Ecclestone charged with fraud over £400m of overseas assets

40

Bernie Ecclestone has been charged with "fraud by false representation" by the Crown Prosecution Services in a case involving £400m of overseas assets.

The former F1 supremo has been having a hard time lately keeping himself out of the headlines and out of hot water, whether it’s those flowing through the courts of public opinion or through the CPS, the principal public agency in England for conducting criminal prosecutions.

Just days after apologizing for comments that were interpreted as supportive of Russian president Vladimir Putin in the context of the war in Ukraine, Ecclestone is contemplating a much more serious offense as the 91-year-old is accused of failing to declare overseas assets believed to be worth in excess of £400m, according to the CPS.

Read also: Ecclestone apologizes for controversial comments on Putin

"This follows a complex and worldwide criminal investigation by HMRC's Fraud Investigation Service," said Simon York, director of Fraud Investigation Service, HMRC.

"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, who amassed the bulk of his personal fortune by acquiring the commercial rights to Formula 1 and growing the latter over several decades into a massive sport and entertainment powerhouse, is said to be worth an estimated £3 billion.

Ecclestone stepped down from his position as F1's chief executive in 2017, upon the sport's takeover by Liberty Media.

Keep up to date with all the F1 news via Facebook and Twitter

Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.