(London) Bernie Ecclestone, who ruled Formula One for a long time, will be charged with fraud because, according to British authorities, he failed to declare to British tax authorities 400 million pounds ($620 million) in assets held by the foreigner, the Attorney General’s Office announced on Monday.
Posted on July 11
In a press release, Andrew Benhill, who heads the Royal Prosecution Service (CPS, Crown Prosecutor’s Service), wrote that his services reviewed items referred by the tax authorities and “authorized the indictment of Bernard Ecclestone for fraud by forgery in connection with his failure to declare The presence of assets held abroad estimated at more than 400 million pounds.
“It is very important that there is no reporting, commenting or sharing of information online that could harm the proceedings in any way,” he adds, stressing everyone’s right to a fair trial.
Simon York of HMRC (British Revenue and Customs), for his part, noted that the tax investigation targeting Ecclestone was “complex and international”.
Now 91, Bernie Ecclestone has been excelling in Formula 1 for nearly 40 years. He left his position as leader of the world’s motorsport elite in January 2017, after he was fired by the discipline’s new commercial rights holder, US Liberty Media Group.
A short-lived racing driver in the late 1950s and then team boss of Brabham, a British businessman, whose fortune the magazine estimated Forbes At more than £2.5 billion, he is widely considered the architect of F1’s transformation, which became a lucrative business under his rule.
In particular, at the end of the seventies, he was one of the pioneers in the marketing of television rights to sports events.
A hearing is scheduled for August 22 at Westminster Magistrates Court in London. It is not clear at this point whether Ecclestone will be called to attend.
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