Former Formula One boss Bernie Ecclestone will face charges of fraud by false representation over his alleged failure to declare overseas assets worth more than £400 million ($474 million).
The Crown Prosecution Services (CPS) announced on July 11 that it has authorized the charge against Ecclestone following an investigation by Her Majesty’s Revenue and Customs (HMRC).
“The criminal charge relates to projected tax liabilities arising from more than £400 million of offshore assets which were concealed from HMRC,” Simon York, the director of the Fraud Investigation Service of HMRC, said in a statement.
The first hearing in the tax case is set to take place on Aug. 22 at the Westminster Magistrates’ Court.
Ecclestone, 91, ran Formula One, one of the world’s most lucrative motorsports tournaments, for 40 years until he was removed from his position as chief executive in 2017.
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