Former Components One boss Bernie Ecclestone has admitted fraud at a courtroom listening to after prosecutors charged him with failing to declare hundreds of thousands of {dollars} held in a belief in Singapore to Britain’s authorities
ByThe Related Press
October 12, 2023, 5:38 AM
Former Components One boss Bernie Ecclestone, left, arrives at Southwark Crown Court docket in London, on Thursday Oct.12, 2023. (Lucy North/PA by way of AP)
The Related Press
LONDON — Former Components One boss Bernie Ecclestone admitted fraud at a courtroom listening to Thursday after prosecutors charged him with failing to declare hundreds of thousands of {dollars} held in a belief in Singapore to Britain’s authorities.
The 92-year-old billionaire, who wore a darkish go well with, mentioned “I plead responsible” at Southwark Crown Court docket in central London.
Ecclestone headed Components One racing and managed the game for for 4 a long time from the Seventies to 2017, when he stepped down as chief govt and Liberty Media took over the collection.
Prosecutors allege he did not declare a belief in Singapore with a checking account containing round $650 million when he was requested about any trusts overseas that he was concerned in.
They are saying that Ecclestone claimed he had arrange “solely a single belief” in favor of his three daughters, and that he was “not the settler nor beneficiary of any belief in or outdoors the U.Okay.” Prosecutors say he acted “dishonestly” and meant to make a achieve from the claims.
“He now accepts that some tax is due in relation to those issues,” prosecutor Richard Wright mentioned.
Ecclestone had pleaded not responsible to the costs earlier this yr.
