Ecclestone to face fraud charges over 400 million pound overseas assets scandal

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Former Formula 1 chief is expected to be in court in August

Ecclestone to face fraud charges over 400 million pound overseas assets scandal

Former Formula 1 boss Bernie Ecclestone is to be charged with fraud following an investigation by the UK Treasury into overseas assets believed to be worth around 400 million pounds (464 million euros), the Crown Prosecution Service (CPS) announced on Monday.

Chief prosecutor Andrew Penhale said the CPS had reviewed a file of evidence from the Treasury and authorised charges be brought against the 91-year-old.

Ecclestone was at the helm of F1 for 40 years before being removed from his role in 2017.

The prosecution said the fraud charge is because he failed to declare overseas assets to the Inland Revenue.

Ecclestone to face fraud charges over 400 million pound overseas assets scandal

Meanwhile, Simon York, director of the Treasury’s Fraud Investigation Service, said the prosecution follows a long-term investigation into Ecclestone, who is due to stand trial in court in August.

“The Treasury is on the side of honest taxpayers and we will take tough action where we suspect tax fraud. Our message is clear: no one is beyond our reach,” York declared.

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