Former Formula 1 Mogul Bernie Ecclestone Pleads Guilty to £400 Million Fraud
In a shocking turn of events, ex-Formula 1 boss Bernie Ecclestone, 92, has pleaded guilty to fraud after failing to disclose over £400 million held in a trust located in Singapore to the government. Ecclestone's plea occurred at Southwark Crown Court, where he appeared dressed in a dark suit and grey tie, accompanied by his third wife, Fabiana Flosi. This confession comes as a stark reversal from his previous denial of the charges.
The charge against Ecclestone, who had a nearly four-decade-long reign as the head of Formula One, revolves around his alleged failure to declare a trust based in Singapore containing approximately $650 million US in July 2015, equivalent to about £400 million at that time. Prosecutors revealed that Ecclestone had initially stated he had "established only a single trust" for his daughters, Deborah, Tamara, and Petra, and had no links to any additional trusts "in or outside the UK."
Prosecutor Richard Wright KC pointed out, "That answer was untrue or misleading. Mr. Ecclestone knew his answer may have been untrue or misleading. As of July 7, 2015, Mr. Ecclestone did not know the truth of the position, so was not able to give an answer to the question." Wright continued, explaining that Ecclestone's lack of clarity regarding the ownership of the accounts raised questions about the tax liability and penalties associated with the funds.
As a result of his guilty plea, Ecclestone will no longer be subjected to trial in November, concluding a legal saga that began with an investigation into his financial affairs by HM Revenue and Customs (HMRC).
