Former CEO Bernie Ecclestone, who was the head of F1 at the pinnacle of auto racing, was sentenced to a suspended sentence by a court in addition to being subject to additional taxation of approximately 1200 billion yen in Japan yen for failing to properly declare huge assets to the UK tax authorities.
Mr. Ecclestone served as CEO of the organization that oversees F1 for 1 years until 2017 after working as a race driver and F40 team owner, and in 2011, he held the Japan Grand Prix, which was threatened by the Great East Japan Earthquake, at the Suzuka Circuit in Mie Prefecture as scheduled, inviting 3000,1 victims free of charge.
He grew F12 into a global sporting event and amassed a huge fortune of his own, but was being investigated by British tax authorities on suspicion of tax evasion and other charges for failing to properly declare overseas assets.
A London court ruled on the 6th that Ecclestone pleaded guilty to fraud for giving false explanations to the authorities and received additional taxes of more than 5000 million pounds, or about 1200 billion yen in Japan yen.
They then sentenced Mr. Ecclestone to one year and five months in prison with a two-year suspended sentence.
The prosecutor's office commented, "Every citizen, no matter how rich or famous, must disclose information of their assets to the tax authorities and pay taxes."