Ex-F1 boss Bernie Ecclestone to face trial over £400m fraud cost

Ex-System 1 boss Bernie Ecclestone faces trial in October subsequent yr accused of failing to declare greater than £400 million in a belief in Singapore to the U.Okay. Authorities.

Ecclestone, 91, appeared at Southwark Crown Courtroom on Tuesday charged with a single depend of fraud by false illustration between July 13, 2013 and Oct. 5, 2016.

The billionaire, who will flip 92 later this month, was charged following an investigation by HM Income and Customs (HMRC) into his funds.

He’s alleged to have did not declare a belief in Singapore with a checking account containing round $650m as a part of the probe, which might have allowed the enterprise magnate to attract a line beneath any earlier tax irregularities.

Ecclestone was not requested to formally enter a plea, and Choose Deborah Taylor fastened a trial date for Oct. 9, 2023.

Prosecutor Alexander Langhorn mentioned the trial is predicted to last as long as six weeks, doubtlessly sitting half days due to the “defendant’s health to take part,” whereas the choose mentioned he might not be required “to be current all through.”

Ecclestone beforehand indicated he would enter a not responsible plea at a listening to at Westminster Magistrates’ Courtroom in August.

The cost alleges that Ecclestone, who has three grown-up daughters — Deborah, 67, Tamara, 38, and Petra, 33 — and a younger son, Ace, allegedly made a illustration to officers of HMRC, “which was, and which he knew was or may need been, unfaithful or deceptive.”

The particulars state that Ecclestone claimed “he had established solely a single belief, that being one in favour of his daughters” and “apart from the belief established for his daughters he was not the settlor nor beneficiary of any belief in or exterior the UK.”

The cost in opposition to him was authorised by the Crown Prosecution Service (CPS) in July following an investigation by HMRC, which mentioned the probe had been “advanced and worldwide.”

Chief Crown Prosecutor Andrew Penhale mentioned on the time: “The CPS has reviewed a file of proof from HMRC and has authorised a cost in opposition to Bernard Ecclestone of fraud by false illustration in respect of his failure to declare to HMRC the existence of belongings held abroad believed to be price in extra of £400m.”

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