Formula 1 top man Bernie Ecclestone has admitted paying $44 million to a former bank executive in relation to a previous sale of the sport, five years ago.
Ecclestone, however, denies any wrong doing claiming he was blackmailed by the banker, saying he would cause the 80-year-old Briton trouble with the Inland Revenue.
Ecclestone said that his lawyers advised him to pay the demand, as alternative investigations by HMRC would take years and likely end up costing more.
Giving his side of the story, he explained: "You know it's a very strange system here. If someone wants to prosecute you, the prosecutor comes out and says what he thinks you've done. He then gives it to a court. The court will look at it and say, 'this is a load of --------' or they will say, 'now we charge you'. They haven't charged me."
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