Ecclestone faces $1.6 billion tax bill

Fri, 22 May 2015, 10:35

May 22 (GMM) British tax authorities have resumed a $1.6 billion pursuit of F1 supremo Bernie Ecclestone.

Bloomberg reports that the 84-year-old initially settled the dispute over his family trust Bambino.

“The tax and interest demanded as a result of the decision is over 1 billion pounds,” London judge Kenneth Parker declared on Thursday.

The tax authorities claim Ecclestone “withheld information” when he reached the 2008 settlement that subsequently came to light during the Gerhard Gribkowsky corruption trial last year, Bloomberg explained.

A spokesman for Ecclestone said the F1 chief executive and billionaire is now exploring “other legal avenues” to get the authorities to honour the settlement.

“I’ve never, ever, ever had anything to do with the trust,” Ecclestone said by telephone in Monaco.

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