Bernie Ecclestone Admits Guilty to £400m Tax Fraud
Former Formula One supremo Bernie Ecclestone has pleaded guilty to fraud after failing to declare a staggering £400 million stashed in a Singapore trust. The 92-year-old made his shock confession at Southwark Crown Court on Thursday, dressed sharply in a dark suit and grey tie.
Missed Millions in Offshore Trust
The fraud charge dates back to July 7, 2015, when Ecclestone neglected to reveal a Singapore trust holding roughly $650 million (about £400 million at the time). Despite telling HMRC he only had one trust for his daughters, it emerged he was connected to another major offshore fund.
Ecclestone has three adult daughters—Deborah, Tamara, and Petra—and a young son, Ace.
Closed Mouths, Open Pockets
During the investigation, Ecclestone answered “no” when asked by HMRC officers if he had any other trusts “in or outside the UK.” Prosecutors say this response was deliberately misleading.
“Mr. Ecclestone knew his answer may have been untrue or misleading,” said Prosecutor Richard Wright KC.
“He was unclear how the accounts were structured and did not fully know whether those funds were taxable. But he accepts it was wrong to answer as he did, as it risked halting HMRC’s scrutiny.”
Wright added that Bernie now admits some tax is owed on the undeclared money.
Trial Avoided, Taxman Wins
Ecclestone was originally set for trial in November on the single fraud charge. Instead, his guilty plea spares him that ordeal—but marks a major fall from grace for the F1 legend.
