ET Secure IT. Panache Tech and Gadgets. Panache People City Life. ET Magazine. Read more on Fortune. Browse Companies:. To see your saved stories, click on link hightlighted in bold. Fill in your details: Will be displayed Will not be displayed Will be displayed. To prevent his income from being taxed, Mr Ecclestone transferred his most valuable assets, the entire share capital of F1's parent company, to a Jersey-based business called Petara which was ultimately owned by his ex-wife.
She then put the shares in the offshore Bambino trust, meaning no tax has been paid on the money raised by his sale of F1 to a private equity firm. Slavica Eccelstone is a foot taller than her ex-husband. The catch is that, as a UK resident, Mr Ecclestone is not allowed control over the trust, otherwise he risks an inquiry and hefty tax bill. The set-up led to the unusual divorce settlement in which the trust paid out to Mr Ecclestone. While generous to his children, Mr Ecclestone, the Depression-era son of a Suffolk trawlerman, is known to count every penny.
He is said to own a number of private jets, a chalet in Gstaad and a ft yacht. But those were assets acquired before his divorce. He lives in an apartment, described as modest in some quarters, above his office overlooking Hyde Park in central London and still works five days a week.
Ecclestone with his two daughters, Petra L and Tamara. Julian Ribet, a partner at Levison Meltzer Pigott, leading specialist family law firm, said: "Unsurprisingly, given the circumstances of the individuals in this case, the structure of this settlement would appear to be unusual. Typically, a wealthy husband would be making payments to his wife, if he holds the majority of the assets. However, where an individual has a financial 'resource', such as regular income from a trust fund, this can be taken into account when deciding which party should make payments.
One would expect high net worth individuals like Bernie and Slavica Ecclestone to have received the best legal and tax advice in several countries to ensure their divorce settlement is arranged in the most tax efficient way possible. The Bambino trust is at the centre of the German case. Industry Quality car insurance coverage, at competitive prices. Ask for a car insurance quote today. Neither the Croatian, a former Armani model, nor her ex-husband, F1 chief executive Bernie Ecclestone , were present.
In court papers, Mrs Ecclestone accused the year-old billionaire of "unreasonable behaviour" that had caused her "stress and anxiety". The judge found that Mr Ecclestone "behaved in such a way that the petitioner cannot reasonably be expected to live with the respondent" and that the marriage had "broken down irretrievably". Bernie Ecclestone's papers said he would not dispute the divorce or the legal costs.
A private hearing will be held if a financial settlement cannot be agreed.
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