Image source: Motorsport Week
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Ex-F1 boss Ecclestone pleads guility to £400m fraud
Bernie Ecclestone, former CEO of the Formula One Group, pleaded guilty to a charge of fraud by false representation in relation to £400m of offshore assets that he failed to declare. Ecclestone admitted that he was not clear on the ownership structure of the accounts and did not know if he was liable for tax on the funds passing through them. He now recognizes that some tax is due on these matters. The charge followed a complex global investigation into his activities, and the HMRC stated that no one is beyond their reach when it comes to tax fraud.
Source: Motorsport Week
