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Former Formula 1 CEO Bernie Ecclestone has been ordered to pay $800 million after pleading guilty to tax fraud in court in the United (…)
Bernie Ecclestone, former CEO of Formula 1, has been ordered to pay $800 million after pleading guilty to tax fraud in a UK court. He admitted to committing fraud by false representation, relating to a trust held in Singapore that he had not disclosed to the government in 2015. Ecclestone held around $650 million in the trust and has now reached a settlement with HM Revenue and Customs, agreeing to pay back over $800 million. He was also given a suspended 17-month prison sentence. Ecclestone was charged after an investigation into his finances revealed misleading statements about his trusts and taxes. He resigned as CEO of Formula One in 2017.
Source: Racer
