Sport Ex-Formula-1-Boss
463 million euros – Ecclestone admits tax fraud
As of: 12:40 p.m. | Reading time: 2 minutes
Bernie Ecclestone outside the Crown Court in London. A little later, the 92-year-old pleaded guilty
Source: AFP/HENRY NICHOLLS
Bernie Ecclestone has surprisingly pleaded guilty in a fraud case. Until now he had denied everything. He avoided prison by admitting guilt. The amount of back taxes is enormous.
Former Formula 1 boss Bernie Ecclestone has pleaded guilty in a fraud case in London. The prosecution accuses him of incorrectly declaring foreign assets worth more than 400 million pounds (around 463 million euros) for tax purposes. The 92-year-old had previously rejected the allegations. At a hearing on Thursday, Ecclestone made a U-turn.
A trial lasting several weeks was actually supposed to begin in November – but because of the guilty plea, it happened very quickly. Ecclestone pays more than 650 million pounds (around 756 million euros) in taxes in Great Britain. The 92-year-old agreed on this with the British tax authority HMRC, British media reported. The sum covers payments from 18 tax years. The sentence in the fraud case should be announced on Thursday.
Ecclestone had previously admitted the accusations made by the prosecution. The authority accuses him of incorrectly declaring foreign assets worth more than 400 million pounds in taxes. 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).
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According to the indictment, Ecclestone stated 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 turned Formula 1 into an empire
Ecclestone has shaped Formula 1 like no other since taking over the advertising and television rights at the end of the 1970s. The Brit, who is just under 1.60 meters tall, 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.
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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.
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