Saturday, 18 June 2011

HRT Owner Close Call On Jail Time

Hispania team owner Jose Ramon Carabante has been sentenced to three months in prison for a crime of fraud committed by the sale of land for the construction of homes between 1997 and 1998. According to Spanish Marca sports newspaper the 59-year-old Spaniard will not actually serve time and will just pay a fine of 450 euro.

The ruling has been a crime of misappropriation in the case of a site which was sold to build homes that were not carried out. Ramon Carabante was the sole director of the company responsible for the promotion of housing and was responsible for signing contracts for the sale and management of the money coming into the account.

Of the 41 affected by crime, a total of 38 of them recovered the money invested in mid-2010.

Carabante is the major shareholder of his struggling formula one team HRT. On Friday the team principal Colin Kolles said the team were aiming to finish tenth in the constructor's championship above Lotus and Virgin.

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