Fraud news | Ecclestone, a former F1 executive, will face charges of asset fraud.

Following a government inquiry into his foreign holdings, British prosecutors said former Formula One boss Bernie Ecclestone will be charged with fraud by false representation.



(AP) LONDON — Following a government probe into his foreign holdings, former Formula One CEO Bernie Ecclestone will be prosecuted with fraud by false representation, British prosecutors announced Monday.


The government has authorized an accusation against Ecclestone for failing to disclose foreign assets worth more than 400 million pounds ($477 million), according to Chief Crown Prosecutor Andrew Penhale.

The 91-year-old businessman's finances were the subject of a "complex and global" investigation, according to Simon York of Her Majesty's Revenue and Customs.


According to him, "the criminal complaint relates to estimated tax liabilities resulting from more than 400 million pounds in offshore assets that were hidden from Her Majesty's Revenue and Customs."


No one is beyond our grasp, according to our clear message, York continued.


On August 22, the matter is anticipated to be heard at London's Westminster Magistrates' Court.


From the 1970s to 2017, when Ecclestone stepped down as CEO and Liberty Media took over the series, Ecclestone oversaw Formula One racing and ruled the industry for four decades.

He was detained in Brazil in May for boarding a plane with a gun in his luggage.


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