Former Method One boss Bernie Ecclestone has been given a suspended jail sentence after he pleaded responsible to a fraud cost over his failure to declare tens of millions of {dollars} held in a belief in Singapore
BySYLVIA HUI Related Press
October 12, 2023, 5:38 AM
LONDON — Former Method One boss Bernie Ecclestone was given a suspended jail sentence Thursday after he pleaded responsible to a fraud cost over his failure to declare tens of millions of {dollars} held in a belief in Singapore to Britain’s authorities.
The 92-year-old billionaire agreed to a civil settlement of 652.6 million kilos ($803 million) over funds that have been owed to Britain’s tax workplace over the course of 18 years.
Ecclestone was handed a 17-month time period, suspended for 2 years, at Southwark Crown Courtroom in London. Earlier Thursday, he pleaded responsible to a cost that he did not declare a belief in Singapore with a checking account containing round $650 million when he was requested in 2015 about any trusts overseas that he was concerned in.
Prosecutors allege he claimed he had arrange “solely a single belief” in favor of his three daughters, and that he was “not the settler nor beneficiary of any belief in or exterior the U.Ok.” Prosecutors say he acted “dishonestly” and meant to make a acquire from the claims.
“He now accepts that some tax is due in relation to those issues,” prosecutor Richard Wright stated.
A choose described his offense as critical, however added he had considered components together with Ecclestone’s well being and age when handing down the sentence.
Ecclestone had pleaded not responsible to the costs earlier this yr.
His protection lawyer, Christine Montgomery, informed the choose Thursday that he “bitterly regrets the occasions that led to this legal trial.”
The enterprise magnate headed Method One racing and managed the game for for 4 a long time from the Nineteen Seventies to 2017, when he stepped down as chief govt and Liberty Media took over the sequence.
Lately he has drawn consideration for public feedback praising Russian President Vladimir Putin and defending him over the invasion of Ukraine, together with final yr when he stated that he would “take a bullet” for the Russian chief.
Method One distanced itself from Ecclestone’s feedback, saying they didn’t symbolize its views, and Ecclestone later apologized.