F1: Bernie Ecclestone pleads guilty to fraud and hiding £400m from the taxman
F1: Bernie Ecclestone has admitted to fraud after appearing in court
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F1 icon Bernie Ecclestone has admitted fraud after failing to declare more than £400million to the government.
The 92-year-old appeared at Southwark Crown Court on Thursday wearing a dark three-piece suit and grey tie.
Ecclestone said 'I plead guilty' while leaving the premises.
Back in July 2015, the billionaire failed to declare a trust in Singapore with a bank account containing $650m - which works out as roughly £400m.
F1: Bernie Ecclestone confirmed he had pleaded guilty to fraud after leaving court on Thursday
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The charge stated Ecclestone had 'established only a single trust, that being one in favour of your daughters and other than the trust established for your daughters you were not the settlor nor beneficiary of any trust in or outside the UK'.
Ecclestone has four children in total.
The former F1 mogul has three daughters named Deborah, Tamara and Petra.
And he also has a young son, Ace, who was born back in 2020.
Prior to pleading guilty, Ecclestone had been due to face trial in November on the single fraud charge.
The charge alleged Ecclestone 'dishonestly' told HMRC information 'which was, and which you knew was or might have been, untrue or misleading'.
The Crown Prosecution Service authorised the charge in July last year.
HMRC conducted a probe that was 'complex and worldwide'.
Chief crown prosecutor Andrew Penhale said at the time: "The CPS has reviewed a file of evidence from HMRC and has authorised a charge against Bernard Ecclestone of fraud by false representation in respect of his failure to declare to HMRC the existence of assets held overseas believed to be worth in excess of £400 million."
Ecclestone is one of the richest people in the United Kingdom.
The 92-year-old has a net worth of £2.3bn.
Ecclestone said he was 'wrong' to answer the questions he did because it 'ran the risk HMRC would not continue to investigate'.
And he also added that he 'accepts that some tax is due'.
Ecclestone had answered 'no' when asked by KRMC officers whether he had any links to further trusts 'in or outside of the UL'.
Prosecutor Richard Wright KC said: "That answer was untrue or misleading.
"Mr Ecclestone knew his answer may have been untrue or misleading.
"As of 7 July 2015, Mr Ecclestone did not know the truth of the position, so was not able to give an answer to the question.
"Mr Ecclestone was not entirely clear on how ownership of the accounts in question were structured.
"He therefore did not know whether it was liable for tax, interest or penalties in relation to amounts passing through the accounts.
"Mr Ecclestone recognises it was wrong to answer the questions he did because it ran the risk that HMRC would not continue to investigate his affairs.
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F1 mogul Bernie Ecclestone has now accepted 'some tax is due'
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