Former Formula One boss Bernie Ecclestone has pleaded guilty to fraud after failing to declare more than £400 million in trust fund accounts in Singapore.
Last year, HM Revenue and Customs accused Ecclestone of deliberately failing to declare his foreign assets. Bernie denied the charges at a preliminary hearing but pleaded guilty to tax fraud at Southwark Crown Court on Thursday.
Prosecutors allege Bernie Ecclestone made false and misleading statements at a meeting with HM Revenue and Customs in July 2015, when he said he had set up “just one trust” for the benefit of his daughters Deborah, Tamara and Petra.
In court today, Bernie gave only his first name and made a brief statement: “I plead guilty.” Prosecutors added that Ecclestone had agreed to pay £652 million in fines. The court hearings in this case will take place in November 2023.
Source: F1 News
I am Christopher Clyde, an experienced journalist and content writer with a passion for sports. I have been writing about Formula 1 news for the past five years and am currently employed as an author at athletistic.com, one of the top sports websites in the US.
