Bernie Ecclestone tried to hide the money and was convicted in Britain of tax fraud.
The court sentenced the former owner of Formula 1, Bernie Ecclestone, who pleaded guilty to tax fraud.
A 92-year-old man is due to stand trial after being accused of making false statements to Britain’s tax office about his financial activities. He previously claimed in 2015 that he only owns a trust fund, which he set up for his daughters.
During the investigation, it was found that Ecclestone had another fund in Singapore, where hundreds of millions of dollars were undeclared. The former head of Formula 1 admitted that he had previously hidden this information, hoping that the case about his financial activities would be quickly closed.
In the end, Ecclestone was forced to admit that he owned a trust fund in Singapore, where he tried to hide $650 million in 2015.
After pleading guilty, the businessman reached a plea deal and agreed with HM Revenue & Customs to pay a fine of $803 million over 18 tax years, Sky News reports.
In addition, Ecclestone was given a suspended prison sentence of 17 months.
Note that the businessman ruled Formula 1 from the late 1970s until January 2017. Forbes estimates his net worth at $2.9 billion.
Remind you that earlier the son of Michael Schumacher was denied the position of the main pilot at Williams.
Source: korrespondent
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.
