Former Formula One CEO Bernie Ecclestone agreed to pay more than $800 million, according to the prosecution, after admitting guilt to tax fraud in a London court.
The 92-year-old appeared at Southwark Crown Court just over a month before his trial was set to begin and acknowledged one offence of fraud by false representation.
Ecclestone admitted to delivering a dishonest answer to HM Revenue and Customs, HMRC, in a July 2015 meeting, when he stated that he had only formed one trust in favor of his daughters and was neither a beneficiary or settlor of any other trust.
“Mr Ecclestone did not know the true position and was thus unable to provide a positive or negative response,” prosecutor Richard Wright said on Thursday.
He added that Ecclestone had agreed to a civil settlement with HMRC, under which he would pay 800 million dollars covering tax, interest, and penalties for 18 tax years between 1994 and 2022.
Ecclestone’s lawyer Clare Montgomery told the court that Ecclestone “did not know the true position” about whether he was the beneficiary or settlor of any other trust.
