Former F1 boss is accused with fraud for assets worth over £400m

July 13, 2022: -Former Formula One (F1) boss Bernie Ecclestone will be charged with fraud by false representation over an alleged failure to declare £400m of overseas assets to the government.

On Monday, the Crown Prosecution Service authorized the charge against the 91-year-old after an investigation by Revenue and Customs.

Andrew Penhale, Chief Crown Prosecutor, said, “The CPS is reviewing a file of evidence from HMRC and has authorized a charge against Bernard Ecclestone of fraud by the false representation in respect of his failure is declaring to HMRC the existence of assets held overseas believed to be worth more than £400m.

“The Crown Prosecution Service is reminding all concerned that criminal proceedings against this defendant are active and that they have a right to a fair trial.

“It is essential that there should be no reporting, commentary or sharing of information online which could in any way prejudice these proceedings.”

Simon York from HMRC said the investigation had been “complex and worldwide.”

“We confirm that a fraud by false representation charge has been authorized against Bernard Ecclestone,” he said.

“This is after a complex and worldwide criminal investigation by HMRC’s Fraud Investigation Service.

“The criminal charge relates to projected tax liabilities increasing from more than £400m of offshore assets concealed from HMRC.

“HMRC is on the side of honest taxpayers, and we will take strict action wherever we suspect tax fraud. Our message is clear no one is beyond our reach.

“We remind people to refrain from commenting or sharing information that could prejudice proceedings. This is the matter for the courts, and we will not be saying anything further.”

The case will be heard at Westminster Magistrates’ Court on August 22.

Ecclestone was F1′s CEO before Liberty Media’s takeover in 2017, and he left his emeritus position within the sport in 2020.