The former Formula 1 boss, Bernie Ecclestone, has pleaded guilty to tax fraud. He failed to declare a multi-million-pound trust in Singapore to the British tax authorities. The court has handed Ecclestone a 17-month sentence, which will be served if he reoffends within two years.
A Little Back Story
In July 2022, Ecclestone was officially charged with tax fraud after HM Revenue and Customs sent a file to the CPS. The file reported Ecclestone’s failure to declare foreign assets worth GBP 400 million. The first hearing of the case was initially scheduled for August 22, 2022, but it was later postponed to November 2023.
The Downfall Of Bernie Ecclestone
On Thursday, Southwark Crown Court in London announced a 17-month suspended sentence for 2 years to Bernie Ecclestone. He had failed to declare more than GBP 400 million worth of trust money in Singapore, which now stands at GBP 650 million. The 92-year-old admitted in court, “I plead guilty”. In 2015, Ecclestone had arranged a meeting with HMRC to come clean about an ongoing investigation into his finances. However, he lied to officials about the undeclared foreign assets, which led to the 17-month sentence.
In addition to the 17-month sentence, Ecclestone will also have to pay a total of GBP 652.6 million, which includes 18 years of back taxes, interest, and penalties, as well as a prosecution cost of GBP 74,000. This isn’t the first time that Ecclestone has made headlines for the wrong reasons. In 2014, he faced a bribery trial in Germany and was ordered to pay a £60 million fine. In 2022, he was arrested by Brazilian police for illegally carrying a gun while boarding a private plane.