Former long-serving Formula 1 boss Bernie Ecclestone has pleaded guilty to fraud after failing to declare more than £400million worth of overseas assets.
Last July, the Crown Prosecution Service “authorised the charging of Bernard Charles Ecclestone with fraud by false representation, following a HMRC investigation”, relating to a count of fraud committed in July 2015.
Ecclestone had failed to declare over £400m in trusts that he retained in a Singapore bank account. Appearing at Southwark Crown Court, Ecclestone pleaded guilty to the singular charge brought against him.
The 92-year-old has avoided prison time after agreeing to pay His Majesty’s Revenue and Customs £653m. He was also given a 17-month suspended sentence, suspended for two years.
Ecclestone rose to prominence in F1 as owner of the title-winning Brabham team between 1972-87, while serving as Chief Executive Officer of the Formula One Group for over 40 years until January 2017.
Liberty Media’s takeover in late 2016 resulted in Ecclestone stepping down. He was then handed a Chairman Emeritus position within the restructured organisation, which was later withdrawn.
Ecclestone previously paid a German court £60m to conclude a case concerning alleged bribery claims.
