Ecclestone fraud case: New updates in trust fund investigation

Back in the summer of 2022, it was revealed that Bernie Ecclestone is suspected in a major fraud investigation. The former Formula One owner allegedly concealed the fact that he failed to declare several hundred million dollars in a Singaporean trust fund to the tax authorities. Ecclestone previously claimed to be "not guilty", Singapore Deputy Prime Minister Lawrence Wong has now given an update on the investigation.

In summer 2022, UK tax authorities announced the launch of a major investigation into now 92-year-old Bernie Ecclestone. The tax authorities accused the Briton of concealing a $650 million investment in a Singaporean trust fund. GPblog recently reported that Ecclestone has already sworn his innocence, but slowly the net for the former F1 owner seems to be closing anyway.

Singapore's Deputy Prime Minister Lawrence Wong has revealed in an official statement that the Singapore authorities have now conducted extensive investigations into Ecclestone's ways and that all relevant information has been forwarded to the UK authorities. Among others, the Monetary Authority, the police and the Attorney General of Singapore have been proactive in investigating the Briton.

The charges against Bernie Ecclestone involve concealment from the UK tax authorities during the period from July 2013 to October 2016. The substantive hearing of the case will take place in mid-November 2023.