Formula One impresario Bernie Ecclestone pleaded guilty to a criminal tax fraud charge. He was given a suspended sentence in a case involving hundreds of millions of dollars held at Julius Baer in Singapore.
Racing magnate Bernie Ecclestone concealed some 400 million British pounds ($492 million) from British tax authorities, according to a «Bloomberg» (behind paywall) story.
Assets Concealed in Singapore
Ecclestone changed his plea to «guilty» from «not guilty» in the proceedings at Southwark Crown Court shortly before the start of the trial. Julius Baer declined to comment, saying the bank doesn't comment on alleged or actual client relationships. The Zurich-based private bank isn't involved in the proceedings as a party.
In an audit of his finances by His Majesty's Revenue and Customs (HMRC), Ecclestone declared some foreign assets a trust for the benefit of his daughters, but not the funds in Singapore, according to a statement by the UK Crown Prosecution Service.
The Taxman Cometh
Ecclestone agreed to a civil settlement with HMRC under which he will pay 652.6 million pounds for taxes, interest and penalties for 18 tax years between 1994 and 2022.
With his guilty plea, Ecclestone averted the threat of an unconditional prison sentence. The judge in the case sentenced Ecclestone to 17 months in prison, suspended for two years.
«He bitterly regrets the events that have led to this criminal trial,» his lawyer said. «It was an impulsive lapse of judgment.»
