Bernie Ecclestone (GBR). 05.03.2023. Formula 1 World Championship, Rd 1, Bahrain Grand Prix, Sakhir, Bahrain, Race Day.
Former long-serving Formula 1 boss Bernie Ecclestone has pleaded guilty to fraud after failing to declare more than £400million worth of overseas assets.
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.
Liberty Media’s takeover in late 2016 resulted in Ecclestone stepping down in January 2017. He was then handed a Chairman Emeritus position within the restructured organisation.
Last July, the Crown Prosecution Service noted that it had “authorised the charging of Bernard Charles Ecclestone with fraud by false representation, following a HMRC investigation”, relating to a solitary count of fraud committed on July 7, 2015.
Ecclestone, who previously underwent a bribery trial in Germany from 2012-14, failed to declare over £400m in trusts that he retained in a Singapore bank account.
Appearing at Southwark Crown Court, Ecclestone has now pleaded guilty to the singular charge brought against him.
(L to R): Piero Ferrari (ITA) Ferrari Vice-President with Bernie Ecclestone (GBR) and Dr Helmut Marko (AUT) Red Bull Motorsport Consultant. 05.03.2023. Formula 1 World Championship, Rd 1, Bahrain Grand Prix, Sakhir, Bahrain, Race Day.
Explaining the situation, Sky News recount prosecutor Richard Wright KC stating: “Mr Ecclestone was not entirely clear on how ownership of the accounts in question were structured.
“He therefore did not know whether it was liable for tax, interest or penalties in relation to amounts passing through the accounts.
“Mr Ecclestone recognises it was wrong to answer the questions he did because it ran the risk that HMRC would not continue to investigate his affairs. He now accepts that some tax is due in relation to these matters.”
Meanwhile, Simon York, the director of the HMRC’s Fraud Investigation Service, says the process “follows a complex and worldwide criminal investigation” against Ecclestone’s activities.
“The criminal charge relates to projected tax liabilities arising from more than £400m of offshore assets which were concealed from HMRC.
“HMRC is on the side of honest taxpayers and we will take tough action wherever we suspect tax fraud. Our message is clear – no one is beyond our reach.”
Keyword: Ex-F1 boss Ecclestone pleads guility to £400m fraud