Bernie Ecclestone has arrived before a London crown court on charges of failing to report a Singapore trust worth more than £400 million to the government.
The 91-year-old is in Southwark Crown Court to lodge a formal plea to a single count of fraud by false representation between July 13, 2013, and October 5, 2016.
Mr. Ecclestone, who turns 92 this month, had suggested that he will enter a not guilty plea at an August hearing at Westminster Magistrates’ Court.
This occurred after he was charged following an investigation into his accounts by HM Revenue and Customs (HMRC).
As part of the investigation, he is believed to have failed to declare a trust in Singapore with a bank account worth approximately $650 million, which would have allowed him to close the book on any earlier tax problems.
According to the accusation, Ecclestone allegedly stated that he had created a single trust for the benefit of your daughters.
This morning, 91-year-old Bernie Ecclestone arrived at Southwark Crown Court prior to a hearing.
Former F1 chief Ecclestone is charged with fraudulent misrepresentation between 2013 and 2016.
In addition, he is alleged to have stated, “other than the trust established for your daughters, you were neither the settlor nor the beneficiary of any other trust in or outside the United Kingdom.”
Ecclestone, who has three adult daughters – Deborah, 67, Tamara, 38, and Petra, 33 – and a young son, Ace, reportedly made the claims “with the intent to achieve a benefit, not specified, for oneself.”
The Crown Prosecution Service (CPS) authorized the charge in July following an investigation by HMRC, which described the investigation as “complex and global.”
Chief Crown Prosecutor Andrew Penhale stated at the time, “The CPS has reviewed a file of evidence from HMRC and has authorized a charge of fraud by false representation against Bernard Ecclestone in relation to his failure to declare to HMRC the existence of overseas assets believed to be worth more than £400 million.”
Former Formula One Group chief executive Bernie Ecclestone stands outside Southwark Crown Court.
Ecclestone is scheduled to appear in court at Southwark Crown Court on charges of failing to declare to the government a Singapore trust worth more than £400 million.
Ecclestone, who had resided in Knightsbridge, central London, is free on bail.
He divides his time between a coffee estate on the outskirts of Sao Paulo, Brazil, a home in Gstaad, Switzerland, and a resort in Ibiza, where he was last seen earlier this summer during a catastrophic media tour in which he lauded Vladimir Putin.
Later, he apologized for referring to Putin as a “first-class individual” and stating that he would “take a bullet for him.” He missed last month’s Austrian grand prix.
Simon York, Director of HMRC’s Fraud Investigation Service (FIS), stated in a July statement, ‘We can confirm that Bernard Ecclestone has been charged with fraud by false representation.
Petra, Mr. Ecclestone, and Tamara at a 2017 fundraiser at the Corinthia Hotel in London
Tamara Ecclestone, beside her father, Bernie Ecclestone, at the 2013 F1 World Championship.
“This follows a complicated, global criminal investigation conducted by the Fraud Investigation Service of HMRC.
“The criminal charge relates to expected tax liabilities resulting from the concealment of more than £400 million in offshore assets from HMRC.”
“HMRC is on the side of honest taxpayers, and wherever we suspect tax fraud, we will take strong action.” Our message is unambiguous: no one is out of our reach.
“We advise individuals to refrain from comments or sharing of material that could in any way affect proceedings.
This matter is now before the courts, and we will have no further comment.