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Former F1 supremo Ecclestone swerves jail time after guilty fraud plea | Scoop
Bernie Ecclestone has been handed a 17-month prison sentence, suspended for two years, implying that he would only serve time if he engages in further criminal activities during this probationary period. – This is Formula 1 pic, October 12, 2023
Sports

Former F1 supremo Ecclestone swerves jail time after guilty fraud plea

Ex-Formula One boss confesses to not disclosing over £400 million of overseas assets

Scoop Reporters
Updated
10:59 PM MYT

 

KUALA LUMPUR – Former Formula One boss Bernie Ecclestone has avoided incarceration after confessing to fraudulent actions in which he neglected to disclose over £400 million (RM2.318 billion) of overseas assets to the British government.

London’s Southwark Crown Court, where the 92-year-old’s case unfolded, heard his commitment to a civil settlement amounting to £652,634,836 concerning unpaid sums to the UK taxman, Revenue and Customs (HMRC), spanning an 18-year period from 1994.

HMRC said the total sum includes debts tied to his wider tax affairs, coupled with a substantial penalty exceeding £340 million. 

In a turn of events, Ecclestone received a 17-month prison sentence, which was suspended for two years, implying that he would only serve time if he engages in further criminal activities during this probationary period. 

Earlier on the same day, Ecclestone made an admission of guilt, stating “I plead guilty,” while appearing in a dark suit and grey tie at the court. 

This significant plea brought an end to the prospect of his trial, which had been scheduled for November, revolving around a single fraud charge. – October 12, 2023

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