Former F1 CEO Bernie Ecclestone charged with £400m 'overseas asset' fraud

F1 supremo Bernie Ecclestone has been charged with tax fraud for failing to declare approximately 400 million pounds worth of assets overseas. The Crown Prosecution Services (CPS) and Revenue and Customs (HMRC) have announced that there will be a trial for the 91-year-old Briton, at the Westminster Magistrates' Court in August.

Announcing the charges against the former F1 chief, 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.”

Ecclestone’s case will be heard at Westminster Magistrates Court on August 22, 2022. According to the CPS and HMRC more than 400 million pounds worth of overseas assets were concealed from them, which qualify for tax fraud. The CPS stated that the criminal proceedings are underway against the former F1 CEO.

Shedding further light on the matter and the investigation, Penhale said:

“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.”

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Former F1 CEO feels the tax authorities are excited again

When Reuters contacted Ecclestone about the statement on his tax fraud, the F1 chief replied from Ibiza saying he had not read the statement. The 91 year old felt the tax authorities were excited and the issue was not what it seemed.

Upon being contacted by Reuters about the statement, Ecclestone said:

“I haven’t seen that so I don’t know so I can’t comment. It’s something that has been talked about happening, but not in the way you said, something a little bit different to that, quite a while ago. They’ve probably got all excited again. Let’s see what happens.”

The British billionaire recently got into trouble over his remarks on Vladimir Putin. Along with his comments about Mercedes and Lewis Hamilton. His remarks on Nelson Piquet's barb at Hamilton sparked conflict as the F1 fraternity felt it was insensitive. The interview with the Daily Mail stirred controversy in the buildup to the British GP where racism and discrimination had become a severe issue.