Ex-F1 Chief Bernie Ecclestone Facing Fraud Claim Over Pound 400m Foreign Assets

Ex-F1 Chief Bernie Ecclestone Facing Fraud Claim Over Pound 400m Foreign Assets

Prosecutors said Monday that former Formula One supremo Bernie Ecclestone is facing fraud charges over his alleged failure to declare 400 400 million (7 477 million, 473 million euros) in overseas assets to the British government. Chief Crown Prosecutor Andrew Penhall said: “The CPS (Crown Prosecution Service) has reviewed the evidence file from HMRC (UK Revenue and Customs) and charged Bernard Ecclestone with fraud through false representation. Allow HMRC to declare the existence of assets held abroad valued at more than m 400m. “

He added: “The Crown Prosecution Service reminds all concerned that criminal proceedings against this defendant are now active and they have the right to a fair trial.

“It is very important that there should be no online reporting, commentary or information sharing that could in any way affect these actions.”

Simon York, director of HMRC’s Fraud Investigation Service, said the investigation against Ecclestone, 91, was “complex and worldwide”.

“We can confirm that Bernard Ecclestone has been charged with fraud under false pretenses,” he said.

“This is after a complex and global criminal investigation by HMRC’s Fraud Investigation Service.

“The criminal charge relates to the expected tax liability arising from offshore assets of more than £ 400 million that were concealed from HMRC.

The trial is set to begin on August 22 in London’s Westminster Magistrates’ Court, although it was not immediately clear if Ecclestone would be forced to appear.

Ecclestone, a British businessman whose financial value is estimated at more than £ 2.5 billion, according to Forbes Magazine, is widely credited with transforming Formula One into a commercial powerhouse.

After a brief career as a racing driver in the late 1950s, he later became the owner of the Brabham F1 team.

Ecclestone took control of Formula One with the first sale of television rights in the late 1970s.

However, he was removed from the post of Chief Executive of Formula One Group following the takeover of Liberty Media in January 2017.

Ecclestone recently sparked controversy by saying he would “shoot” Vladimir Putin after Russia’s invasion of Ukraine.

Ecclestone described the Russian president as a “sensible” and “first-class man” who believed he was doing the right thing for Russia.


He also criticized Ukraine’s response to Russia’s military action, telling AFP last month: “For Ukraine, fighting Russia is like fighting Mike Tyson or any other big boxer.” I definitely don’t choose fighting.

However, Ecclestone also told Sky Sports: “I’m sorry if what I said hurt anyone because it was definitely not intended.”

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