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.”
Mercedes' luck turns in Las Vegas one-two
George Russell was relieved to see Mercedes' luck turn as the Silver Arrows clinched a stunning one-two at the Las Vegas Grand Prix on Saturday.
Russell held off challenges from Ferrari drivers Carlos Sainz and Charles Leclerc, as well as team-mate Lewis Hamilton, to triumph from pole in Sin City.
He led for 49 of the 50 laps as he sealed his third victory in F1. Only at Sao Paulo in 2022 (66) and Sakhir in 2020 (59) has he led for more laps at a single grand prix.
Russell started at the front of the grid for the third time in 2024, having previously failed to convert poles in Canada and at Silverstone into victories.
Mercedes endured a difficult outing at the Sao Paulo Grand Prix last time out as Russell finished fourth and Hamilton 10th, and they were delighted to rediscover their consistency in Nevada.
"It's going to be a good party, I was planning on flying in a couple of hours but I'm definitely not getting on that flight. I’m going to enjoy this evening with all my team," Russell said.
"It's been a dream of a weekend. I don’t know how we've been so quick but I'm just riding this wave right now.
"To get the victory here, pole position and a dominant weekend, one-two with Lewis as well, we couldn't have chosen a better place to make this happen.
"I was just waiting for something to happen. The two races I've been on pole before it’s always been chaos, rain, dry, always something happening, last race in Brazil with the red flag... there is always something happening. Luck has turned and I'm so happy right now."
Hamilton, meanwhile, took the opportunity to congratulate his great rival Max Verstappen after the Red Bull driver sealed his fourth world championship by finishing ahead of Lando Norris.
"Firstly, congrats to Max winning the championship, still with several races to go," the seven-time world champion, who will join Ferrari for 2025, said.
"If I'd done my job yesterday it would have been a breeze today. But it's okay, I had fun coming from 10th and the team did a fantastic job.
"We don't know why we were quick this weekend but that's the best the car has ever felt. So I'm grateful to be a part of getting to that point.
"If the car drives like that in the next couple of races, then I think we'll be in a good spot to challenge the guys up front. The championship's done, so now it’s just all out, fight for the best positions possible."
Verstappen 'hungry' for more success after securing fourth world championship
Max Verstappen has said that he is hungry for more success after claiming his fourth consecutive Formula One world title at the Las Vegas Grand Prix.
The Red Bull driver claimed the title by finishing fifth, ahead of championship rival Lando Norris, in the race which was won by George Russell of Mercedes.
Verstappen is now behind only Lewis Hamilton (seven), Michael Schumacher (seven) and Juan Manuel Fangio (five) in terms of world titles won, and the Dutchman has said he will aim for a fifth title in 2025.
"If you look to next year right now, I think it's going to be a proper battle between a lot of cars, but I'm hungry," said Verstappen, who secured the title with two races to spare.
Verstappen seals fourth straight Formula One world title
Max Verstappen secured his fourth straight Formula One world title with a fifth-place finish at the Las Vegas Grand Prix, which was won by George Russell.
Verstappen merely needed to finish ahead of his sole title rival Lando Norris in order to get over the line in the Driver's Championship on Saturday.
And as Russell won from pole after fending off a challenge from the Ferraris and his Mercedes team-mate Lewis Hamilton, Verstappen ensured the crown as he finished fifth, one place ahead of McLaren's Norris, who is now 63 points behind the Dutchman with only 60 points left to race for.
The Red Bull star is now behind only Hamilton (seven), Michael Schumacher (seven) and Juan Manuel Fangio (five) when it comes to world titles.
Mercedes will celebrate an unexpected one-two, and Russell was largely in control throughout the race as he scooped a third win of his career.
He shrugged off an early effort from Charles Leclerc, who darted beyond Pierre Gasly and Carlos Sainz around the first two corners.
But as the Ferraris of Leclerc and Sainz battled between themselves, and with Verstappen unwilling to take too many risks, Hamilton charged up through the grid, utilising a well-timed second pit stop to get ahead.
After pitting, Sainz and Leclerc got themselves back ahead of Verstappen in the final 10 laps, ensuring Ferrari closed the gap on McLaren in the Constructors' Championship to just 24 points.
There was some late joy for McLaren as Norris stopped for fresh tyres in order to set the fastest lap, and an extra point in a constructors' title race that is firmly in the balance with two races to go.
Data Debrief: Four in a row
Verstappen is just the fifth driver in F1 history to win four consecutive world titles.
The last to do so was Hamilton between 2017 and 2020, a run that was ultimately ended by Verstappen in 2021.
Sebastian Vettel (2010-13) and Fangio (1954-57) are the other drivers to have reeled off four straight championship wins, while Schumacher won five on the spin between 2000 and 2004.
Verstappen has now moved onto 2,989.5 points over the course of his career, meaning his next target is to break the 3,000-point barrier, something only Hamilton and Vettel have previously achieved.
Red Bull's chances in the Constructors' Championship seem slim, but if they can set a fastest lap in the final two races of the season, they will become the fifth team to hit the 100 mark, after Ferrari (263), McLaren (171), Williams (133) and Mercedes (109).
Top 10
1. George Russell (Mercedes)
2. Lewis Hamilton (Mercedes)
3. Carlos Sainz (Ferrari)
4. Charles Leclerc (Ferrari)
5. Max Verstappen (Red Bull)
6. Lando Norris (McLaren)
7. Oscar Piastri (McLaren)
8. Nico Hulkenberg (Haas)
9. Yuki Tsunoda (RB)
10. Sergio Perez (Red Bull)
CHAMPIONSHIP STANDINGS
Drivers'
1. Max Verstappen - 403
2. Lando Norris - 340
3. Charles Leclerc - 319
Constructors'
1. McLaren - 608
2. Ferrari - 584
3. Red Bull - 555
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