Former Formula 1 boss Bernie Ecclestone admits guilt

Former Formula 1 owner Bernie Ecclestone has admitted failing to declare £400m worth of overseas assets.

Ecclestone avoided a prison sentence by accepting a settlement payment after being found guilty of misleading the tax office.

Prosecutor Richard Wright said Ecclestone had agreed a deal in which he would pay £652.6 million in taxes, interest and penalties over 18 financial years between 1994 and 2022.

Ecclestone was sentenced to 17 months in prison, suspended for two years.

HE CONFESSED HIS CRIME

Ecclestone, who initially pleaded not guilty, admitted fraud by making false statements today at Southwark Crown Court in London.

Ecclestone, 92, admitted giving a misleading response to UK Revenue and Customs (HMRC) in July 2015 and failing to declare more than £400m.

Ecclestone told the court at the time that he had only set up a trust for his daughters and had not breached any other trusts. The court noted that Ecclestone was in fact affiliated with two trusts outside the UK. Ecclestone, who attended court today with his wife Fabiana, said: “I accept my crime.”

Judge Simon Bryan sentenced Ecclestone to 17 months in prison, suspended for two years. So if he commits another crime during this period, he will go to prison.

HEALTH PROBLEMS WERE PUBLISHED

Ecclestone tried to stop the prosecution earlier this year, with his lawyers arguing that his trial posed a serious risk to his life.

According to the decision made in June, a cardiologist presented evidence that Ecclestone was “more likely to die during the trial than not” due to the stress of the case.

REMOVED TURKEY FROM THE RACE CALENDAR

Formula 1, one of the largest organizations in the world, was first introduced in Turkey in 2005. The first race at the circuit, built in Kurtköy and completed with an investment of more than 300 million dollars, was described as a great success for both the pilots and the European authorities. Turkey’s seven-year adventure in Formula 1 ended with the announcement of the 2012 calendar.

The negotiations started after Bernie Ecclestone, president of the Formula One Administration (FOA), responsible for Formula 1 racing, wanted to increase the price of the contract from 13.5 million dollars annually paid by Turkey to 26 million dollars. They worked, and Simone, General Secretary of the Formula 1 Teams Association (F1), Perillo, announced that Turkey was removed from the 2012 racing calendar.

Ecclestone claimed they could not agree on the annual fee for the Turkish Grand Prix, saying: “This season, the Formula calendar will run over 19 races.”