Bernie Ecclestone denies fraud charge over 'failure to declare £400m of overseas assets'
22 August 2022, 10:40
Former F1 chief Bernie Ecclestone has denied a charge of fraud over an alleged failure to declare £400 million of overseas assets to the Government.
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The billionaire businessman, 91, entered a not guilty plea at Westminster Magistrates' Court on Monday morning.
He faces a charge of fraud by false representation between July 13 2013 and October 5 2016, over allegations he failed to declare a trust in Singapore with a bank account containing around 650 million US dollars.
According to the charge, he allegedly claimed he had "established only a single trust, that being one in favour of your daughters".
He is also alleged to have said "other than the trust established for your daughters you were not the settlor nor beneficiary of any trust in or outside the UK".
Ecclestone - who has three grown-up daughters, Deborah, 67, Tamara, 38, and Petra, 33, and a young son, Ace - allegedly made the representations "intending to make a gain, namely not stated, for yourself".
The Crown Prosecution Service (CPS) authorised the charge against the billionaire, whose address is listed in Knightsbridge, central London, last month.
They said it followed a "complex and worldwide" investigation.
Andrew Penhale, Chief Crown Prosecutor, said at the time: “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."
Ecclestone was met at Westminster Magistrates' Court on Monday morning by photographers and camera operators who had been warned by court security not to mob him because of his age.
His white Range Rover, with a personalised number plate, passed three times before the business magnate left the vehicle dressed in a dark three-piece suit, white shirt and dark tie.
Ecclestone was joined by his legal team as he was escorted in through the back exit.
Chief Magistrate Paul Goldspring allowed him to stand outside the dock after his barrister Clare Montgomery QC said her client was "having a little bit of trouble hearing".
He was granted unconditional bail ahead of his next appearance at Southwark Crown Court on September 19.
