Former Formula 1 boss in London court: 'I am guilty'

(Patria) - Bernie Ecclestone, former Formula 1 boss, pleaded guilty to fraud after failing to declare over 460 million euros in a Singapore fund.

The 92-year-old billionaire was supposed to declare the income to the government in July 2015.

Ecclestone told the court in London: "I am guilty". He had previously pleaded not guilty.

Ecclestone's trial was scheduled to begin in November.

Ecclestone was removed as chief executive when the American group Liberty Media bought Formula 1 in 2017.

Following a major tax investigation, Ecclestone was indicted.

Prosecutors say he declared the assets of "only one trust", set up in his daughter's name, to the tax authorities.

According to the indictment, he stated to the tax authorities that he was "not the founder or beneficiary of any trust in or outside the UK".

However, tax authorities discovered evidence during their investigation that reasonably implicated him in concealing assets abroad, BBC reports.