Former Formula 1 magnate Bernie Ecclestone recently pleaded guilty to tax fraud, bringing an abrupt end to a case that has been in the public eye for several years.
The case in question his failure to declare more than £400m (€473m) of assets held in Singapore for three years, from 2013 to 2016.
A long trial was avoided
Bernie Ecclestone, 92, initially pleaded not guilty in August 2022, but during a hearing in London he finally admitted the facts of which he was accused. The ruling eliminated the need for a trial that was scheduled to begin on November 16 and could last up to six weeks.
At Southwark Crown Court in London, dressed in a dark suit and gray tie, the British billionaire uttered the fateful words: “I plead guilty. »
The charge against Bernie Ecclestone related to his failure to declare a Singapore trust that held an account worth $650m, equivalent to around £400m at the time. British public prosecutors charged him following a tax investigation that was described as “complex and international”.
40 years at the head of Formula 1
For almost 40 years, Bernie Ecclestone dominated the world of Formula 1 before stepping down as the leader of the world’s motorsport elite in January 2017. His departure was caused its release by the new owner of the commercial rights to Discipline, American group Liberty Media.
Bernie Ecclestone, a racing driver in the late 1950s and later team principal at Brabham, was a British businessman whose fortune Forbes magazine estimated at more than £2.5 billion. He was considered by many to be the architect of the transformation of Formula 1 into a profitable business.
In the 1970s, he was one of the first to get involved in the marketing of the rights to televise sporting events, opening the way to huge revenues for Formula 1. His conviction for tax fraud will surely mark the end of an era for the man who shaped modern motorsport like no other.
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Source: Auto Plus
Robert is an experienced journalist who has been covering the automobile industry for over a decade. He has a deep understanding of the latest technologies and trends in the industry and is known for his thorough and in-depth reporting.