Former Formula One boss Bernie Ecclestone admitted fraud at a court hearing on Thursday after prosecutors charged him with failing to declare millions of dollars held in a trust in Singapore to Britain's government. (More Formula One News)
The 92-year-old billionaire, who wore a dark suit, said “I plead guilty” at Southwark Crown Court in central Londo♔n.
Ecclestonဣe headed Formula One racing and controlled the sport for four decades fro🧸m the 1970s to 2017, when he stepped down as chief executive and Liberty Media took over the series.
Prosecutors allege he failed to declare a trust in Singapore with a bank account containing around $650 million when he was asked𝓡 about any trusts abroad that he was involved in.
They say that Ecclest🐬one claimed he had set up “only a single trust” in favor of his three daughters, and that he was “not the settler nor beneficiary of any trust in or o🥂utside the UK.” Prosecutors say he acted “dishonestly” and intended to make a gain from the claims.
“He now accepts that some tax is due in relation to these ma♔tters," prosecutor Richard Wright said.
Ecclestone had pꦉleaded not guilty to the charges earlier this year.
