Bernie Ecclestone: Ex-Formula One boss pleads guilty, gets suspended sentence. Know about case, fraud, settlement

Ex-Formula One boss Bernie Ecclestone was given a suspended prison sentence of 17 months after he pleaded guilty to fraud over failing to declare $ 400 million held in a trust in Singapore to the government. The 93-year-old British business magnate agreed to a civil settlement of GBP652.6 million or $803 million over funds that were owed to Britain’s tax office.

Charge Bernie Ecclestone faced

Prosecutors accused Ecclestone of making untrue or misleading representations to HMRC at a July 2015 meeting, when he said that he "established only a single trust" in favour of his daughters Deborah, Tamara, and Petra.


Prosecutor Richard Wright KC told Southwark Crown Court that Ecclestone "knew his answer may have been untrue or misleading" but "did not know the truth of the position, so was not able to give an answer to the question".

Bernie Ecclestone's defence

Earlier, Ecclestone's lawyer Clare Montgomery KC called the evidence of a cardiologist to unsuccessfully argue that her client should not face trial because the stress of proceedings could kill him.

She also claimed that the ex-Formula One boss was charged a week after he made "extremely unpopular" remarks about Russian President Vladimir Putin on ITV's 'Good Morning Britain' on 30 June 2022.

Bernie Ecclestone gets a suspended sentence

Justice Bryan said that the "undoubted seriousness" of his offending was mitigated by factors including his age, health, and the tax settlement he has paid. He also said that weighing all of the factors in the balance, he would pass a suspended sentence order.

Formula One boss for 40 years

Bernie Ecclestone headed the Formula One racing company and controlled the sport for four decades from the 1970s to 2017 before stepping down as chief executive. Liberty Media took over the series.

Bernie Ecclestone stirs controversy

He stirred controversy by praising Russian President Vladimir Putin and defending him over the invasion of Ukraine. Earlier last year, he had said that he would “take a bullet” for the Russian leader.

Formula One distanced itself from Ecclestone’s comments and said that they did not represent its views. Ecclestone later apologized.

FAQs:

What sentence was handed to Bernie Ecclestone?
Former Formula One boss Bernie Ecclestone was handed a suspended sentence of 17 months in prison. He pleaded guilty to fraud over failing to declare $ 400 million held in trust in Singapore to the government.

What settlement did Bernie Ecclestone reach with the government?
Bernie Ecclestone agreed to a civil settlement of GBP652.6 million or $803 million over funds that were owed to Britain’s tax office.