Former Formula One boss Bernie Ecclestone pleads guilty to tax fraud

formula one former boss of Bernie Ecclestone Has admitted fraud in the court hearing on Thursday. Prosecutors have accused him of failing to provide information to the British government about millions of dollars held in a trust in Singapore. The 92-year-old billionaire did not disclose the trust when asked by tax authorities whether he owned assets abroad. The court was told that Ecclestone has agreed to repay £653 million to HM Revenue and Customs in a civil settlement.

Was the boss of Formula One for four decades

The 92-year-old billionaire said at Southwark Crown Court in central London that I admit my crime. Ecclestone led Formula One racing for four decades from 1970 to 2017. He came into this after leaving his post as Chief Executive. Prosecutors allege that when asked about any trusts abroad in which he was involved, he did not provide information about a trust in Singapore. There were approximately 650 million dollars in the bank account of this trust.

now the turn of punishment

They say Ecclestone claimed he had only set up a trust in favor of his three daughters, and was not a resident or beneficiary of any trust in or outside the UK. Prosecutors say he acted dishonestly and intended to profit from his claims. He was scheduled to stand trial next month after initially pleading not guilty. He is to be sentenced later.

confessed to the crime in court

Ecclestone arrived at Southwark Crown Court with his wife and spoke to the judge only to say that he pleaded guilty and confirmed the basic details.