Former Formula 1 CEO Bernie Ecclestone ex-Wife Slavica Malic Newly Setup Family Office Elm Cove K2 AM in 2023 Hires ex-HSBC Global Head of Asset Allocation Fredrik Nerbrand as CIO, Slavica Malic Received $886 Million in Divorce Payout 2009 for Unreasonable Behaviour after 20 Years of Marriage, Philanthropic Trust Slavica Malic Foundation was Setup in 2023, Bernie Ecclestone Bought Rights to Formula One in 1970s with Company Sold to Liberty Media for $8 Billion in 2017, Personal Fortune of Around $2.5 Billion
17th May 2024 | Hong Kong
The former Formula 1 CEO Bernie Ecclestone (Age 93) ex-wife Slavica Malic (Age 65, ex-Model) newly setup family office Elm Cove (K2 AM) in 2023 has hired ex-HSBC Global Head of Asset Allocation Fredrik Nerbrand as Chief Investment Officer (CIO). Slavica Malic had received $886 million (GBP 700 million) in divorce payout in 2009 for unreasonable behaviour after 20 years of marriage. Philanthropic trust Slavica Malic Foundation was also setup in 2023. Slavica Malic ex-husband Bernie Ecclestone had bought rights to Formula One in the 1970s, with the company sold to Liberty Media for $8 billion in 2017 (Bernie Ecclestone had sold majority of his shares in the 1990s). Bernie Ecclestone has a personal fortune of around $2.5 billion. In October 2023, Bernie Ecclestone pleaded guilty in a UK court for failing to declare S$650 million trust (£400 million) in 2015 in Singapore bank account, receiving 17 months in suspended jail sentence and agreeing to pay $796 million settlement (£652 million). Bernie Ecclestone had previously paid $100 million in 2014 to Germany authorities as settlement to end bribery trial for Formula One rights. In August 2023, Singapore central bank Monetary Authority of Singapore (MAS) Lawrence Wong (Chairman, Singapore Deputy Prime Minister, Minister for Finance) reply on former Formula 1 CEO Bernie Ecclestone S$650 million trust in Singapore bank account – Singapore cooperating with UK authorities on investigation & prosecution of Bernie Ecclestone, bank account subjected to enhanced monitoring with all transactions flagged for scrutiny & approval since 2013. In 2022 August, Bernie Ecclestone was been charged in court (pleaded not guilty) for failing to declare a S$650 million (£400 million) trust fund in Singapore between 2013 to 2016. The charge was filed by United Kingdom (UK) HM Revenue & Customs. According to the charge in court, Bernie Ecclestone had disclosed only 1 trust to tax authorities and is not the beneficiary of the trust, or any other trust. Bernie Ecclestone had been granted bail, with the (next) hearing on 18th September 2022. Bernie Ecclestone is most known for leading Formula 1 for more than 40 years (1970s to 2017), and is a billionaire with an estimated net worth of more than $3 billion. More info below:
“ Former Formula 1 CEO Bernie Ecclestone ex-Wife Slavica Malic Newly Setup Family Office Elm Cove K2 AM in 2023 Hires ex-HSBC Global Head of Asset Allocation Fredrik Nerbrand as CIO, Slavica Malic Received $886 Million in Divorce Payout 2009 for Unreasonable Behaviour after 20 Years of Marriage, Philanthropic Trust Slavica Malic Foundation was Setup in 2023, Bernie Ecclestone Bought Rights to Formula One in 1970s with Company Sold to Liberty Media for $8 Billion in 2017, Personal Fortune of Around $2.5 Billion “
Ex-Formula 1 CEO Bernie Ecclestone Pleaded Guilty in UK Court for Failing to Declare S$650 Million Trust in 2015 in Singapore Bank Account, Receives 17 Months Suspended Jail Sentence & Agrees to Pay $796 Million Settlement, Paid $100 Million in 2014 to Germany Authorities as Settlement to End Bribery Trial for Formula One Rights
13th October 2023 – Former Formula 1 CEO Bernie Ecclestone had pleaded guilty in a UK court for failing to declare S$650 million trust (£400 million) in 2015 in Singapore bank account, receiving 17 months in suspended jail sentence and agreeing to pay $796 million settlement (£652 million). Bernie Ecclestone had previously paid $100 million in 2014 to Germany authorities as settlement to end bribery trial for Formula One rights. In August 2023, Singapore central bank Monetary Authority of Singapore (MAS) Lawrence Wong (Chairman, Singapore Deputy Prime Minister, Minister for Finance) reply on former Formula 1 CEO Bernie Ecclestone S$650 million trust in Singapore bank account – Singapore cooperating with UK authorities on investigation & prosecution of Bernie Ecclestone, bank account subjected to enhanced monitoring with all transactions flagged for scrutiny & approval since 2013. In 2022 August, Bernie Ecclestone was been charged in court (pleaded not guilty) for failing to declare a S$650 million (£400 million) trust fund in Singapore between 2013 to 2016. The charge was filed by United Kingdom (UK) HM Revenue & Customs. According to the charge in court, Bernie Ecclestone had disclosed only 1 trust to tax authorities and is not the beneficiary of the trust, or any other trust. Bernie Ecclestone had been granted bail, with the (next) hearing on 18th September 2022. Bernie Ecclestone is most known for leading Formula 1 for more than 40 years (1970s to 2017), and is a billionaire with an estimated net worth of more than $3 billion. More info below:
Singapore MAS Chairman Lawrence Wong on Ex-Formula 1 CEO Bernie Ecclestone S$650 Million Trust in Singapore Bank Account: Singapore Cooperating with UK Authorities on Investigation & Prosecution of Bernie Ecclestone, Bank Account Subjected to Enhanced Monitoring with All Transactions Flagged for Scrutiny & Approval Since 2013
4th August 2023 – Singapore central bank Monetary Authority of Singapore (MAS) Lawrence Wong (Chairman, Singapore Deputy Prime Minister, Minister for Finance) reply on former Formula 1 CEO Bernie Ecclestone S$650 million trust in Singapore bank account – Singapore cooperating with UK authorities on investigation & prosecution of Bernie Ecclestone, bank account subjected to enhanced monitoring with all transactions flagged for scrutiny & approval since 2013. Singapore MAS Chairman Lawrence Wong: “We can confirm that the Monetary Authority of Singapore (MAS), Singapore Police Force (SPF) and Attorney General’s Chambers (AGC) have worked closely with UK authorities on their investigation and prosecution of Mr Ecclestone. In fact, Singapore proactively shared relevant information with our UK counterparts, which helped them develop their case … … In 2017, MAS conducted an inspection of the bank cited in recent media reports, to assess its controls for mitigating money laundering and terrorist financing risks. During the inspection, MAS specifically reviewed the bank’s handling of its relationship with Mr Ecclestone. While MAS found that there was room for improvement in the bank’s anti-money laundering processes, it did not find gaps or weaknesses that were systemic in nature. MAS also noted that when adverse news about Mr Ecclestone first surfaced in 2013, the bank promptly subjected the account to enhanced monitoring controls by requiring all transactions to be flagged for scrutiny and approval.” In 2022 August, former Formula 1 CEO & British billionaire Bernie Ecclestone (Age 92) had been charged in court (pleaded not guilty) for failing to declare a S$650 million (£400 million) trust fund in Singapore between 2013 to 2016. The charge was filed by United Kingdom (UK) HM Revenue & Customs. According to the charge in court, Bernie Ecclestone had disclosed only 1 trust to tax authorities and is not the beneficiary of the trust, or any other trust. Bernie Ecclestone had been granted bail, with the (next) hearing on 18th September 2022. Bernie Ecclestone is most known for leading Formula 1 for more than 40 years (1970s to 2017), and is a billionaire with an estimated net worth of more than $3 billion. See below for more info.
“ Singapore Cooperating with UK Authorities on Investigation & Prosecution of Bernie Ecclestone, Bank Account Subjected to Enhanced Monitoring with All Transactions Flagged for Scrutiny & Approval Since 2013 “
Singapore MAS Chairman Lawrence Wong on Ex-Formula 1 CEO Bernie Ecclestone S$650 Million Trust in Singapore Bank Account
8th August 2023
Ms Chua Kheng Wee Louis: To ask the Prime Minister in relation to the UK trial of Bernie Ecclestone that allegedly involves undisclosed assets of USD 650 million in a Singapore bank, whether MAS is satisfied with the anti-money laundering precautions that have been put in place at the bank.
Ms He Ting Ru: To ask the Prime Minister (a) whether the Government has received any requests from the UK law enforcement agencies regarding the case involving former Formula One CEO and Chairman Emeritus Bernie Ecclestone’s alleged failure to declare to the UK government a trust in Singapore of about S$650 million in a bank account; and (b) if yes, what assistance has been provided.
Answer by Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Chairman of MAS:
1. Ms He asked if the Singapore Government has received any requests from UK law enforcement agencies in relation to the case involving former Formula 1 boss Bernie Ecclestone. It is our policy, in line with international practice, not to comment on whether a foreign government has made a request for legal assistance on specific cases.
2. That said, we can confirm that the Monetary Authority of Singapore (MAS), Singapore Police Force (SPF) and Attorney General’s Chambers (AGC) have worked closely with UK authorities on their investigation and prosecution of Mr Ecclestone. In fact, Singapore proactively shared relevant information with our UK counterparts, which helped them develop their case.
3. In 2017, MAS conducted an inspection of the bank cited in recent media reports, to assess its controls for mitigating money laundering and terrorist financing risks. During the inspection, MAS specifically reviewed the bank’s handling of its relationship with Mr Ecclestone. While MAS found that there was room for improvement in the bank’s anti-money laundering processes, it did not find gaps or weaknesses that were systemic in nature. MAS also noted that when adverse news about Mr Ecclestone first surfaced in 2013, the bank promptly subjected the account to enhanced monitoring controls by requiring all transactions to be flagged for scrutiny and approval.
4. MAS will continue to work with financial institutions to ensure that our financial sector’s defences against financial crime remain robust.
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