Ex-Formula One boss Bernie Ecclestone received a suspended sentence after pleading guilty to fraud charges at a hearing on Thursday, after prosecutors formally charged him with failing to declare to the British tax authorities of millions of dollars which he kept hidden in an account in Singapore.
The 92-year-old billionaire, who wore a dark suit, admitted his guilt in this case which concerned the existence of a secret fund which contained 652.6 million pounds sterling (CA$1.091 billion). According to the Crown, Ecclestone failed to pay his taxes on these assets for a period of 18 years.
Ecclestone received a 17-month prison sentence, suspended for two years, at Southwark Crown Court, in the heart of London. Earlier on Thursday, he pleaded guilty to charges of failing to disclose the existence of a fund in Singapore that contained around $650 million when asked in 2015 whether he held assets there. stranger.
Prosecutors said Ecclestone told them he had set up “one fund” for his three daughters, and that he “was neither the holder nor the beneficiary of a fund established in the United Kingdom.” or abroad. Prosecutors said he had been “dishonest” and intended to “benefit” from the scheme.
“He now accepts having to pay tax in connection with this case,” said prosecutor Richard Wright.
The judge described his actions as “serious”, but added that he had to take into account certain factors when passing sentence, including Ecclestone’s fragile health and his age.
Ecclestone previously pleaded not guilty to charges filed earlier this year.
His lawyer, Christine Montgomery, told the judge Thursday that he “bitterly regrets the events that led to this criminal trial.”
Ecclestone led F1 and controlled the sport for four decades, between the 1970s and 2017, when he stepped down as top boss. Liberty Media then took over.