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Long-time F1 chief Bernie Ecclestone pleaded guilty to fraud in a London court on Thursday, getting a 17-month prison sentence suspended for two years
Long-time Formula 1 chief Bernie Ecclestone pleaded guilty to fraud in a London court, receiving a suspended prison sentence and agreeing to pay £652.6 million to UK tax authorities. The case stemmed from an investigation into Ecclestone’s finances by HMRC, which revealed his failure to declare a Singapore-based offshore trust worth £400 million. Ecclestone had previously denied having additional trusts beyond one for his daughters but changed his plea to guilty and agreed to pay the civil settlement. The prosecutor stated that Ecclestone was not clear on the structuring of the accounts involved and did not know if they were liable for tax, interest, or penalties. Ecclestone’s defense emphasized his remorse and frail health, highlighting the immense stress caused by the trial.
Source: The Race
