Ex-Formula One boss Bernie Ecclestone has admitted fraud after failing to declare more than £400million held in a trust in Singapore to the Government.
The 92-year-old said “I plead guilty” at Southwark Crown Court on Thursday while standing in the well of the court wearing a dark suit and grey tie.
On July 7, 2015, the billionaire failed to declare a trust in Singapore with a bank account containing around 650 million US dollars, worth about £400million at the time.
The charge stated Ecclestone, who has three grown-up daughters, Deborah, Tamara and Petra, and a young son, Ace, 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”.
Before his guilty plea, he had been due to face trial in November on the single fraud charge.
The court heard Ecclestone had said “no” when asked by HMRC officers whether he had any links to any further trusts “in or outside the UK”.
Prosecutor Richard Wright KC said: “That answer was untrue or misleading.
“Mr Ecclestone knew his answer may have been untrue or misleading.
“As of July 7, 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.
“He now accepts that some tax is due in relation to these matters.”
Piastri remaining optimistic despite grid penalty at Emilia Romagna Grand Prix
Oscar Piastri insists he is still targeting a podium finish, despite receiving a grid penalty ahead of the Emilia Romagna Grand Prix.
The McLaren driver had initially qualified in second place behind Drivers' Championship leader Max Verstappen, with the Australian's teammate Lando Norris in third.
However, Piastri has since been handed a three-place grid drop after he impeded Kevin Magnussen while exiting the pits during Q1.
The 23-year-old admitted he could not see Magnusson at the chicane at Turns 2 and 3, and tried to get clear of the Dane as quickly as possible, though the steward's review highlighted McLaren's failure to give him sufficient warning that a faster car was approaching.
Nevertheless, Piastri did not let the penalty detract from a generally positive display during qualifying, which subsequently sees Norris take second place on the grid, with the Ferrari pair of Charles Leclerc and Carlos Sainz leapfrogging him to third and fourth respectively.
"I'm really happy with the performance today," he said. "We were so close to pole on track.
"I've been really comfortable with the car from the moment we put it on track yesterday, and I am enjoying my first GP weekend here. We've definitely been on the pace all weekend and confidence is high.
"It is a shame to lose the front row and having to start from P5 as it’s not the easiest track to overtake on. However, we will try our best to recover some positions and fight to finish on the podium."
Verstappen claims record-equalling eighth consecutive pole for Emilia Romagna Grand Prix
Max Verstappen takes pole position at the Emilia Romagna Grand Prix, equalling Ayrton Senna’s record in the process.
It is Verstappen’s eighth consecutive pole in Formula One after he recorded a best time of 1:14.746 around the track in the final qualification session for Sunday’s race.
The Dutchman will share the front row with Oscar Piastri, though he may receive a penalty for impeding Kevin Magnussen in Q1.
Piastri’s McLaren team-mate Lando Norris finished just behind him in third, while the two Ferraris, Charles Leclerc and Carlos Sainz, rounded out the top five after failing to build on their strong starts.
Red Bull’s Sergio Perez failed to make it past Q2 after dropping to 11th, while Fernando Alonso was forced to pit before the end of Q3, finishing last.
McLaren not ready to challenge Red Bull...yet - Norris
Lando Norris says McLaren still need more time if they want to challenge Red Bull consistently after taking his maiden victory in the Miami Grand Prix.
Norris was helped by a well-timed safety car that allowed him to jump ahead of Max Verstappen in Miami to become just the third different driver to win a Grand Prix this season.
The 24-year-old currently sits fourth in the F1 drivers’ standings after three podium finishes, and he expects another competitive race at the Emilia Romagna Grand Prix on Sunday.
"I'm confident we can make steps forward, but I've made it clear we're not going to be there every weekend," Norris said.
"We need more if we are to challenge Red Bull and Ferrari more consistently.
"We definitely took a step forward, but other teams have upgrades, too. So, we're not getting ahead of ourselves.
"I still think we’re the third-best team at the moment, but that could change if we have another good weekend here, and I'm confident with our rate of development that by next year we can challenge a lot more often for wins and, in the big picture, challenge for the title."
Norris’ victory in Florida followed a major aerodynamic development to the McLaren, and he believes it will be an even better match to the track on Sunday.
"We are just better suited for Imola, potentially the upgrade a little bit as well,” he added.
"Imola has generally been one of our more successful tracks - and for me as driver."
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