Iswaran, represented by Senior Counsel Davinder Singh, denied all the charges.
The last minister in Singapore to be involved in a graft probe was back in 1986.
Iswaran, 61, was arrested last July. Ong Beng Seng, managing director of listed Hotel Properties
Ong was instrumental in bringing in the F1 races to Singapore and Iswaran was the key minister fronting the annual races.
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As Iswaran was under probe, his pay was cut by more than 80% to $8,500 a month.
Following the charges, Iswaran has resigned as a cabinet minister and a member of the People's Action Party (PAP). He will also step down from his position as a Member of Parliament (MP) for West Coast GRC.
Acting transport minister Chee Hong Tat will be made full minister and is now the transport minister. Second minister for finance Grace Fu will assume all responsibilities as minister-in-charge for trade relations.
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Iswaran will return the salary and allowances he received since the investigations began.
The prosecution was a three-man team led by Chief Prosecutor Tan Kiat Pheng.
A pre-trial conference has been set for March 1.
