Bernie Ecclestone appeared at Westminster Magistrates Court on Monday to enter a not guilty plea over fraud charges worth an estimated £400 million.
After a brief hearing, the former Formula 1 supremo was granted unconditional bail ahead of his next court appearance on September 19 at Southwark Crown Court
Last month, a prosecutor for the UK's Crown Prosecution Service, acting on behalf of for Her Majesty’s Revenue and Customs (HMRC), was authorized to charge Ecclestone with fraud by false representation and a failure to declare overseas assets worth more than £400 million.
The charge was the result of a "complex and worldwide" investigation according to the HMRC.
Prosecutor Robert Simpson claimed that Ecclestone’s alleged fraudulent conduct would have allowed the 91-year-old billionaire to "enter into a structural disclosure facility, drawing a line under any previous tax irregularities”.
"During the course of that investigation, he was asked about any trusts that were based abroad that he was involved in," added Simposn.
"He failed to declare a trust in Singapore with a bank account containing approximately $650m."
Ecclestone, who was responsible for building Formula 1 into a multi-billion-dollar powerhouse, managed the sport until its take-over at the start of 2018 by Liberty Media.
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