Oliver Oakes resigns as Alpine F1 boss after brother William's arrest on financial crime charges
Oliver Oakes has resigned as Alpine F1 team principal, a move that comes shortly after his brother William Oakes was arrested and charged with a financial crime. The decision was announced on Tuesday, just before the team confirmed a driver change, replacing Jack Doohan with Franco Colapinto.
William Oakes, a director at junior team Hitech Grand Prix, was arrested on May 1 at Silverstone Park and charged the following day with 'transferring criminal property,' according to the Metropolitan Police. Authorities said the 31-year-old was found carrying a large amount of cash. He was remanded in custody after appearing before Northampton Magistrates' Court on May 3.
Oliver Oakes is not accused of any wrongdoing and has no known connection to the charges. He had joined Alpine from Hitech in 2024 and served less than a year in the team principal role. According to The Telegraph, Oakes travelled to Dubai from the Miami Grand Prix last weekend, and his current whereabouts remain unclear.
In a joint statement released Wednesday, Oakes described his departure as a personal decision. 'It's been a privilege to lead everyone at Enstone, what a team, what a place,' he said. 'Flavio [Briatore] has been like a father to me, nothing but supportive since I took the role.'
Briatore, who now assumes Oakes' responsibilities, added: 'We respect Oli's request to resign and have therefore accepted his resignation. The reasons are not related to the team and are of a personal nature.'
The Independent reports that in 2022, Oakes took full ownership of Hitech Grand Prix from Russian oligarch Dmitry Mazepin, forming Hitech Global Holdings Ltd shortly after Mazepin was sanctioned by the UK and EU following Russia's invasion of Ukraine.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
a day ago
- Express Tribune
President pushes to unlock Russia trade
President Asif Ali Zardari on Tuesday said Pakistan and Russia have enormous potential needed to be exploited to expand bilateral partnership in trade, investment, technology, and people-to-people exchanges. The president made these remarks as chief guest at the special ceremony celebrating the 35th National Day of the Russian Federation held in the federal capital. Khyber-Pakhtunkhwa Governor Faisal Karim Kundi, Special Assistant to the Prime Minister (SAPM) Tariq Fatemi and members of the diplomatic corps attended the event. The president stated that Pakistan regards Russia as an important global power that has been a key player in ensuring regional peace and stability, particularly in the Eurasian region. President Zardari extended his sincere congratulations to President of the Russian Federation Vladimir Putin, Ambassador of the Russian Federation Albert Khorev as well as to the people of Russia. "On this significant occasion, Pakistan joins Russia in celebrating this National Day, reflecting our solidarity and friendship. I am glad to state that our bilateral relations have improved over the years, based on mutual respect, cooperation, and shared interests in various fields," the president said. He said there have been extensive high-level interactions between the two countries that had laid the foundation for deeper engagement and understanding. Pakistan and Russia also continue to cooperate closely on regional and international platforms, he added. The president underlined that SAPM Tariq Fatemi had a promising meeting with Russian Foreign Minister in Moscow early this month where both sides had underscored the importance of peace and stability in the region. "I am confident that the bonds of friendship between Pakistan and Russia will continue to strengthen. As we celebrate this important occasion tonight, let us reaffirm our commitment to building bridges of understanding and cooperation between our two nations. Let us take hold of the opportunities that lie ahead and work together for a brighter and more prosperous future. Long Live Pakistan-Russia friendship," President Zardari said. Earlier, in his welcome address, Ambassador Khorev emphasized that Russia remains a sovereign, powerful, and resilient nation, driven by the unwavering support of its people. Reflecting on the words of President Putin, the Ambassador noted that Russia has historically played a unifying role in the region, stretching "from the Baltics to the Caucasus." Highlighting the steady progress in Pak-Russia relations, Ambassador Khorev stated that bilateral cooperation is advancing at a satisfactory pace across various sectors. He expressed appreciation for Pakistan's growing interest in Russian language and culture. "We commend the Pakistani enthusiasm for learning the Russian language," he remarked. "The Russian Mission is actively supporting the establishment and expansion of language learning institutions across the country." The ambassador also reaffirmed Russia's continued support for Pakistan on various international platforms, noting that both nations are working together to deepen ties in education, diplomacy, and mutual development. The event concluded with Russian musician's performance on folk music.
Business Recorder
a day ago
- Business Recorder
Zardari for exploiting potential to expand partnership with Russia
ISLAMABAD: President Asif Ali Zardari on Tuesday said Pakistan and Russia have enormous potential needed to be exploited to expand bilateral partnership in trade, investment, technology, and people-to-people exchanges, said a press release. The president made these remarks as chief guest at the special ceremony celebrating the 35th National Day of the Russian Federation held here participated by Governor Khyber Pakhtunkhwa Faisal KarimKundi, Special Assistant to the Prime Minister, Tariq Fatemi and members of the diplomatic corps. He said Pakistan regards Russia as an important global power that has been a key player in ensuring regional peace and stability, particularly in the Eurasian region. At the commencement of the event, national anthem of both the nations was played and was solemnly observed by the participants. President Asif Ali Zardari extended his sincere congratulations to President of the Russian Federation, Vladimir Putin, Ambassador of the Russian Federation, Albert Khorev as well as to the people of Russia. 'On this significant occasion, Pakistan joins Russia in celebrating this National Day, reflecting our solidarity and friendship. I am glad to state that our bilateral relations have improved over the years, based on mutual respect, cooperation, and shared interests in various fields,' the president said. Recently, he said there had been extensive high-level interactions between the two countries that had laid the foundation for deeper engagement and understanding between the two nations. Pakistan and Russia also continued to cooperate closely on regional and international platforms, he added. The president underlined that Special Assistant to the Prime Minister, Tariq Fatimi had a very promising meeting with Russian Foreign Minister in Moscow early this month where both sides had underscored the importance of peace and stability in the region. 'I am confident that the bonds of friendship between Pakistan and Russia will continue to strengthen. As we celebrate this important occasion tonight, let us reaffirm our commitment to building bridges of understanding and cooperation between our two nations. Let us take hold of the opportunities that lie ahead and work together for a brighter and more prosperous future. Long Live Pakistan-Russia friendship,' President Zardari said. Earlier, in his welcome address, Ambassador Albert Khorev emphasized that Russia remains a sovereign, powerful, and resilient nation, driven by the unwavering support of its people. Reflecting on the words of President Vladimir Putin, the Ambassador noted that Russia has historically played a unifying role in the region, stretching 'from the Baltics to the Caucasus.' Highlighting the steady progress in Pak-Russia relations, Ambassador Khorev stated that bilateral cooperation is advancing at a satisfactory pace across various sectors. He expressed appreciation for Pakistan's growing interest in Russian language and culture. 'We commend the Pakistani enthusiasm for learning the Russian language,' he remarked. 'The Russian Mission is actively supporting the establishment and expansion of language learning institutions across the country.' The Ambassador also reaffirmed Russia's continued support for Pakistan on various international platforms, noting that both nations are working together to deepen ties in education, diplomacy, and mutual development. The event concluded with Russian musician's performance on folk music. Copyright Business Recorder, 2025
Business Recorder
a day ago
- Business Recorder
Chicago wheat lower on harvest pressure; soybeans firm
SINGAPORE: Chicago wheat slid for a second session on Tuesday, with prices close to a one-week low on pressure from the Northern Hemisphere harvest and a forecast of higher output in top exporter Russia. Soybeans edged higher as talks between China, the world's No. 1 importer of the oilseed, and the United States, the second largest exporter, got underway to resolve their trade dispute that has hit farm trade. 'We prices are pulling back after last week's gains,' said a trader in Singapore. 'Harvest has started in some key exporting countries which is putting pressure on prices as supplies going to increase.' The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 0.4% to $5.40 a bushel, as of 0209 GMT, after hitting its lowest since June 4 earlier in the session. Corn fell 0.1% to $4.33-1/4 a bushel, while soybeans added 0.5% to $10.61-1/4 a bushel. Wheat futures face headwinds as the winter wheat harvest got under way and the market paused after last week's bounce. There was additional pressure on the wheat market after Russian agricultural consultancy Sovecon raised its forecast for 2025 wheat harvest by 1.8 million metric tons to 82.8 million tons, citing good weather. However, the US harvest is off to a slow start. After the CBOT closed on Monday, the US Department of Agriculture (USDA) said winter wheat was 4% harvested, up just a percentage point from the previous week, lagging the five-year average of 7%. The USDA rated 71% of the country's corn crop in good to excellent condition as of Sunday, up from 69% the week prior and slightly above the average estimate from a Reuters survey of analysts. The agency pegged 68% of the soybean crop in good to excellent condition, a slight improvement from the previous week and in line with expectations.
