Image source: RacingNews 365
P1racenews AI automatic summary:
Former Formula 1 boss Bernie Ecclestone has admitted to fraud for failing to declare £400 million in a trust. He initially denied the charges but pleaded guilty in court on Thursday. Ecclestone failed to disclose a bank account in Singapore that held approximately $650 million. When asked if he had connections to other trusts, Ecclestone falsely answered “No.” He now acknowledges that he should not have provided misleading information and accepts that he owes taxes in relation to these matters. Ecclestone was the head of Formula 1 for many years before being removed from his CEO position in 2017 when Liberty Media bought the commercial rights for the sport.
Source: RacingNews 365
