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Ex-F1 boss Bernie Ecclestone pleads guilty to fraud
Bernie Ecclestone, who led Formula 1 for over four decades, has pleaded guilty to a charge of fraud by false representation related to his failure to declare over £400m in trusts. The 92-year-old has reportedly reached a settlement with HM Revenue & Customs to pay over £600m to cover 18 tax years. The prosecution stated that Ecclestone was unclear on the ownership structure of the accounts involved and did not know if tax was applicable. The charge against Ecclestone follows a worldwide criminal investigation into the concealment of over £400m of offshore assets. This is not the first legal issue Ecclestone has faced, as he previously settled in a bribery trial in Germany between 2012 and 2014.
Source: motorsport