Production had almost ground to a halt by 1997, when Strukov became head of the unprofitable enterprise. A business of the same name was created and assets, including the Svetlinsky gold deposit - the largest in the Urals region - were transferred to it. The company subsequently went bankrupt and Strukov was able to acquire its underlying assets and shares in a new company for 12.8 million roubles ($162,600). Top stories Swipe. Select. Stay informed. Singapore Eligible S'poreans to get up to $850 in GSTV cash, up to $450 in MediSave top-ups in August Singapore Four golf courses to close by 2035, leaving Singapore with 12 courses Singapore Singapore's second mufti Shaikh Syed Isa Semait dies at age 87 Singapore Fewer marriages in Singapore in 2024; greater marital stability for recent unions Singapore Shell heist: Second mastermind gets more than 25 years' jail for siphoning $100m of fuel Asia 72-year-old man on diving trip to Pulau Tioman in Malaysia found dead on the beach Singapore Jail for ex-auxiliary police officer who loaded one bullet and accidentally discharged revolver Singapore $1.46b nickel scam: Ng Yu Zhi opts to remain silent after judge calls for his defence After that, production restarted thanks to gold deposits it had acquired in the Khakassia and Krasnoyarsk regions. From 2004 to 2012, UGC's annual output increased to 10 metric tons from three tons. The company has 17 core assets and eight processing facilities across two major regional bases. Production in 2024 fell by 17% to 10.6 tons year-on-year, due to some mines being closed at the regulator's behest. UGC expects output to increase this year to as much as 14.4 tons. Strukov, whose fortune is estimated by Forbes at $1.9 billion, was placed under sanctions by some Western countries after Moscow sent troops into Ukraine, including Britain, which has said his work as a director of a company in the Russian extractives sector supported the Russian government. Since 2000, Strukov has served on Chelyabinsk Region's legislative assembly. He is deputy speaker of the region's parliament and a member of the ruling United Russia party. WHAT IS THE CASE AGAINST STRUKOV? The Chelyabinsk court told Reuters that Russia's deputy prosecutor general had filed a lawsuit against Strukov and several other people, accusing them of obtaining property "through corruption". It did not specify further details, but Russian news agencies reported, citing a law enforcement source, that prosecutors were seeking to convert Strukov's entire stake in UGC to state property. The Kommersant daily, citing court documents, reported that prosecutors believe Strukov used the bankruptcy procedure and his position as a state official to transfer assets to UGC. According to Kommersant, searches were conducted at UGC offices last week in relation to alleged violations of environmental legislation and industrial safety rules. The newspaper also reported, citing court documents, that 200 billion roubles of Strukov's assets could be confiscated and that he had used a Cypriot offshore company to conceal his involvement with UGC. Reuters has sought comment from Strukov through UGC. Strukov owns a 67.8% stake in UGC, according to company data as of the end of 2024. A company connected to Gazprombank bought a 22% stake late last year and the remaining 10% of shares floated on the Moscow Exchange in 2023 and 2024 in two public offerings. The central bank suspended trading of UGC's Moscow-listed shares on Friday after they slumped almost 30% in two sessions. The company said in an investor-focused blog on Friday that protecting minority shareholders' rights was a top priority. An anonymous comment on that post said: "The casino is safer than the stock market." IMPACT ON RUSSIA'S BUSINESS CLIMATE? Foreign companies have grappled with the risk of state seizure since Russia sent troops into Ukraine in February 2022, but Moscow, citing strategic stability and domestic security, has increasingly turned its attention to domestic assets too. It was not clear why Strukov and UGC were targeted. Moscow has been sending mixed messages on foreign investment, seeking to present Russia as a viable destination for foreign capital, while also arresting top business figures. Foreign investment has declined sharply since the start of the conflict in Ukraine. Vadim Moshkovich, the billionaire founder of Russia's top agriculture company Rusagro, has been held in pre-trial detention since late March on charges of embezzlement that he denies. REUTERS

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store