Bernie Ecclestone Admits to Fraud Charges
He now accepts that some tax is due in relation to these matters.
Bernie Ecclestone, the former head of Formula One, has received a suspended sentence after admitting to fraud.
The 92-year-old failed to disclose over £400 million held in a trust in Singapore when questioned by tax authorities in 2015.
As part of a civil settlement, Ecclestone has committed to repaying nearly £653 million to HM Revenues and Customs.
He has been handed a 17-month prison sentence, suspended for two years.
Originally set to face trial next month, Ecclestone initially pleaded not guilty.
The court heard that a meeting occurred between Ecclestone and HMRC officials in July 2015.
It was revealed that Ecclestone was looking to conclude investigations into his tax affairs, as he was tired of footing substantial bills for advice.
At the time, he stated that he only had one trust, which was established on behalf of his daughters.
According to the charge, he informed HMRC that he was “neither the settlor nor beneficiary of any trust in or outside the UK.”
However, subsequent investigations, described by HMRC as “complex and international,” proved this statement to be false.
On Thursday, Ecclestone arrived at Southwark Crown Court alongside his wife Fabiana. He spoke only to enter a guilty plea and confirm basic details.
He appeared frail as he addressed the judge in court.
His legal team argued that due to his advanced age, health issues, and low risk to the public, the former F1 boss should not face a prison term.
In his defence, Christine Montgomery stated that Ecclestone “deeply regrets the events that led to this criminal trial.”
Following Ecclestone’s admission of guilt, prosecutor Richard Wright told the court that the defendant had knowingly provided an “untrue or misleading” response to HMRC when he claimed he had no additional trusts outside the UK.
Wright went on to say, “As of 7 July 2015, Mr Ecclestone did not know the truth of the position, so was not able to give an answer to the question.
“Mr Ecclestone was not entirely clear on how ownership of the accounts in question were structured.
“He therefore did not know whether it was liable for tax, interest or penalties in relation to amounts passing through the accounts.
“Mr Ecclestone recognises it was wrong to answer the questions he did because it ran the risk that HMRC would not continue to investigate his affairs.
“He now accepts that some tax is due in relation to these matters.”
