Image: PA Images
Former Formula 1 boss Bernie Ecclestone has avoided a prison term after failing to declare over £400 million in overseas assets to the HMRC. The British billionaire was sentenced to 17 months in prison, suspended for two years after he plead guilty to fraud on Thursday. He had failed to declare a trust in Singapore, which included a bank account containing over $650 million in July 2015.
Ecclestone pays a heavy price for his misdemeanour, carrying a penalty of nearly £350 million. During his time as F1 boss, he helped to forge what is now one of the biggest sports in the world, all while taking a large chunk of the pie for himself. Having sold the remainder of his shares in the sport by 2005, he was kept on as CEO until current owners Liberty Media completed a takeover in 2016.
While sentencing Ecclestone, Mr Justice Bryan said “Your offending is so serious that neither a fine or a community order would be appropriate. It is rightly acknowledged that the custody threshold has been passed.” His lack of criminal record, as well as low risk of reoffending were taken into account during the trial.
It was told that he had misled tax officers by answering ‘no’ when questioned as to whether he had further trusts in or outside of the UK. Well supported on the day by his wife, Fabiana, her presence couldn’t prevent him from taking on a further £74,300 in legal fees on top of his fine, likely making it one of Bernie’s most expensive days out.