Formula 1 fans will definitely know the name Bernie Ecclestone. The former Formula 1 boss was arrested and jailed for 17 months as a result of a foreign asset fraud case. Not only did he go to prison for 17 months, he also served a suspension of two years. The falsification of these assets misled the UK tax department. Ultimately, Ecclestone agreed to pay £652.6 million. His trial will continue in November.

Bernie Ecclestone Did Not Admit His Ownership of Foreign Assets

The UK tax department explains that tax payments need to include domestic and foreign assets. But the former Formula 1 boss said he had explained all his overseas assets. In the end, prosecutor Richard Wright explained that the statement was not true. Richard explained this after conducting an investigation. Richard also said that no one can avoid the law. As a result of the actions he took, Ecclestone needed to accept many consequences and punishments.

Ecclestone’s lawyer, Clare Montgomery, said that her client did not understand his position when asked by the tax department. The response to HMRC was a mistake.

The tax authorities consider this to be a serious problem. However, the former Formula 1 boss also had a problematic track record in 2014. He once paid a sum of money to end a trial related to bribery that year. Payments Ecclestone made to German authorities This case is a continuation of problems from 2006 and 2007. In 2006 and 2007, Ecclestone sold the rights to Formula 1. He was also threatened with going to prison for 10 years. It’s just that there were still many people who were loyal to Ecclestone after the case occurred.

Many of these loyal people stated that Formula was famous and prosperous thanks to Ecclestone’s support. This statement was conveyed by Christian Horner as one of the people who support Ecclestone. Growing the name of Formula 1 for 35 years is not an easy thing. Reporting from The Race, Ecclestone, who is now 92 years old, has a weak health condition. Moreover, this tax problem has the potential to make him stressed.

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