Bernie Ecclestone confesses to committing fraud

Bernie Ecclestone, the former head of Formula One, has confessed to committing fraud by failing to disclose over £400m held in a trust in Singapore. The 92-year-old billionaire did not reveal the existence of the trust to the government in July 2015. Despite previously pleading not guilty, Ecclestone appeared in court on Thursday and admitted his guilt, leading to the cancellation of his trial scheduled for next month. The charges against him were a result of a tax investigation conducted by HM Revenues and Customs, which described the probe as "complex and worldwide." Prosecutors alleged that he had only declared one trust to tax authorities, which was established for the benefit of his daughter. However, evidence emerged during the investigation suggesting that Ecclestone would have personally benefited from the arrangement, leading to his charges.