Former Formula One boss and billionaire, Bernie Ecclestone, on Thursday, pleaded guilty to fraud charges in a London court.
The charges stemmed from allegations by British prosecutors that he concealed assets valued at hundreds of millions of dollars in offshore accounts.
Ecclestone, aged 92, admitted to fraud after failing to disclose a trust located in Singapore, which held approximately $650 million, to British tax authorities in 2015.
During a court appearance at Southwark Crown Court in London, he stated, “I plead guilty,” according to Forbes.
The Crown Prosecution Service had brought fraud charges against Ecclestone last year following an extensive inquiry by HMRC, the United Kingdom’s tax authority.
Initially, he had pleaded not guilty, and his trial for the fraud charges was scheduled for November.
Prosecutors revealed that Ecclestone had only disclosed one trust for his daughters to tax authorities.
He misled authorities by claiming he had no connections to additional trusts, despite his uncertainty about the ownership structures and their tax liability.
Prosecutors argued that his response was knowingly “untrue or misleading,” which could obstruct further investigations into his tax affairs.
Ecclestone reached a settlement with HMRC, agreeing to pay £652.6 million ($803 million) to cover 18 years of unpaid taxes.
His defense barrister mentioned that Ecclestone “bitterly regrets the events that led to this criminal trial.”
In the sentencing, Mr. Justice Bryan took into consideration Ecclestone’s age, health, and the absence of previous criminal convictions.
The judge emphasised that the offense was serious enough to warrant imprisonment but decided on a suspended sentence due to various mitigating factors.
With a net worth of $2.9 billion, Ecclestone, known as the “F1 Supremo,” played a pivotal role in transforming Formula One into a global phenomenon during his 40-year career.
In 2017, he relinquished control when Liberty Media acquired F1 for $4.4 billion.
