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Ecclestone denies fraud charges – granted unconditional bail

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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.

Read also: Ecclestone apologizes for controversial comments on Putin

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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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.