Bernie Ecclestone, the Formula 1 Supremo, has been in the news a lot lately. From being accused of conspiracy and trying to cover it up with memory loss to being accused of tax evasion and pleading not guilty—a lot has happened over the past few months. When he was the CEO of F1 for 40 years, he was on the receiving end of a lot of flak for his outdated vision for the sport. He got used to thinking he was right all the time, not taking accountability for faux pas. So it may come as a surprise that he finally did own up to something!

In July 2015, Ecclestone set up a trust for his daughters in Singapore worth a whopping $650 million. As nice as that sounds, he didn’t tell tax authorities about it. As reported by The Guardian, “Ecclestone is accused of fraud by false representation after allegedly failing to declare the existence of a trust in Singapore.” Just as the F1 community started letting go of their dislike for Ecclestone, the 92-year-old got in the bad books of UK tax authorities.

Bernie Ecclestone is set to pay for his crimes

Although he set the $650 million trust up in 2015, it came to light only earlier this year after a tax investigation by HR Revenues and Customs (HMRC). Ecclestone set up the trust in Singapore with one in the UK, but he did declare the UK trust. He then claimed he was “not the settlor nor beneficiary of any trust in or outside the UK.” But when the HMRC got wind of the Singapore trust, it accused him of tax evasion.

The hearing happened in June when Ecclestone pleaded not guilty. In light of that, the court set up a trial for November. Just as judgment day started getting closer, the case took a turn, and so did Ecclestone’s plea. As per the BBC, “Appearing at Southwark Crown Court on Thursday (October 12, 2023), [Ecclestone] told the judge, ‘I plead guilty’ after having previously pleaded not guilty.” 

The instant question on everyone’s mind was: What will his charges be? What action would be taken against the 92-year-old? As per Sky Sports F1’s official X account, “Ex-F1 boss Bernie Ecclestone has been handed a 17-month jail term and has been suspended for 2 years after pleading guilty to fraud.” Oh, how the tables turn. Just a few years ago, before Liberty Media took over F1 in 2017, Ecclestone was at the helm of the pinnacle of motorsport, working behind the scenes with F1 cars. Now, six years later, he’s behind bars.

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While he will pay for his crimes, can he still be held accountable for not knowing his actions were wrong?

Ecclestone was unaware of his wrongdoings

For almost a decade, Ecclestone thought he’d done no wrong. From 2015 to 2023, he was under the impression that nothing was amiss about not paying taxes for the trust. Considering he’s a billionaire and quite a successful businessman, you would think he’d have known how to handle his accounts and trusts. If not handle, he should’ve at least known if they were liable for tax deductions. Guess what? He didn’t. He had no idea that the Singapore trust was liable for tax. But that’s all on him; holding him accountable for it was the way to go.

The prosecutor of the case spoke after Ecclestone’s guilty plea. Per the BBC, they said, “Mr. Ecclestone was not entirely clear on how ownership of the accounts in question was structured [when he was initially accused]. He, therefore, did not know whether it was liable for tax, interest, or penalties in relation to amounts passing through the accounts.” After realizing he was in the wrong, he and his wife went to court, and he pleaded guilty only to the judge. Now, the 92-year-old will spend a year-and-a-half behind bars for his own ignorance. However, there is a likelihood of Ecclestone reaching a $800 million settlement with the UK authorities.

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What’s your take on the entire situation?