Former Formula 1 chief executive Bernie Ecclestone was sentenced this Thursday in London to 17 months’ imprisonment, suspended, for concealing £400 million (€463 million) in assets in Singapore.
Bernie Ecclestone, 92, pleaded guilty in a London court about a month before his trial, agreeing to hand over £652 million (about €755 million) to end his dispute with Britain’s tax office.
According to the court, the British billionaire, who headed Formula 1 until 2017, did not declare about 400 million pounds sterling in his bank account in Singapore and, in addition, lied to the British tax authorities during interrogation. on this topic at a meeting in 2015.
Ecclestone first denied the accusations, then assured that he created the fund only to help his three daughters, Deborah, Tamara and Petra.
For the court, the answers given by Ecclestone seven years ago were “erroneous” and could be “misleading”, while it considered that the accused was not aware of his position and could not give a clear answer.
“Mr Ecclestone did not know exactly how ownership of these accounts was structured. Therefore, he did not know whether he had to pay taxes or penalties on the transfers between accounts. Mr Ecclestone admitted it was a mistake to answer the questions because he could force British tax authorities to stop investigating him. Now he admits that he will have to pay taxes for this,” the prosecutor added.
Ecclestone led Formula One for four decades, from 1970 until 2017, when he stepped down as CEO and Liberty Media took over the sport.
Author: Lusa
Source: CM Jornal
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