Former Formula One chief Bernie Ecclestone has received a suspended sentence after pleading guilty to fraud for not declaring over £400m held in a Singapore trust in 2015. The 92-year-old billionaire, who appeared frail in court, admitted to giving an inaccurate response to tax authorities about his financial affairs.
Ecclestone’s failure to declare the substantial sum came to light during an investigation led by HM Revenues and Customs (HMRC). In a court hearing, it was disclosed that Ecclestone had agreed to repay almost £653m to HMRC as part of a civil settlement. He received a 17-month prison sentence, suspended for two years.
The court was informed that Ecclestone had misled HMRC during an inquiry into his tax affairs, stating he had only one trust established for his daughters. However, subsequent investigations revealed the inaccuracy of this statement. Ecclestone’s legal team argued against imprisonment, citing his advanced age, health issues, and minimal risk to the public.
Ecclestone, accompanied by his wife Fabiana, entered Southwark Crown Court and pleaded guilty, expressing remorse for the circumstances leading to the trial. Prosecutor Richard Wright revealed in court that Ecclestone had provided an “untrue or misleading” response to HMRC, jeopardising their investigation. Wright clarified that Ecclestone’s lack of clarity about the ownership structure of the accounts in question contributed to the misinformation.
Christine Montgomery, Ecclestone’s defence attorney, acknowledged her client’s regret and emphasised that he now recognizes the wrongfulness of his actions.
Ecclestone’s case, steeped in intrigue and financial complexity, has spotlighted the issue of tax evasion in the upper echelons of society. While Ecclestone avoids immediate incarceration, the suspended sentence serves as a stern reminder of the legal consequences for financial misconduct, even for the most influential figures.
Kiki Garba
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from MoMusicDate