Bernie Ecclestone, the former CEO of Formula 1, will face charges of fraud by false representation, the Crown Prosecution Service has confirmed.
The charge comes after undeclared overseas assets of Ecclestone’s, believed to be worth over £400 million, were discovered by UK tax authorities.
91-year-old Ecclestone left his role as F1 boss in 2017 after 40 years in post, with Liberty Media completing a £6.4 billion takeover of the sport.
After a recent investigation into Ecclestone’s assets by HMRC uncovered the undeclared amount, the UK Crown Prosecution Service [CPS] said on Monday (July 11) that it had “authorised the charging of Bernard Charles Ecclestone with fraud by false representation.”
Chief crown prosecutor, Andrew Penhale, said: “The Crown Prosecution Service has reviewed a file of evidence from HMRC and has authorised a charge against Bernard Ecclestone of fraud by false representation in respect of his failure to declare to HMRC the existence of assets held overseas believed to be worth in excess of £400 million.
“The Crown Prosecution Service reminds all concerned that criminal proceedings against this defendant are now active and that they have a right to a fair trial. It is extremely important that there should be no reporting, commentary or sharing of information online which could in any way prejudice these proceedings.”
The first hearing in Ecclestone’s case will take place at Westminster Magistrates' Court on August 22, the Guardian reports.