Ex-F1 Boss Bernie Ecclestone Pleads Guilty in £400m Fraud Case, Gets 17-month Suspended Prison Sentence
Bernie Ecclestone, the former head of Formula 1 was charged with one count of fraud for failing to report £400 million in abroad assets to the UK's HM Revenue & Customs and was slated to go to trial.
By Divyam Dubey
Bernie Ecclestone, the former Formula 1 mogul, admitted guilty to tax evasion in a London court and immediately settled for over 652 million British Pounds (about USD 800 million). The 92-year-old made this life-changing admission at his court appearance at Southwark Crown Court, where he was charged with one count of fraud by false representation. This plea was submitted a little over a month before his trial was to begin. Over the course of more than four decades, Ecclestone, who formerly commanded the championship-winning Brabham team from 1972 to 1987, oversaw every aspect of Formula 1. However, Liberty Media has been the sole owner of Formula One since 2017.
Ecclestone was indicted because he allegedly failed to report more than 400 million British pounds in assets that were housed in a trust in Singapore. He owes the British government almost 652 million British pounds as a result of his actions. He received a 17-month prison sentence suspended for two years, meaning he could only serve it if he committed more crimes in the next two years.
F1: Who is Bernie Ecclestone?
Bernard Charles Ecclestone, a prominent British business magnate born on the 28th of October, 1930, found himself in the legal spotlight at the age of 92. Dressed in a dark suit, Ecclestone resolutely admitted his guilt at Southwark Crown Court in the heart of London.
Ecclestone's career in the world of motorsports started off as a racing driver where he competed in two Grand Prix races in 1958. Unfortunately, he was not able to advance to the next round of either event. After that, he changed directions in his work and started managing famous race car drivers like Stuart Lewis-Evans and Jochen Rindt.
Ecclestone made a game-changing move in 1972 when he bought the Brabham team, which he expertly managed for a remarkable 15 years. He left an unmistakable effect on Formula 1 during his time as a team owner and as a member of the Formula 1 Constructors Association.
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Ecclestone's tenure as CEO of the Formula 1 Group ended on January 23, 2017, and was succeeded by Chase Carey in a surprising turn of events. Ecclestone was nonetheless honoured with the title of chairman emeritus and retained his position as an advisor to the board. He and Flavio Briatore also co-owned the English football team Queens Park Rangers from 2007 until 2011.
Although these events have taken place, Formula 1 officials have remained silent on Bernie Ecclestone's recent admission of guilt.
