Former Formula One boss Bernie Ecclestone has recently received a suspended sentence following his conviction for fraud. Ecclestone, who is 92 years old, was found guilty of failing to declare over £400 million held in a trust in Singapore when questioned by tax authorities in 2015. As part of a civil settlement, he has also agreed to repay nearly £653 million to HM Revenues and Customs.

In the court hearing, Ecclestone was handed a 17-month prison sentence, which has been suspended for a period of two years. Initially, he had pleaded not guilty and was scheduled to stand trial next month. However, he changed his plea to guilty prior to the trial. The court was informed that Ecclestone had approached HM Revenues and Customs in 2015 to resolve the investigation into his tax affairs, expressing his frustration with the exorbitant costs of seeking advice.

Ecclestone had previously stated that he only had one trust established for the benefit of his daughters. According to the charge, he had informed HM Revenues and Customs that he was neither the settlor nor beneficiary of any trust within or outside the UK. However, an intensive investigation by HM Revenues and Customs revealed that Ecclestone’s response was inaccurate.

During his appearance in Southwark Crown Court, Ecclestone entered his guilty plea and provided basic details as requested by the judge. The former F1 boss appeared frail as he spoke before the court. In his defense, Ecclestone’s legal team argued against a prison term citing his advanced age, medical issues, and minimal risk to the public. His defense counsel, Christine Montgomery, emphasized that Ecclestone deeply regrets the circumstances leading to his criminal trial.

Prosecutor Richard Wright stated that Ecclestone knowingly provided an untrue or misleading answer to HM Revenues and Customs when he denied having additional trusts outside the UK. Wright further explained that as of July 7, 2015, Ecclestone was unaware of the accurate situation concerning the ownership of the accounts in question. Consequently, he was uncertain about the tax, interest, or penalties associated with the funds passing through those accounts. Wright concluded by stating that Ecclestone now acknowledges the obligation to pay taxes related to the matter.

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