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Motorsport Week
Home Single Seater Formula 1

Ecclestone facing fraud charges over assets worth £400m

by Fergal Walsh
3 years ago
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Ecclestone facing fraud charges over assets worth £400m
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Ex-Formula 1 CEO Bernie Ecclestone is facing fraud charges over false representation of his overseas assets that are worth more than £400 million.

The Crown Prosecution Service (CPS), who complied evidence following an investigation by Her Majesty’s Revenue and Customs (HMRC), confirmed that the criminal proceedings are now active.

Andrew Penhale, the Chief crown prosecutor, said: “The CPS 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 £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. 

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“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 case against Ecclestone, who held F1’s commercial reigns for a number of decades, will be heard in court on August 22 next month.

The HMRC’s director of Fraud Investigation Services Simon York asserted that the charge “follows a complex and worldwide criminal investigation.

He continued: “The criminal charge relates to projected tax liabilities arising from more than £400m of offshore assets which were concealed from HMRC.

“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.”

Ecclestone has been in the spotlight recently for comments he made regarding Russian president Vladimir Putin, as he asserted he would “take a bullet” for him.

However, Ecclestone spoke out last week apologising for the statement, asserting that he is not defending Russia’s invasion of Ukraine.

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Comments 4

  1. Biff says:
    3 years ago

    “Mr.Gun Totting Money Bags, Take A Bullet for Mad Putin”,
    Now he has the Inland Revenue hassling him, plus the British judicial system….
    I just hope the little Hobbit, gets his limp hanging dangle berries slammed into a official ledger book , by an overly aggressive Tax Man .

    To add an extra Monday moment cherry 🍒 to events. The other hobbit, Little Horner, was caught using his phone while driving a 500k Aston Martin. Horner has been charged for the offence.
    Officially a Hobbit Monday Moment.
    A Keystone Cop (truncheon at the ready) chasing the pair around a Sofa , while he bopped them on the heads.
    A pair of total morons..

    Reply
    • Miss Blundell-Jones (Of the Young Harris Blundell-Joneses) says:
      3 years ago

      “A pair of total morons..”
      A subject on which you are clearly an expert.

      Reply
    • User7182 says:
      3 years ago

      I don’t know about you, but I’m a lot more concerned about illegal brown criminals in the UK going unpunished for raping women and committing violent crimes than I am about a rich guy dodging taxes in order to avoid helping the UK’s corrupt totalitarian agenda on their own people, or Horner driving with only one hand on the steering wheel.

      Reply
  2. J.Ying says:
    3 years ago

    This is what the CIA/MI6/Mossad do to control the opposition or anyone siding with the opposition. They resort to things like “tax fraud” allegations, because almost everyone commits tax fraud on some level, and even if they don’t, they simply make it up because who is going to stop them?

    Reply

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