Former Formula 1 boss Bernie Ecclestone to be charged with fraud

Former F1 boss Bernie Ecclestone will be charged with fraud by false representation following an investigation into overseas assets.

Ecclestone faces one count of fraud by false representation. | Photo Credit: REUTERS

Former Formula One boss Bernie Ecclestone will be charged with fraud by false representation following a government investigation into his overseas assets, British prosecutors said on Monday.

Chief Crown Prosecutor Andrew Penhale said after reviewing evidence from the tax office, a charge was levied against Ecclestone over his failure to declare overseas assets worth more than GBP 400 million pounds ($477 million). Simon York, of Her Majesty’s Revenue and Customs, said the announcement followed a “complex and worldwide” investigation into the 91-year-old businessman’s finances.

“The criminal charge relates to projected tax liabilities arising from more than 400 million pounds of offshore assets which were concealed from Her Majesty’s Revenue and Customs,” he said.

The case is expected to be heard at Westminster Magistrates’ Court in London on August 22.