Ecclestone had been charged with fraud by false representation Formula One chief Bernie Ecclestone has been spotted enjoying a doughnut at London’s Borough Market after being spared jail. He pleaded guilty to fraud having failed to declare more than £400 million of overseas assets to the government. Ecclestone, 92, has agreed to a civil settlement of £652,634,836 in respect of sums due to HMRC over the course of 18 years, a south London court heard.
‘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.