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Ecclestone admits fraud: a 750,000,000 euros settlement and 17 months of probation
Reading Time: 1min | Thu. 12.10.23. | 17:10
The former leader of the "flying circus" heard his sentence
The famous executive director of Formula 1, Bernie Ecclestone, pleaded guilty to fraud, since he did not declare a sum of about 460,000,000 euros to the British tax authorities, which he kept in a fund in Singapore.
Ecclestone agreed to pay around 750,000,000 euros in the name of the settlement, covering the previous 18 tax years, and was sentenced to 17 months of suspended imprisonment in the next two years.
Craig Slater gives an in depth analysis after ex-F1 boss Bernie Ecclestone was sentenced to 17 months in prison suspended for two years, after pleading guilty to fraud. pic.twitter.com/3t70T9ynzU
— Sky Sports F1 (@SkySportsF1) October 12, 2023
The British billionaire, who will turn 93 at the end of October, was due to face trial in November after previously denying the charges.
Ecclestone's attorney, Christine Montgomery, said during sentencing that the defendant deeply regrets the events that led to this criminal trial.
It is stated that this case is not related to Ecclestone's affairs in Formula 1, where he has not had an official role for several years, and has not been a majority shareholder since 2006. However, he still remained the executive director, and officially retired from that position in 2017.
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