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07-05-2022, 09:08 AM
PUBLISHED MAY 6, 2022, 8:37 AM SGT
LONDON (BLOOMBERG) - Formula One mogul Bernie Ecclestone put up millions of dollars to support a series of gold transactions that made "no commercial sense", prosecutors said at a trial into one of Britain's biggest money laundering operations.
Mr Ecclestone provided a US$10 million (S$13.8 million) personal guarantee for a gold deal for his then son-in-law James Stunt, prosecutors said, as they laid out an elaborate chain of transactions aimed at hiding the origin of bags of street cash.
In total, some £266 million (S$456 million) was banked by NatWest Group and then laundered, prosecutors allege.
Mr Ecclestone is not a defendant in the case and has not been accused of wrongdoing. Stunt is one of eight people standing trial over allegations of laundering cash from criminal activity.
https://www.straitstimes.com/business/co...ering-case
LONDON (BLOOMBERG) - Formula One mogul Bernie Ecclestone put up millions of dollars to support a series of gold transactions that made "no commercial sense", prosecutors said at a trial into one of Britain's biggest money laundering operations.
Mr Ecclestone provided a US$10 million (S$13.8 million) personal guarantee for a gold deal for his then son-in-law James Stunt, prosecutors said, as they laid out an elaborate chain of transactions aimed at hiding the origin of bags of street cash.
In total, some £266 million (S$456 million) was banked by NatWest Group and then laundered, prosecutors allege.
Mr Ecclestone is not a defendant in the case and has not been accused of wrongdoing. Stunt is one of eight people standing trial over allegations of laundering cash from criminal activity.
https://www.straitstimes.com/business/co...ering-case
