Bernie Ecclestone has pleaded guilty and admitted fraud dating back to 2015, when he was still F1 manager.
The hearing took place at Southwark Crown Court, with Ecclestone accompanied by his wife Fabiana and his defense team. The case involves his failure to declare a trust in Singapore with bank accounts worth about $650 million.
Ecclestone had denied the charges until Thursday, when he admitted fraud and pleaded guilty. Interestingly, this happened in May 2015 when he was still his F1 boss. At this time, Liberty Sports was looking for a new owner until the media intervened.
The charges against Ecclestone were brought by HMRC officers following such findings from a tax audit. During the investigation, he denied his involvement in a trust fund intended to benefit his daughters Deborah, Tamara and Petra, but this is misleading/untrue.
The investigation revealed that Ecclestone benefited from the trust, although he was unaware of its structure at the time of the initial investigation. “This answer was false or misleading. Mr Ecclestone knew that his answer was likely to be false or misleading,” prosecutor Richard Wright KC said. Ta.
“As of 7 July 2015, Mr Ecclestone was unable to answer the question as he did not know the truth of this position. It was not entirely clear what was being done.
“He therefore had no idea whether tax, interest or penalties would be payable on the amounts flowing through the account.” Mr Ecclestone said there was a risk that HMRC would not investigate him. I admit it was a mistake to answer his question. More circumstances. He now accepts that some taxes should be paid in connection with these matters. ”
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