The Crown Prosecution Service in the United Kingdom says it has authorised bringing a charge of “fraud by false representation” against former Formula 1 CEO Bernie Ecclestone.
The charge relates to overseas assets believed to be worth over £400 million.
Ecclestone’s personal wealth has previously been estimated to exceed £2.5 billion. He amassed his fortune after taking control of Formula 1 during the seventies. He stepped down in charge of the series after it was sold to Liberty Media in 2017, and he left his emeritus position at the company two years ago.
The CPS reviewed evidence compiled following an investigation by Her Majesty’s Revenue and Customs, which is responsible for tax collection in the UK. Chief crown prosecutor Andrew Penhale said it has now “authorised a charge against Bernard Ecclestone of fraud by false representation in respect of his failure to declare to HMRC the existence of assets held overseas believed to be worth in excess of £400m.”
“The Crown Prosecution Service reminds all concerned that criminal proceedings against this defendant are now active and that they have a right to a fair trial,” he added. “It is extremely important that there should be no reporting, commentary or sharing of information online which could in any way prejudice these proceedings.”
The HMRC’s director of Fraud Investigation Services, Simon York, said the charge “follows a complex and worldwide criminal investigation,” by the department. “The criminal charge relates to projected tax liabilities arising from more than £400m of offshore assets which were concealed from HMRC.”
“HMRC is on the side of honest taxpayers and we will take tough action wherever we suspect tax fraud,” he said. “Our message is clear: no one is beyond our reach.
“We remind people to refrain from commentary or sharing of information that could prejudice proceedings in any way. This is now a matter for the courts and we will not be commenting further.”
Ecclestone recently drew strong criticism for remarks defending Nelson Piquet over racist comments he made about Lewis Hamilton, and declaring his continued support for Russian president Vladimir Putin following his invasion of Ukraine. The 91-year-old later apologised for the latter.
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