Bernie Ecclestone, the former head of Formula 1, has been charged with fraud by false representation involving £400 million in foreign assets.
Follow Us
Bernie Ecclestone oversaw Formula One for more than 40 years before stepping down in early 2017 after Liberty Media purchased the franchise. In addition, between 1972 and 1987, he was the owner of the Brabham team. His involvement in Formula One dates back to the 1950s. According to The Sunday Times Rich List, the 91-year-old has a net worth of over £2.5 billion, but after an inquiry by the UK’s tax authority HMRC, he has now been charged with fraud. Following an HMRC investigation, the Crown Prosecution Service said that it had “authorized the charge of Bernard Charles Ecclestone with fraud by false representation.”
The top crown prosecutor, Andrew Penhale, said: “The CPS has reviewed a file of evidence from HMRC and has authorized 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 £400m. 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.”
Read More – Honda: The door to Formula one’s comeback in 2026 is ‘not closed’
Worldwide criminal investigation
The accusation against Ecclestone “follows a sophisticated and international criminal investigation,” according to Simon York, director of the HMRC’s Fraud Investigation Service. The criminal charge relates to projected tax liabilities arising from more than £400m of offshore assets which were concealed from HMRC,” York said. 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.” In a prior bribery trial that lasted from 2012 to 2014 in Germany, Ecclestone paid a £60 million settlement to put an end to the case without admitting guilt.
Ecclestone recently came under fire for statements in which he defended Nelson Piquet after the latter made racial remarks regarding Lewis Hamilton. He also recently aroused controversy with comments he made about Vladimir Putin, claiming he would “take a bullet” for the Russian leader and supporting the conflict in Ukraine.
