Former Formula One chief, Bernie Ecclestone, admitted guilt to charges of fraud concerning undeclared assets worth £400 million in a Singaporean trust. The disclosure came ahead of his scheduled trial in Southwark Crown Court in November, where he had earlier denied the accusations.
Turning 93 this month, Ecclestone was seen in the court today in a dark grey ensemble, accompanied by his third spouse, Fabiana Flosi. He accepted the charges of committing fraud on 7 July 2015.
Earlier sessions in court revealed that Ecclestone didn’t report a Singapore-based trust that had an associated bank account, holding assets equivalent to £400 million or about 650 million US dollars.
These charges against Ecclestone were the result of an exhaustive inquiry by HM Revenue and Customs (HMRC) into his fiscal matters. Today’s court proceedings shed light on a settlement Ecclestone arranged with HMRC. As per the agreement, he consented to pay £652.6 million dated 9 October, addressing tax dues spanning 18 years.
The prosecutors highlighted Ecclestone’s misleading statements to HMRC in a 2015 meeting, where he claimed to have set up just one trust for the benefit of his daughters – Deborah, Tamara, and Petra.
Moreover, in interactions with HMRC officials, Ecclestone negated having ties to additional trusts, whether within the UK or internationally. Contrary to his claims, Prosecutor Richard Wright KC emphasised that Ecclestone’s responses were deceptive. Ecclestone was not certain about the specifics of the account ownership and hence was unaware of potential tax implications. However, he acknowledges the mistake of providing ambiguous answers, admitting owing taxes related to the undisclosed assets.
