Bernie Ecclestone to be charged with fraud over ‘£400m offshore assets'
11 July 2022, 13:32 | Updated: 11 July 2022, 13:50
Former F1 chief Bernie Ecclestone is to be charged over an alleged £400m fraud following a tax probe.
The billionaire businessman, 91, is accused of one count of fraud by false representation after an investigation by HM Revenue and Customs (HMRC).
He is due to appear at Westminster Magistrates Court on August 22 to face the criminal charge.
Andrew Penhale, Chief Crown Prosecutor, said: “The CPS has reviewed a file of evidence from HMRC and has 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. It is extremely important that there should be no reporting, commentary or sharing of information online which could in any way prejudice these proceedings.”
Simon York, director of HMRC's Fraud Investigation Service, said: "We can confirm that a fraud by false representation charge has been authorised against Bernard Ecclestone. This follows a complex and worldwide criminal investigation by HMRC's Fraud Investigation Service. 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. 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 sparked controversy recently after he publicly offered support to Vladimir Putin, saying he would 'take a bullet' for the Russian president.
He later offered an apology for his comments.
