Former Formula 1 boss Ecclestone now admits to $1 million fraud

Former Formula 1 boss Ecclestone now admits to $1 million fraud

London (ANP/AFP) – Bernie Ecclestone has admitted committing multi-million dollar fraud. The 92-year-old former Formula 1 boss said last year that he was innocent at the first hearing of the case against him. “I admit guilt,” the British billionaire said in court in London on Thursday.

Ecclestone faces charges of failing to declare more than 400 million pounds (473 million euros) of offshore assets to tax authorities. Now that he has admitted to tax evasion, he will be sentenced at a later date. The trial against him, which was supposed to begin on November 16, was cancelled.

Ecclestone was the boss of Formula 1 for decades and brought it great commercial success. His reign ended in 2017, when the most important category in motor racing fell into the hands of the American company Liberty Media.

Ecclestone was charged with bribery in Germany in 2014. He allegedly paid a bribe to a German banker who was to supervise a stock deal for him. At the time, he bought out a lawsuit and thus a potential prison sentence by paying a settlement of €75 million.

Source: National Police Agency

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