More than 400 million francs hidden: ex-F1 boss Bernie Ecclestone admits mega tax fraud

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Bernie Ecclestone (92) was charged with tax evasion last summer. He is said to have hidden foreign assets worth approximately R443 million. In concrete terms, it concerns a trust that he set up abroad and the beneficiaries of which would be his three daughters. But the UK Finance and Tax Authority believes he wanted to profit from the undeclared assets himself.

Until now, Ecclestone had always denied any wrongdoing. But now the former Formula 1 boss is making a U-turn.

“I plead guilty,” Ecclestone said at a hearing at London’s Southwark Crown Court on Thursday, ahead of the trial scheduled for November. With this guilty plea, the court should now impose a sentence without a lengthy hearing. It is not clear whether Eccelstone will go to prison. Theoretically, up to ten years in prison would be possible.

Already in court in 2013

Ecclestone shaped Formula 1 like no other and turned it into a global billion-dollar company from the 1970s onwards.

It is not the first time he has appeared in court. He was charged after the sale of Formula 1 to investment company CVC in 2006. The accusation at the time: bribery. In April 2013 he was tried in Munich. Just four months later, the procedure was stopped. For a down payment of almost 100 million francs.

Shortly afterwards, Ecclestone was dismissed as general manager by new Formula 1 owner Liberty Media.

Source : Blick