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Friday, February 23, 2024

Ex-F1 boss Ecclestone charged with fraud over £400m of abroad belongings

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Ecclestone presided over F1 for greater than 4 a long time earlier than exiting upon the sale of the sequence to Liberty Media in early 2017. He additionally owned the Brabham group between 1972 and 1987, and had involvement in F1 courting again to the Fifties.

The 91-year-old has a web price of round £2.5 billion, in keeping with The Sunday Instances Wealthy Listing, however he has now been charged with fraud following an investigation by HMRC, the UK’s taxation physique.

The Crown Prosecution Service issued an announcement confirming it had “authorised the charging of Bernard Charles Ecclestone with fraud by false illustration, following a HMRC investigation.”

Andrew Penhale, the chief crown prosecutor, stated: “The CPS has reviewed a file of proof from HMRC and has authorised a cost towards 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.

“The Crown Prosecution Service reminds all involved that legal proceedings towards this defendant are actually energetic and that they’ve a proper to a good trial.

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“This can be very essential that there needs to be no reporting, commentary or sharing of data on-line which might in any means prejudice these proceedings.”

Bernie Ecclestone, Chairman Emiritus of Formulation 1

Picture by: Mark Sutton / Motorsport Images

In accordance with Simon York, the director of the HMRC’s Fraud Investigation Service, the cost towards Ecclestone “follows a posh and worldwide legal investigation.”

“The legal cost pertains to projected tax liabilities arising from greater than £400m of offshore belongings which have been hid from HMRC,” York stated.

“HMRC is on the aspect of sincere taxpayers and we are going to take powerful motion wherever we suspect tax fraud. Our message is evident – nobody is past our attain.

“We remind individuals to chorus from commentary or sharing of data that would prejudice proceedings in any means. That is now a matter for the courts and we is not going to be commenting additional.”

Ecclestone was beforehand topic to a bribery trial in Germany between 2012 and 2014, which ended when he paid a £60m settlement to finish it with out admitting guilt.

Extra not too long ago, Ecclestone sparked controversy when he made feedback about Vladimir Putin, saying he would “take a bullet” for the Russian president and sympathising with the conflict towards Ukraine.

He was additionally arrested in Brazil this yr for carrying a handgun in his luggage.



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