Expensive matter: Ex-Formula 1 boss admits fraud

The prosecution accuses him of having foreign assets amounting to more than 400 million pounds (around 463 million euros). tax to have stated incorrectly. The 92-year-old had previously rejected the allegations. At a hearing on Thursday, Ecclestone made a U-turn - and will pay around three quarters of a billion euros in additional funds.

The once powerful official pleaded guilty accompanied by his 47-year-old wife Fabiana and also agreed to pay a payment of no less than 652 million pounds (755,81 million euros). The 92-year-old agreed to this with the British tax authority HMRC, British media reported on Thursday from the courtroom in London. The sum covers payments from 18 tax years. The sentence in the fraud case was only announced shortly afterwards: Ecclestone was sentenced to 17 years in prison, although the sentence was suspended for two years.

Process saved A trial lasting several weeks was actually supposed to begin in November. Ecclestone saved himself this. According to the prosecution, he told Ecclestone that he had only set up a single trust abroad, the beneficiaries of which were his three daughters Deborah, Tamara and Petra. However, the British Finance and Tax Authority is of the opinion that Ecclestone himself wanted to profit from the undeclared assets abroad.

Ecclestone has shaped Formula 1 like no other since taking over the advertising and television rights at the end of the 1970s. The almost 1,60 m tall Brit turned the series into a global, billion-dollar company as a powerful managing director. Ecclestone continually opened up new markets and did not shy away from politically controversial countries and rulers. With his opinion on dictatorships and other explosive statements, he repeatedly caused a lack of understanding and scandals.

It's not his first time in court. Because of the sale of Formula 1 to the investment company CVC in 2006, Ecclestone had to answer as a defendant in Munich in April 2013 and face allegations of bribery. In August of the same year, the proceedings were discontinued against a fine of 100 million US dollars (currently 94 million euros). In January 2017, Ecclestone was removed as managing director by the new Formula 1 owners Liberty Media.

The payment will probably hurt Ecclestone, but it will by no means impoverish him. The US magazine “Forbes” estimates the fortune of the former chief marketer of Formula 1 and his family at around 2,9 billion US dollars (2,73 billion euros).

tennis

hockey

Winter sports

football

Italy

International leagues

International

Learn More

Motorsport

Cycling

Watersports

Favorites

Expensive matter: Ex-Formula 1 boss admits fraud

Former Formula 1 boss Bernie Ecclestone has pleaded guilty in a fraud case in London.

Comments (0)